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A middling rant
Dec. 21st, 2007 08:40 pmI get the Property24 newsletter. It is a site that aims to help buyers and sellers alike to make sense in the ever-changing property market by offering views, reviews, opinions and in-depth editorials on the situation, as well as an extensive listings of many properties around South Africa. I no longer need the newsletter as a prospective buyer, but do read it on occassion, mainly to keep in touch with the shifting market and the emerging legal considerations which our government, after having woken up to the fact that the housing market is booming, but the regulations that were in place are often outdated and do not provide sufficient customer protection.
Today, I finally get to hear about the proposed "inclusive housing policy". In a nutshell it ' aims to set aside a percentage of new developments for affordable housing.' Obviously, the governement is aiming at a more compulsory approach, but the talks are that by voluntary doing so it allows developers to receive various insentives. The obvious shortfalls of this policy, which is in a draft stage are too numerous to mention. The complete draft of the policy is here.
What has me annoyed though is this response, by the MD of a residential development. In this article he moans about the new policy hitting the developers' already tight profit margin and the extra money they would have to pay, bla, blah, blah. He bring up some valid points, of course. The policy makers has not properly considered the full impact of the implementation of the policy in its current state. The fact that even implementing this in the commercial property sectors, is fraught with difficulties and prompts for future consideration.
I just want to stop for a moment and consider the complaints of the developers. Those are the guys, and I am referring specifically to those building the multi-storey flats in sectional developments who I think are abusing the increased demand for property in a way that I feel breaches ethics and makes mockery of the term 'free economy'. I had been looking at various sectional developements and can honestly say, that under the excuses of high inflation and tight margins I saw tiny little cages with paper-thin walls with no light filtering through the supposed large windows. All this combined with high prices and shoddy workmanship. Somehow the complaints of that MD do not evoke the same sympathy and concern that he is probably expecting Yes, I am aware of the whole Capitalism principle and that they should be charging the market rate, still, many developers has crossed the line from getting good profit for their work and extreme corporate greed.
Today, I finally get to hear about the proposed "inclusive housing policy". In a nutshell it ' aims to set aside a percentage of new developments for affordable housing.' Obviously, the governement is aiming at a more compulsory approach, but the talks are that by voluntary doing so it allows developers to receive various insentives. The obvious shortfalls of this policy, which is in a draft stage are too numerous to mention. The complete draft of the policy is here.
What has me annoyed though is this response, by the MD of a residential development. In this article he moans about the new policy hitting the developers' already tight profit margin and the extra money they would have to pay, bla, blah, blah. He bring up some valid points, of course. The policy makers has not properly considered the full impact of the implementation of the policy in its current state. The fact that even implementing this in the commercial property sectors, is fraught with difficulties and prompts for future consideration.
I just want to stop for a moment and consider the complaints of the developers. Those are the guys, and I am referring specifically to those building the multi-storey flats in sectional developments who I think are abusing the increased demand for property in a way that I feel breaches ethics and makes mockery of the term 'free economy'. I had been looking at various sectional developements and can honestly say, that under the excuses of high inflation and tight margins I saw tiny little cages with paper-thin walls with no light filtering through the supposed large windows. All this combined with high prices and shoddy workmanship. Somehow the complaints of that MD do not evoke the same sympathy and concern that he is probably expecting Yes, I am aware of the whole Capitalism principle and that they should be charging the market rate, still, many developers has crossed the line from getting good profit for their work and extreme corporate greed.
