Election Special Part 2: Housing Policies of the Minority Parties
On the 23rd of September this year, New Zealand’s election will take place. Here’s what the minority parties key policies are on Housing:
✓ Sees sudden reform as socially disruptive transfer away from those who have invested in the current market.
✓ Would remove New Zealand’s large cities from the Resource Management Act, and create separate urban development legislation, prioritising land supply and reducing red tape on developers.
✓ Incentivise councils to consent more land for development and build more infrastructure, by sharing a portion of GST levied on construction.
✓ Get Councils out of the building standards process, by replacing council building inspections and compliance with a mandatory private insurance regime for buildings.
✓ Reduce speculative investment in the housing market by tightening the rules around loss attributing qualifying companies and introducing a capital gains tax on all but the family home.
✓ Providing funding to third sector housing organisations for a minimum of 1,000 units a year for the next 3 years
✓ low interest finance for low income households
✓ shift tenancies to more secure, predictable tenure arrangements
New Zealand First
✓ Non-residents who are not New Zealand citizens would be ineligible for home ownership except if a genuine need to do so can be demonstrated.
✓ Establish new state agency to acquire land in the Auckland Special Housing Areas
✓ Sell sections under long term agreements up to 25 years on a cost recovery basis. Sections would be offered to first home buyers with low interest rates like 2% and then the home buyer would build on the home using normal bank finance.
✓ Better housing quality, sustainability and adequate insurance in light of recent earthquakes
The Opportunities Party
✓ Overhaul the tax system
✓ People’s income taxes would fall, but all owners of homes would pay tax each year as though they were an investment.
✓ Wants to tax all assets including houses saying “around 80 per cent of adults will be either unaffected or pay less tax as a result of this taxation reform.”
If you’d like to discuss these policies further and how they may impact the Auckland Rental market, feel free to contact me, Ryan, at Walker Weir Property Management.August 29th, 2017