A tax break on foreign investment in build-to-rent housing could boost the number of new apartments threefold over the next decade and ease the national rental crisis, according to the property sector.
Labor is moving to boost foreign investment in housing supply with a controversial tax break that industry players estimate could help deliver as many as 150,000 apartments over the next decade in the emerging build-to-rent sector.t, has been vigorously pursued for many years by local fund managers and offshore institutional investors, who say it will turbocharge the supply of new housing, sorely needed amid the national rental crisis.
Mirvac’s 2200-unit portfolio, operational and in development, is worth $1.8 billion. The developer is targeting 5000 apartments in the medium term. While state, territory and federal leaders would not be agreeing to a “completely uniform system” for improved renter’s rights, they agreed that a range of measures would be needed.“Different states will have different circumstances,” Mr Albanese said.
”There are a range of measures that will be considered by state and territory governments to strengthen the system of renters’ rights, there was agreement on that.” ”Only weeks ago the prime minister was calling a rent freeze ‘pixie dust’, but now it’s being discussed at the highest levels, just as the Greens have been pushing for,” he said.
Labor’s tax break for BTR was a “powerful first step in helping address the nation’s growing housing supply deficit”.
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