Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


National’s policies locking families out of homeownership

National’s policies locking families out of homeownership

New data shows why a capital gains tax on investment properties is needed to stabilise the housing market and give families a fair shot at buying their first home, Green Party housing spokesperson Holly Walker said today.

The Westpac Property Investor Report, released today, shows that the annual capital gain for investors in Auckland was as high as 19 percent last year. Income earned from capital gains is usually untaxed in New Zealand.

“National is letting speculators make tax-free profits on housing while Kiwi families are being locked out of ever owning their own home,” said Ms Walker.

“The lack of a capital gains tax on investment properties gives speculators a tax advantage that allows them to outbid families time after time.

“The tax-free profits to be made from housing speculation draws more and more money into the housing market, pushing up prices at an unsustainable rate.

“Since 2001, the homeownership rate for people in their thirties has plunged from 54.6 percent to just 43 percent. Between the last two censuses, the number of rentals increased by 60,000 while the number of houses owned by the people who live in them rose by just 28,000.

“As long as speculators can make tax-free profits on housing, our homeownership rate will keep on falling,” Ms Walker said.

The report also showed that the most profitable neighbourhoods for property investors were some of the lowest-income suburbs in the country, including Cannon’s Creek in Porirua, Wainuiomata in Lower Hutt, and parts of South Dunedin.

“We should not be celebrating the fact that the biggest gains for property investors come from the poorest communities,” Ms Walker said.

“Low-income families who rent their homes face insecure tenancy, increasing rents, and poor quality homes. Many are locked into the rental market by the high cost of renting and new LVR restrictions.

“The Green Party will stabilise the housing market, making housing speculation less attractive, and giving families an affordable pathway to owning their own home.

“In Government, the Green Party will undertake a programme of building affordable houses and state houses to take the pressure off the market. We will introduce a capital gains tax (excluding the family home) and restrictions on foreign investors to dampen housing speculation. We will strengthen the rights of tenants to negotiate a secure tenure and limit rent increases, and introduce a mandatory Warrant of Fitness for all rental properties. Our Progressive Ownership policy will allow families to ‘rent-to-own’ government-built houses at an affordable price,” said Ms Walker.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Labour’s
Very Bad Year

While Labour leader David Cunliffe still appears to be in denial about the extent of Saturday night’s debacle, there was hardly a single redeeming feature about the election results for the centre-left. Even the victory by Labour’s Stuart Nash in Napier was the outcome of a strong showing by Conservative Party candidate Garth McVicar that split the centre-right vote... More>>

Election: National Win

With all votes counted National and John Key have won a third term and are close to being able to govern alone if they so choose.

Key has indicated he will still reach out to form a Government with ACT, United Future and Maori Party.

National ended the night on 48 percent, Labour 24.6 and the Greens 10. More>>

Overall Results | Live Results | Predictions |

 
 


Perfectly-Timed Anniversaries: Suffrage Day Is Last Chance To Enrol

“The last chance to enrol is Friday 19 September. You can’t enrol on election day.” More>>

ALSO:

Gordon Campbell: On First Time Voting (Greens)

For the last two days, I’ve turned my column over to a couple of guest columnists who are first time voters… Today’s guest columnist is Ana Avia-O’Connor, who will be casting her first time vote on Saturday for the Greens. More>>

ALSO:

Meddling: Aussie Liberals Embroiled In Key Campaign

John Key needs to explain why Australia’s Liberal Party is interfering in New Zealand domestic politics and is encouraging Kiwi voters across the ditch to vote for National just days out from the election, Labour’s campaign spokesperson Annette King says. More>>

ALSO:

SURVEILLANCE:

Election Ad Soundtrack: Rapper Eminem Sues National Party Over Copyright Breach

US rapper Eminem is suing the New Zealand National Party for alleged copyright infringement over unauthorised use of the rapper’s ‘Lose Yourself’ song in an election campaign advertisement. More>>

ALSO:

Big March: Call For An End To Domestic Violence

Hundreds of protesters marched down Lambton Quay to Parliament Monday calling for an end to domestic violence. Wearing white facemasks, waving banners and calling for “safety” for the women and children of New Zealand.. More>>

ALSO:

Pre-Election Chartering: Four New Partnership Schools To Open

Education Minister Hekia Parata today announced the Government has signed contracts to open four new Partnership Schools in 2015. More>>

ALSO:

Werewolf 50 Out Now - The Election Issue: Loss Leaders

Gordon Campbell: A third term requires a mature decision, with eyes wide open. It calls for a conscious vote of confidence… Without trying hard here are about 19 reasons, in no particular order, for not ticking ‘party vote’ National. More>>

ALSO:

Not-Especially New Plans: All Prisons To Become Working Prisons Under National

All public prisons in New Zealand will become full working prisons by 2017, and ex-prisoners will receive post-release drug addiction treatment if National is returned to government, says Corrections Spokesperson Anne Tolley. More>>

ALSO:

Māngere: "False Claim Of Matai Title" - Labour

National must explain why its candidate for Māngere Misa Fia Turner appears to be using a Matai title she is not entitled to, Labour’s MP for Māngere and Pacific Islands Affairs spokesperson Su’a William Sio says. A Matai title is a legally-recognised ... More>>

ALSO:

CPAG Report: No New Zealand Child Should Grow Up In Poverty

Child Poverty Action Group's flagship policy publication Our Children, Our Choice: Priorities for Policy calls for cross party political agreement to underpin an action plan to eliminate child poverty in New Zealand. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news