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Building a better future for renters with 1,000 new private rentals

Labor’s top priority is taking urgent action on the cost of living – and that includes urgent action on housing.

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

 

We’ll do this by providing 50 per cent land tax concessions for developers who build build-to-rent developments which stay on the market for 30 years.

 

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

 

But we also understand that as well as increasing rental accessibility we need to address rental affordability too.

 

That’s why today I’m excited to announce that a Labor government will also provide 100 per cent land tax concession for build-to-rent developments which are rented at least 20 per cent below market rate.

 

This will help hardworking Tasmanians who might be doing it tough to get their foot in the door of a rental they otherwise might not be able to afford.

 

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

 

If the Liberals haven’t addressed the issues by now, they never will.

 

Labor has a plan for a better future – and that starts with urgent action on housing and cost of living from day one.

 

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

 

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)

  • 100 per cent land tax concessions for build-to-rent developments which are rented out at 20 per cent below market rate.


Eligibility:

  • Must operate as rental for 30 years

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

 

Cost:

  • 50 home development: $20m, recouped over time through rents

  • 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.

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