Greedy Landlords spitefully threaten to sell rentals – HURRY UP THEN!
Fears of rental accommodation scarcity as a third of landlords contemplate selling up
There are fears rental accommodation could become scarce with a survey showing a third of landlords are thinking of selling up.
Tax changes, rising interest rates and costs related to the healthy home standards have already seen some investors exit the market.
Hurry up and sell then you clowns so the glut of houses on the market all at once finally brings the prices down so renters can buy the houses themselves!
Look at the top 5 donors of the National Party for the 2023 election…
Graeme Hart: $250,000
Murray Bolton: $250,000
Nick Mowbray: $250,000
Bayley’s Real Estate: $164,600
Brendan and Jo Lindsay: $130,000
…this is the Billionaire class and real estate pimps, the 1% richest who are pumping millions into the National Party to ensure their interests are protected and wealth taxes never happen.
The Real Estate Industry Pimps are now promising all those middle class property speculators that their asset will boom 20% BUT ONLY IF National win!
There is a class war happening right in front of our eyes and we don’t have the political vocabulary to describe it because the Left are now dominated by identity politics and can only see things through the lens of identity rather than class.
ANZ (led by former National Party Leader John Key) says House prices will boom if National win and National want to allow landlords to throw domestic tenants out for those wealthier and more exploitable 100000 migrant workers about to flood NZs groaning infrastructure.
The threats and promises these Real Estate Pimps are making gives you an insight into how greedy and venal the industry is and by voting in National and ACT, the Landlords win.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media
Good luck selling, the market is awash with over priced properties that no one is buying.
The unsustainable property bubble certainly needs to burst. But that won’t solve the appalling state of the housing stock.
Not only are there not enough houses, but the existing ones are poor quality, and too small. The new builds are no better. Apparently the politicians, who have no real plan, are quite happy running one giant slum!
1.6 mill renters in NZ, home ownership level is approx 60% only, it was higher in the 90s.
Landlords, many with multiple properties rent out mouldy, overpriced dumps to get the desperate and migrant workers to pay off their thumping great mortgages as they wait for their largely untaxed capital gains.
https://www.stats.govt.nz/reports/housing-in-aotearoa-2020
• Rent Freeze Now.
• Rent Control Now.
• Public house mega build Now.
• Capital gains tax after the election on all properties bar a family house and a bach.
How exactly?
If I’m a landlord and you freeze/control my ability to charge rent to cover the cost of the property (boring stuff like interest and rates and insurance etc) then why would I want to rent to property to tenants? AirBNB would give a far better return?
Secondly, the state has already demonstrated that they’re utterly incompetent at building houses (kiwibuild). So how could that change? Oh wait, thats right – it wont!
Lastly – CGT is not a cure, its only a tax. People just avoid it if they can and pay it if they can’t.
“I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” ― Winston S. Churchill
Any more cliches? Kiwi build was an off beam project aimed at the middle class. The for profit market has little interest in social housing, KB was sunk by developers, building industry tops and real estate essentially going on strike.
NZ was an excellent state house builder for decades. Technology and lifestyles have changed but public housing is a great option for those that want affordable long term tenancies and no thumping great mortgage.
Taxless capital gains have distorted the NZ economy for way too long. Residential property needs to go back to just being accomodation and family assets rather than cash generators.
OR it may be that the small landlords and mom & pop landlords sell but the properties would be scooped up by large property companies before prices dropped to levels renters could buy at. Still the either scenario seems unlikely when the first rule of the property investor school is “never sell land”.
I know one of NZ’s most prolific property owners / investors so therefore a landlord to many. I will describe him as that rather than by name to protect the relationship. His partner is in her late 20’s and also now owns properties. I’ve never known his partner to hold down a job but that of course doesn’t mean she didn’t had one in her teens.
The reality here is very few landlords are looking at selling their properties at this time. If you rephrased the question, you’d get a no instead of a yes.
1) Do you approve of the changes Labour have made to the tax advantage property investors have by removing them? No
2) Does the moving of the bright line tax change the way you view property investing? No, we are in it for the long haul anyway as it would be madness to prematurely sell the goose that keeps laying the golden egg.
3) If you answered yes to questions 1 and 2 what message would that send? That we as property investors / landlords approve of the changes Labour have made. Is that why you answered yes to considering selling? Absolutely.
Landlords will tell you they are mighty white and performing a public service by being a landlord but that’s a charade and a myth. First home buyers for example couldn’t compete with property investors with the previous dynamic in fact investors were pushing first home buyers out of the way to add another property to their investment portfolio. “New” New Zealanders and offshore investors using a NZ based Trust are laughing hysterically all the way to the bank. If you think they give a flying toss about NZ tax payers, think again.
