Barefoot investor Scott Pape has hit back at a woman who called him “racist” and “bigoted” after he criticized rising levels of immigration.
Last week, Pape wrote a column questioning why Australia is welcoming record income amid a crippling housing crisis.
“Yes, there are more things to solve the real estate crisis than immigration,” he said.
‘There are tax exemptions that favor investors, a real lack of supply and more social housing that needs to be built.
‘However, the fact is that, as things stand, overseas arrivals are outpacing new housing construction by almost four to one.
“Why are we currently bringing in 2,000 new immigrants a day (659,800 last year) when the rental market is in crisis?”
Pape compared the situation to an attempt to overcrowd a paddock with too many “sheep” on his family farm.
“Our politicians like to boast that we are the ‘lucky country’ that hasn’t suffered a recession for 34 years, a record,” he said.
“However, we have largely achieved this by bringing more people into our paddock.”
Barefoot Investor Scott Pape (pictured) responded to a reader who called him a racist and “populist” for his views on Australia’s immigration policy.
Despite beginning the column by saying he is neither “anti-immigration” nor “xenophobic”, his comments struck a chord with some Australians.
Reader Yvonne was among those who were not impressed.
You’re a racist bigot, Barefoot,’ he wrote. —What a load of nonsense. He has taken a complex and highly emotional issue and reduced it to a simplistic factor: housing.
Yvonne added that the finance guru’s “populist argument” had left out a number of other issues influencing high levels of immigration.
‘Why are these “sheep” fleeing their countries?’ she questioned.
‘What economic GOOD will these immigrants do for our country, both now and in the future?
‘Your little populist article reeked of both racism and NIMBY-ism (Not In My Back Yard). Do it better.’
Pape thanked Yvonne for her comments on the column and said the housing crisis had been brewing for many years and that immigrant workers were not to blame for the problem.
“I firmly believe that safe and affordable housing is a basic human right, especially considering we live in the richest country on Earth,” Pape explained.
‘Everything starts at home. And right now, there are virtually no rentals available for people in the bottom 30 percent of earners, who traditionally rent.’
“As I said in the column, the solution is, to use your word, ‘nuanced’ and multifaceted: expand the supply of new housing, end investor-friendly tax breaks and build many more social and community housing,” wrote.
‘We are in a hole. It’s time to stop digging.
Pape questioned why some 2,000 immigrants were being welcomed into the country while the housing and rental markets were in a “crisis.”
He doubled down on his opinion and called for a greater supply of housing, specifically social and community housing, while at the same time ending tax breaks that “favour investors”.
In the year to September, Australia built 170,215 homes and units, well below the record level of net overseas migration of 548,800 during the same period, Australian Bureau of Statistics data showed.
Given that the average Australian household has 2.5 people, that means there is a housing shortfall of more than 123,000 homes.
The country’s population grew 2.5 percent to 26.8 million during the same period, an annual increase of 659,800 people.
Western Australia had the fastest growing population, up 3.3 per cent on the previous year.
Victoria came in second with growth of 2.9 per cent, while Tasmania had the lowest growth at 0.3 per cent.
Australia added 172,700 people in the July-September quarter last year, while net overseas migration was 145,200.
The government said its effort to reduce net migration was unlikely to be reflected in the latest data.
Prime Minister Anthony Albanese said migration and population figures were lower than expected.
Following a review, the government has reduced the number of student visa approvals in a bid to halt the deterioration of the international education system.
Government forecasts show net overseas migration will halve next year.