Another win for housing investors

Unbridled immigration, low-paid jobs and a blighted housing future for young couples is retired Prime Minister John Key's legacy. And now there is talk of boosting the accommodation supplement. Another win for housing investors. In allowing house prices to escalate unchecked - money has devalued in ‘real terms' by that amount. If money devalues, wages fall. Only recently a concession was made for those needing to work two jobs. The lowest paid, always the last in the queue. I will credit John Key with one outstanding ability and that is self-promotion. An ability he had in bucket loads - and of course, that light shone a light on his party. Recently the Overseas Investment (Protection for New Zealand Homeowners Amendment Bill) was introduced into Parliament for the third reading and was voted down by National 61-60. It appears to have had everything going for it. Australia, Singapore, Malaysia, Hong Kong have restrictions. Beijing and Shanghai don't allow non-resident buyers and there is an investigation into the effects of foreign buyers in the Vancouver and Toronto housing markets. Could National explain why something this important did not get its backing? Anyone who says Chinese money hasn't compromised our independence must have their head in the sand. Trade we need – back room financing and undisclosed deals – one wonders where they will lead?

J Trounson, Pyes Pa.

1 comment

Another Win For Housing Investors

Posted on 23-12-2016 19:49 | By Mommatum

Your speculative comment about a supposed increase to The Accommodation Supplement is news to me. However, as a {good} private rental tenant struggling to afford ongoing rent increases it would be a dream come true. Not just for me but for the many Kiwis who don't have the luxury of rents calculated against their income or security of tenure. For us affordability isn't an issue, and there is no upper limit to which our rents can go, so if a policy change is on the cards next year it's a break we are long overdue and in many cases a far better investment of taxpayer dollars than what is currently wasted on those state tenants who wreck property, cause trouble and/or manage to fall into rental arrears despite only being required to pay a peppercorn amount. My Christmas message to the government "Bring it on!"


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