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Posts Tagged ‘negative gearing’

What’s the best thing that could happen to Auckland?

Posted by te2ataria on October 15, 2016

Edited by Moderator K.

Sent by a reader in NZ’s Homeless Capital

About 40 percent of houses sold in Auckland were bought by people who own multiple properties

Over the last 12 months, people with two or more homes have bought 9,470 additional houses, or 39.2 per cent of all houses sold in New Zealand’s homeless capital, Auckland, according to a report.

Greedy Investors Blame Capitalism for Homelessness in NZ

The greed to make more money from the unfortunate who live in rental properties, meanwhile, is pushing up rental prices, forcing hundreds of families out onto the streets.

Civil engineer Gary Lin, 33, owns 11 rental properties in Auckland. Photo / File
Civil engineer Gary Lin, 33, owns 11 rental properties in Auckland. Photo: NZ Herald

Gary Lin, a 33-year-old civil engineer owns 11 rental properties in Auckland. He is grateful to the government for the favourable tax treatment, the negative gearing, which allows landlords to claim a tax break on rental losses.

“I understand people might be bitter,” Lin said about his large property portfolio. “The thing is that we live in a capitalist world … and there’s nothing illegal about it.”

Clearly, Mr Lin and other greedy investors like him, who prey on the less fortunate, cannot comprehend that forcing families out onto the street is highly immoral and socially unsustainable, despite the vacuum in the legal system permitting this level of exploitation, which has also resulted in a worsening corruption within the government.

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