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ACT Party says there’s a flood of stories about the impacts of new interest deductibility rules. A new website has launched to hear them.
According to Housing spokesperson Brooke van Velden, the current Government jas represented a ‘stealth tax’ on Mum and Dad investors.
“80 percent of whom own just one rental. The changes will squeeze the middle class and hurt renters,” says Brooke van Velden.
“ACT is asking New Zealand’s 120,000 residential property investors to visit act.org.nz/housingstories and share what the new rules will mean for them and their tenants.”
An estimated cost to landlords is equivalent to a $600,000 house by adding an extra $6,000 per year.
Extra costs for those who stay within the market will pass additional costs onto tenants.
“[It will make] it harder for tenants trying to save for a home to build a deposit,” says Brooke van Velden.
“Almost 13,000 people have now signed ACT’s petition to reinstate the ability for landlords to deduct mortgage interest from their tax bill.”
“Thousand of stories will be percolating through the country as people get their heads around how Labour’s stealth tax will hurt Mum and Dad investors and their tenants.”
Image: SUPPLIED/Shutterstock.com (Auckland Suburb from Mt. Eden Summit)
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