Mojo ♻️Here we go again. The property lobby dressing up self interest as “news”.
Now we’re told that touching negative gearing or the CGT discount will send investors running and leave the country with no rentals. Apparently that means a 30 percent rent surge. Right on cue.
Strange how the same people who have spent decades cashing in on generous tax breaks, driving up prices and collecting multiple properties suddenly discover a concern for “supply” the moment reform is mentioned.
These concessions have pumped investor demand, pushed prices beyond reach and shut out first home buyers for years. Winding them back is not radical, it is overdue. Renters should not be held hostage to landlord tax perks.
@PeterLG Agreed — ending negative gearing for multiple properties and properly taxing capital gains would hit investor speculation hard and help bring prices down. That's long overdue.
But here's the rub: what you're proposing (and what Canada is already seeing) will eventually happen anyway. The house of cards can't stay propped up forever.
No politician wants a sharp correction or falling 'values' on their 3-year watch, so both major parties keep pumping migration and protecting investor perks to delay the pain.
The result? Young people locked out longer, more pressure on renters, and the eventual crash landing will be messier when it comes.
We need both: serious tax reform on property speculation and migration levels matched to what we can actually house and service. Otherwise we're just kicking the crisis down the road for the next generation. Housing as a human right > protecting paper wealth.
RaymondPierreL3
Droppie
NewsletterTF