Investors with 10 or more properties to their name have more debt than smaller-scale investors but use negative gearing and capital gains discounts to keep buying, tax office data shows.
And as the article says - this data is only from individual tax returns. It doesn’t cover companies.
This is always where it gets complicated. One house is pretty limiting. Lots of people have holiday homes - should that become illegal? People buy homes to support family (particularly elderly or disabled family) members in an environment that allows them some space and independence.
Should a married couple be allowed to have two homes? Should I be allowed to buy homes in my kids’ names to get around such a limitation?
I don’t have the answers to any of this. Housing is a super complicated and politically charged topic. There are a million millionaires out there with the bulk of their net worth tied up in the value of their homes. The scary truth is they don’t really want to solve this problem, because if houses stop costing most of a million (or more) dollars to buy, they stop being millionaires.
I have no issue with 2. But they have to live in it for part of the year. If someone wants a summer home that they earn after working hard then why deny them.
However any more houses should be taxed at a rate that makes them untenable.
Is there a downside to limiting houses to a 1per person maximum?
This is always where it gets complicated. One house is pretty limiting. Lots of people have holiday homes - should that become illegal? People buy homes to support family (particularly elderly or disabled family) members in an environment that allows them some space and independence.
Should a married couple be allowed to have two homes? Should I be allowed to buy homes in my kids’ names to get around such a limitation?
I don’t have the answers to any of this. Housing is a super complicated and politically charged topic. There are a million millionaires out there with the bulk of their net worth tied up in the value of their homes. The scary truth is they don’t really want to solve this problem, because if houses stop costing most of a million (or more) dollars to buy, they stop being millionaires.
I would rather have it be a case of everyone gets a house before anyone gets a second, regardless of an individuals economic ability.
I have no issue with 2. But they have to live in it for part of the year. If someone wants a summer home that they earn after working hard then why deny them.
However any more houses should be taxed at a rate that makes them untenable.
Yes. Many. Here’s the first: mobility.
In my 20s, I didn’t live in the same city for more than a couple years at a time. If I had not been able to rent, I’d have wasted tons of money.
Good point