NZPIF: Landlords aren't speculators
New Zealand’s Property Investors Federation has hit back at Labour’s claim that property speculators are driving the market.
Monday, April 14th 2014, 12:00AM
by The Landlord
The party would impose a capital gains tax on all asset classes except the family home if it were the Government after the next election.
Leader David Cunliffe told television programme Q&A at the weekend: “Non-resident foreigners who have access to cheap finance are driving up the price of homes in New Zealand, so young Kiwis can't get into their own homes.”
He said it was lunacy that property speculators could get tax-free capital gains.
But NZIF executive officer Andrew King said people who bought and sold property for profit were already taxed.
“Kiwi landlords are not property speculators. They are ordinary Kiwis offering a service to people who want somewhere to live, but don't always want to invest in bricks and mortar.”
King said it was wrong to say that landlords were to blame for high house prices.
"Landlords are not the problem, they provide a valuable service. Without mum and dad landlords, many Kiwis would be stuck.,” he said.
“Where should they live while saving for a house deposit? What if they don’t want to buy a home, but rather rent and spend their savings on other items? What if they’re studying and only want to live somewhere for three or four years?”
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