Everyone needs a home where they can feel secure, live comfortably and be part of the community.
Unfair investment rules for wealthy people have locked generations of Australians out of a place to call their own. The old parties have set the rules so that buying your own home is increasingly difficult for millions of us. Right now, some people are claiming tax deductions on their second, third or fourth house while young people, families and those on lower incomes face a future where they may never own a home.
Regardless of how much money you have, everyone should have a decent and stable place to live. With so many now locked out of home ownership, we need more affordable and secure long-term rental options for those who rent.
The Greens are committed to dismantling the rigged system that unfairly privileges investors and landlords. Together we can make sure that an affordable home is a reality for everyone.
The Greens’ Plan to fix housing will:
- Immediately end Negative Gearing for those with more than two investment properties. This will put more homes back onto the market for young people to buy;
- End Negative Gearing for investors on future house sales to make room for more first home buyers in the market;
- Phase out the Capital Gains Tax discount over five years by 10% each year;
- Replace State Stamp Duty with a fairer broad-based Land Tax calculated on the unimproved value of the land, with concessions for low income households. This will reduce the upfront cost of buying a house for young South Australians and will also free up larger family homes for growing families by enabling “empty-nesters” to downsize to more appropriate housing without the additional cost of Stamp Duty;
- Introduce a Vacancy Tax for residential properties left vacant for a period longer than 12 months. This will encourage owners to rent or sell and help increase the supply of housing. Revenue raised will be allocated to develop new public housing;
- Provide land tax exemptions for private houses that are rented as affordable housing while managed by a community housing provider. This will provide an incentive for private rental properties to be rented as affordable housing and thereby increase stock of affordable housing;
- Require all significant housing developments to provide a minimum of 20% affordable housing;
- Provide funding to expand our public housing sector and support non-profit housing providers to build new homes that put people’s needs above profit;
- Limit the frequency of rent increases to one a year.