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Adding 1,000 homes over five years to ease the rental market

A future Labor Government will ease the rental crisis in Tasmania by incentivising the development of 1,000 new private rental homes over five years.


This statewide initiative will make renting easier and more affordable for Tasmanians by adding supply to the market, and will operate in addition to other social housing commitments.


Build to rent initiatives have proven to be highly successful in creating more options for renters in other Australian states.


In addition to incentivising the development of rental properties, Labor will also build a 50 home development in Government.


After 10 years of Liberal Government, renting has never been less affordable or more difficult in Tasmania.


Jeremy Rockliff’s priorities are all wrong – he’s more concerned with putting a roof on a stadium than over the heads of Tasmanians.


The bottom line is, Tasmania needs more rental properties and Labor will help deliver them.


Only Tasmanian Labor has a right priority plan to make renting easier and more affordable for Tasmanians.



Fact Sheet

Fast facts: Labor’s plan to add 1,000 homes to the private rental market


Outcome:

- see more than 1,000 more rentals built over five years, in addition to other housing commitments.


Incentives:

- 50 per cent land tax concession for developers over a 30-year period

- Exemption from the foreign investor land tax surcharge (currently 80 per cent of Build to Rent investment comes from superannuation and other institutional investors based overseas)

- Additional tax concessions available for developers who provide affordable housing, as well as long-term leases


Eligibility:

- Must operate for 30 years

- Minimum number of dwellings in a development: 30 (Hobart & Launceston), 20 (everywhere else)


Cost:

- The cost to the budget of tax concessions and/or exemptions for activity that would not have otherwise occurred without the existence of the policy is effectively nil. In fact, given the proposed policy is only for a 50% concession, it is arguable the policy would be a net positive for the budget.


May 29 2023

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