National letting speculators control housing market

Action is needed to rebalance the housing market in favour of families who need somewhere to live, the Green Party said today.

New data from Core Logic shows that property investors who already own multiple properties are buying the largest share of homes in Auckland.

“We need action to rebalance the housing market so that it’s serving people who need somewhere to live, not speculators looking to cash in on the housing crisis,” said Green Party Co-leader Metiria Turei.

“The Government seems to have abandoned responsibility for housing and let speculators from here and overseas get a free ride with no proper capital gains tax, and loopholes like negative gearing and the combined collateral exemption for loan to value ratios.

“Loan to value ratios don’t work to stop property speculators when they can just pool their equity in other properties to get around the rules.

“Under National, home ownership has dropped to the lowest level in 65 years, while the number of property speculators who own three or more homes has risen to over 50 percent.

“The National Government has chosen not to use the tools available to fix the housing market, and that’s costing people a decent place to live.

“Platitudes from John Key and Nick Smith are no comfort to families constantly outbid by property speculators,” said Mrs Turei.

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