Then they would get the first home buyer they shoved aside to pay their mortgage while they hauled in even more equity. Property investors are a huge part of why house prices are so unrealistically high.
The tenancy laws needed addressing but Labour have gone way to far. Healthy homes sounds well and good but go and complete the changes yourself and see what the cost is. It’s prohibitive so a large turd sandwich for investors. In addition to that the balance has shifted in a big way toward tenants by tenancy law etc. Just recently there was a case with tenants in Auckland who hadn’t paid their rent for 92 weeks. They owed over 63k but the private landlord still couldn’t evict them ffs. The tenancy court have allowed these “tenants” to stay repay that 63k off via $30 weekly payments that will take 40 years to complete. That is madness and only makes sense on another planet.
Property investors / landlords are eagerly waiting for a change of Government in October. Who could blame them?
The tax situation in NZ has favoured landlords / investors for decades. It’s created an inequity monster that has been a turd sandwich for NZ’s workforce paying their tax every week and those wanting to buy their first family home. That dynamic has finally started changing in recent times but National will take it straight back if they get in.
Unfortunately the rental housing environment has this ugly but necessary symbiotic relationship, the host needs the parasite and vice versa. It requires a reasonable balance.
I think the laws under this government have all the right intentions but yet again, the effect has not been factored into the cause and there is a sizeable imbalance and it’s killing the parasite. The risks far out weigh the gain.
Positives, housing as a tradeable asset is less attractive and should, long term, see prices drop, but only if all governments think the same. And that is not going to happen because Labour have proven so woeful in that and all other areas, that their brand is looking terminal.
However the negative is less houses to rent. And the way Kainga Ora operates, no sane person wants them as a landlord anywhere near them and it would not surprise me that ACT/National start dismantling it, again because Labour have turned the concept of social housing so poisonous.
Housing remains the clusterfuck it was 6 years ago, and in many ways actually worse!
Not only local authorities get in the way of building housing for people to buy for their own accommodation. There are the overseas interests, pension funds etc. that own and limit and price our building resources so that we can’t build to the standards that are set by councils, who however didn’t foresee the effects from using the leaky houses building system. Their one concern is airtight houses and no draughts but not practical water channeling and disbursement away from the house whether there were gutter blockages from leaves or not.
And not encouraging pockets of tiny houses built to a good standard. They would have been very attractive and Council could have set a high standard for surrounding land so they would have been little gems to view. People would have loved to live in them and great community feeling would have grown. This approach could have been based on modelling from Local Government NZ who could have taken an overview of housing requirements that the various Councils belonging could have viewed so that the concerns and benefits of various approaches would have been set out for their information and guidance. (I think Auckland has withdrawn though they would not have wanted good advice that crossed their feckless desires)
So we have the opposite and councils get blamed for everything. Because they had no rational response except to tighten rules and charge high for interaction with people trying to build, who should have been welcomed with open arms and reasonable standards but encouraged to build two stories, allowing much room around each house, unlike the squat, fat sheds dumped an arms-width apart.
And no parking for cars, which in turn have become fat, wide, tall and may have to take the place of tiny houses at times – be small caravans. So why no parking space on properties required, and now they want car parking off roads, so where? Because, planners say, we have decided they are bad.and in the way of the cycles some of which are motorised and become the new cars and streaking down footpaths as well as roads, alarming the pedestrians. Soon we will see mothers with babies strapped to their chest and toddlers on their backs on scooters. Yes cars are very useful transport and protection. But practicality has no place in the minds of the authorities; they live in dreams of what is done in other places and follow trends like pop star fans.
Will be no rentals. Just more Ghost house s on top of the 90 thousand ghost house s currently. Landlords just live off the capital gains. Tennant’s are to much effort
If landlords are unable to make money from their investment property then they won’t buy properties and there will be less home for renters. The government are unable to provide housing which is why we have so many private landlords providing accommodation and families in emergency housing/motels. If the property market drops not everyone can buy or wants to buy a home there will always be renters, stop living in an ideal world where everyone owns their own property it is never going to happen. What about the thousands of first home buyers that bought in the last couple of years, they will stand to lose hundreds of thousands of dollars if the market drops. Is this what you want? This view is so short sited. I have am a property manager, we had a property given to us recently where the tenant has not paid rent for 38 weeks. The landlord has lost $13,000 in rent and now has a $15,000 clean up bill. How is this landlord being greedy? All he wanted to do was secure his retirement and give someone a home. The only way to fix the housing problem is for the government to provide state housing for the lower income. We also need jobs for the unskilled labour such as factories, then we will have less people on benefits and more contributing to society, this would then lead to less crime. The government needsto stop wasting money on red tape crap, free up land and let developers build. Stop picking on landlords they are not greedy and wealthy most are just trying to get by.