Housing speculators’ paradise continues

A capital gains tax on property speculators is urgently needed to rebalance the housing market, as the median nationwide house price rose to over half a million dollars today, the Green Party said.

“New Zealand under National has become a housing speculator’s paradise, and normal working families are paying the price,” said Green Party Co-leader James Shaw.

“A capital gains tax (excluding the family home) has to be at the centre of any plan to fix the housing crisis. It’s not a silver bullet but it’s a vital part of the solution.

“What was once an Auckland issue is now truly nationwide, with eight of New Zealand’s 12 regions hitting record median house prices in March.

“Action to tackle speculative demand is missing from National’s housing policies, but it’s important to address both supply and demand, particularly because the Government’s lacklustre efforts to increase housing supply aren’t working fast enough.

“The time for half measures is over. We need a government that’s prepared to take decisive action to fix the housing crisis.

“A capital gains tax would take the wind out of property speculators’ sails, rebalancing the market in favour of people who are actually going to live in the houses they buy.

“Taxing property fairly would also help rebalance our economy and channel investment into productive businesses, which would create jobs,” Mr Shaw said.

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