All politicians are doing is spending money on first homeowners’ schemes.
The market, wealthy individuals that can afford to buy investment properties, real estate agents and developers use the cobra effect to keep on pushing home prices up to whatever thresholds on the first homeowners’ schemes the politicians set.
And at the same time, each and every generation of first homeowners, not only have to compete with the wealthy individuals and developers, but they also subsidise these wealthy individuals with billions of dollars each year in negative gearing tax breaks.
This asymmetric and horrid policies must end now. Negative gearing must be restructured by being quarantined to each individual investment property owned.
Authored by QED Realty.