Twyford and Labour have gone full retard again; never go full retard

The government should follow Australia’s lead and stop foreign investors buying existing houses, Labour says.

Housing spokesman Phil Twyford says Australia requires foreign property investors to build new houses.

“It’s channelled $30 billion into new home construction in the past year,” he said on Tuesday.

Mr Twyford thinks that would be more effective than “some complicated land tax idea” that Prime Minister John Key has floated.

Mr Key on Saturday said a land tax on residential property bought by foreigners may be considered, but he didn’t think it was necessary at the moment.

Opposition parties have been calling for action to curb foreign speculators who are cashing in on Auckland’s overheated housing market.

They believe they’re adding to the pressure that’s forcing prices up, but until now the government has said their impact is insignificant.

So let’s think this through.  

Foreigners who want to buy property here must build something on it.

Don’t we have a shortage of places to build things?

So how is that going to solve anything?  It still leaves foreign investors competing in the same market where supply is, has been, and is expected to remain, fairly restrained.

As for the “complicated tax idea”, it may be complicated to Twyford, who makes policy decisions on Chinky-sounding names, to keep it all understandable for himself, but the rules behind a non-resident land tax would be simple:

  • it would be imposed on foreigners who buy residential property or land in NZ,
  • it would be charged annually and
  • it would be charged as a percentage of the value of the property.

Someone had better organise a weekend Hui for Labour’s Caucus to get their heads around that one.


– NZN via Yahoo!

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.