A thoughtful piece from David Slack on his @substack.com
On Instagram, Rachel wrote:
Just learnt my new landlord has over 50 houses in this suburb. This is one of the big problems here in NZ.
For every heartfelt lament, there’s a mainsplainer waiting to put you right. I won’t name the guy, it’s the argument I want to explore. He wrote:
What's the problem? He provides housing that you rent. What exactly is the issue apart from your own jealousy?
Jealousy. Right. Rachel's sitting there thinking, Gee, if only I too could own 50 houses and extract rent from my fellow citizens. Then I'd be happy.
It’s not jealousy. It's the lament that we’re now living in a country where home ownership is becoming a hereditary privilege, where young families pay 60% of their income to service someone else's retirement fund.
The landlord with 50 houses may tell you he's providing an essential service, that he's housing New Zealand.
Yes, but also: nope. The houses were there already. What he’s done is insert himself between the houses and the people who might have owned them, collecting a toll for the privilege.
You buy a house. You buy a second. In 10 years those houses have doubled in value. Tax-free money. You leverage that equity into four more houses. Then eight. Then sixteen. Each purchase by someone like you helps to push the market that little bit higher, which makes your portfolio that little bit worth more, which means you can borrow more, which means you can buy more, which means prices go that bit higher, which means...
Meanwhile, actual productive businesses, the ones that make things, export things, employ people in jobs that don't involve collecting rent, they're gasping for capital like fish on a dock. Why would anyone invest in a risky venture when you could just buy another house and wait for the magic to happen?
There's a difference between a rental market and a rentier economy, between providing options and hoarding necessities. There's a difference between success through creation and success through extraction.
We've built an entire economy on the principle that houses should be investments first and homes second. We wonder why the young ones are leaving for Australia.
Poll: Should we be giving the green light to new mining projects? 💰🌲
The Environmental Protection Authority announced this week that a proposed mine in Central Otago (near Cromwell) is about to enter its fast-track assessment process. A final decision could come within six months, and if it’s approved, construction might start as early as mid-2026.
We want to know: Should mining projects like this move ahead?
Keen to dig deeper? Mike White has the scoop.
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53.2% Yes
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46.8% No
‘Tis the season to not get scammed ...
As Christmas gift shopping moves increasingly online, scammers are ramping up their activity across the country.
Dunedin’s Investigation Support Unit is seeing more and more people fall victim to scams and other fraudulent activity, particularly on Facebook Marketplace.
There are a few ways to avoid the scams and keep yourself safe doing online trades this holiday season, says Southern District Service Delivery Manager Senior Sergeant Dalton.
🔒 “A good first step when looking to purchase something on Marketplace is to check when the seller’s Facebook profile was created. If it’s very recent, there is a higher risk that they have just created this account for a one-off fake item.”
🔒 Another important step is to make sure the seller’s profile name and bank account name match up. “We’re seeing a lot of scammers claiming their bank account name is different because it belongs to their partner or family member - that’s a huge red flag."
🔒 “When you’re selling, never trust a screenshot anyone sends you showing that payment has been made. Check your own bank account to make sure a payment has gone through."
🔒 “Quite frankly, it’s best for all parties to agree to pay, or be paid, for items in cash and in-person. Ideally in a public place with CCTV coverage."
🔒 "If you’re buying a car, check Carjam.co.nz to see if it’s stolen or if there’s money owed on it.”
A reminder: Suspicious activity can be reported on 105
Poll: Are you prepared for an emergency?
The Manawatū-Whanganui Emergency Management Group have been tidying up their emergency response.
We want to know: Do you have an emergency plan and stored supplies at home? Do you have any suggestions for anyone looking to get their emergency response kit ready?
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30.8% Yes
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69.2% No
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