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Supreme Court turns down rent control challenge
(www.latimes.com)
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this post was submitted on 20 Feb 2024
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For clarity, I believe in socialism, and live in Australia, arguably one of the more successful social democracies. I’m trying to highlight how capitalism has some massive gaps when it comes to implementation.
Interestingly, in Australia we have no rental controls, and the market just works. Prices rise and fall based on the demands of the market. At times, renting in Australia becomes unaffordable for many, and it’s all over the news, and people try to address the issue. But I don’t know that I’ve ever heard rental price controls being offered as a solution. The more common proposed solutions are to: build more affordable houses in newly created suburbs further from the city, increase public transport options to the city making outlying suburbs more viable, all of which provide downward pressure on the rental prices in the popular city districts. As construction booms, the rental market softens.
(I copy/pasted this comment from its original location as the person I replied to deleted their comment)
Your minimum wage is $23.23 USD/hour. Ours is $7.25/hour.
You don’t have rent control but you DO have a government that drives wages with regular review and increases determined by the FWC. Our wages have practically stagnated for 30 years. It’s been 15 since we last saw a minimum wage increase.
You really can’t compare Australia’s housing situation to the US’s because of the massive economic differences.