OPINION: Instead of sucking the life out of housing supply, national cabinet should purse four practical steps to improve it.
National cabinet meets on Wednesday, targeting a million new homes by 2029. On the agenda: better housing supply and help for people who rent. Both are needed. And related.
The cost of renting has now risen rapidly after a decade of slow rental growth and a pandemic where rents stagnated or reversed.Advertisement As found by PEXA LongView’s white paper on private renting, “the impact of taxes and fees largely counteracts the benefits of leveraging and negative gearing concessions ... it is likely that as many as 60 per cent of landlords would have been financially better off putting their money into balanced superannuation funds”.
As RBA governor Philip Lowe told MPs last week, “in most cases, rent controls reduce initiatives to add to supply”. Likewise, the Brookings Institute said “rent control appears to help affordability in the short run for current tenants, but in the long-run decreases affordability, fuels gentrification and creates negative externalities”.
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