Release: Coalition gives tax relief to millionaire landlords

The Coalition Government has today confirmed it is abandoning first home buyers who are struggling to get ahead, says Labour Finance spokesperson Barbara Edmonds.

“When people are struggling with day-to-day expenses, the Government has decided to give approximately 346 landlords who own at least 200 properties each around $464 million between them,” says Barbara Edmonds.

“The decision shows where the Coalition Government’s priorities are. It’s not lunches in schools, the smokefree generation, or continuing the Cook Strait ferries, it’s mega landlords.

“The assertion that this will bring the cost of rent down is a wolf in sheep’s clothing, there is nothing in today’s announcement that guarantees tenants will have savings passed on to them as a result.

“This tax advantage for the wealthy is not only set to be unfair for tenants, it shuts first home buyers out from getting a foot on the property ladder. Parents and grandparents who hope for their children to own their own home will realise it is a more difficult path to home ownership than ever before.

“This is tax relief for a certain group of people, not for mum and dad investors. The ripples of this decision will be felt for generations.

“The Government has so far taken lunch away from children, money from beneficiaries and hindered first home buyers, choosing instead to give millions to millionaires. This is yet another example of the Coalition Government making decisions that solely benefit the wealthiest New Zealanders.” Barbara Edmonds said.

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