New Bill Announced To Boost Build-to-Rent In NZ
National has announced the Boost Build-to-Rent Housing Bill – our plan to unlock investment in purpose built rental housing in New Zealand, National List MP based in Wellington Nicola Willis says.
“Build-to-Rent developments are an important part of housing markets in countries we like to compare ourselves too, such as the United Kingdom and Australia. It’s time New Zealand made itself more welcoming to this sort of investment as well.
“This legislation enables investment in purpose built rental properties which provide greater security of tenure, professional landlord services, and the experience of living in newly built accommodation.
“This sector is yet to take off in New Zealand. Investors are interested in making it happen, but point to barriers in the Overseas Investment Act and Income Tax Act.
Ms Willis’ Member’s Bill, addresses these two key barriers:
1) First, it would exempt Build-to-Rent developments from some aspects of the Overseas Investment Act 2005 in the same way as retirement villages, rest homes, and student hostels.
2) Second, the Bill would ensure the Built-to-Rent properties are treated as a commercial building for the purposes of the Income Tax Act 2007
“I have written to the Minister of Housing, Megan Woods, inviting her to take up my Bill as a matter of public business. This Government has talked the talk on Build-to-Rent for years, hosting endless workshops and talk-fests. It’s time for action.
“Kiwis are crying out for fresh thinking and new ideas to solve New Zealand’s housing woes. National will continue to offer up practical, constructive ideas, like this Bill, to help supercharge housing supply in this country.”