John Key must introduce a Capital Gains Tax before it’s too late

John Key needs to recognise his government’s policies are driving up house prices and instead adopt the Reserve Bank’s recommendation to introduce a Capital Gains Tax, the Green Party said today.

“The Reserve Bank today said John Key’s policies are preventing Kiwis from owning their own homes and that a Capital Gains Tax is needed to stem the demand created by tax-free gains on property investments,” said Green Party housing spokesperson Kevin Hague.

“It’s time for the Government to do what’s right and stop putting the interests of landlords and property speculators over the young people who’ve been priced out of the housing market.

“The Green Party is the only political party to have consistently called for a Capital Gains Tax.

“John Key has repeatedly claimed a Capital Gains Tax won’t do anything to curb house-price inflation.

“Well, today we have the Reserve Bank telling us that John Key is wrong and that he must act now, before it’s too late.

“Profit-hungry property speculators are ruining Auckland’s housing market and preventing ordinary Kiwis from achieving their dream of owning a home.

“John Key needs to listen to the cries for help from young Kiwis who are locked out of the housing market.

“The Reserve Bank is telling us that the best way to help these people is to stop incentivising property investment and introduce a Capital Gains Tax.

“Will John Key actually listen this time, and have the guts to create a housing policy that will have a real, lasting and positive impact for Kiwis who want to own their own home?” said Mr Hague.