Election is coming. Here’s what political parties are proposing when it comes to housing – and what that might mean for investors.
• National’s existing measures include the creation of Special Housing Areas, the Housing Infrastructure fund, the establishment of Urban Development Authorities, reform of the RMA, & requiring Councils ensure land supply for housing keeps pace with growth.
• Labour Party has a suite of housing policies, including a KiwiBuild programme that aims to build 100,000 affordable homes over 10 years, extension of bright line test to 5 years w/ same exemptions, consultation on the rules around negative gearing, & ban non-resident foreign buyers from buying existing NZ homes.
• Green Party would tighten the rules around loss attributing qualifying companies, introduce a capital gains tax on all properties but the family home, make a more secure & predictable tenure arrangements, & introduce a Warrant of Fitness for rental properties.
• ACT would replace the RMA & incentivise councils to consent new houses, get councils out of the building consent business & replace it with a regime of mandatory private insurance.
• NZ First would restrict NZ’s housing stock to New Zealanders by making non-residents foreign buyers ineligible for home ownership, encourage private investment in upgrading rental housing via the taxation system, & make adequate insurance cover compulsory for all homes.
• TOP’s position is that all productive assets – including housing and land – can produce income annually & all income should be taxed, whether it is in cash or in kind.
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