‘Cooked’: Greens target Byron Bay property moguls

The Greens say they will end tax breaks for ‘property moguls’ after figures showed locals being squeezed by out-of-town investors.

The Greens plan to scrap tax breaks for millionaires with multiple investment properties as figures reveal locals are being squeezed out of exclusive areas.

Focusing on the seat of Richmond in the Northern Rivers, which encompasses Byron Bay, the party revealed high rates of multiple property ownership by those from outside the area.

According to figures obtained by the party, 11 per cent of all properties in the electorate are owned as investments by out-of-towners, totalling 10,885 properties.

Of those, well over half or 7725 belong to owners with two or more investment properties.

If elected, the Greens would scrap tax breaks for owners of two or more investment properties, which the party says would deliver an extra $63 billion to the Australian federal coffers every year.

Figures show 889 investment properties in Richmond are owned by just 89 people from outside the area. Picture: NCA NewsWire / Dylan Robinson

A massive 889 investment properties in Richmond are owned by just 89 out-of-towners with seven or more investment properties, the figures revealed.

Together they are pocketing $19 million a year in tax breaks, averaging out at $211,236 each.

“Liberal and Labor are giving millions of dollars of public handouts to out-of-town property moguls, pushing up housing prices and locking Northern Rivers locals out,” Greens leader Adam Bandt said.

“This is cooked. The Greens will scrap the public handouts to property moguls and make housing affordable for people in the Northern Rivers.”

Greens leader Adam Bandt said his party would remove tax breaks for those with two or more investment properties, delivering an additional $63 billion dollars every year. Picture: NCA NewsWire / Gary Ramage

In the past, critics said similar plans would impact mum and dad investors who would be significantly worse off without policies such as negative gearing.

Compared to last federal election, this year, talk of housing tax reform has been almost non-existent.

Following that election some within the Labor ranks blamed scare campaigning by the Coalition for turning voters sharply off the idea.

Now the Greens are blaming both Labor and the Coalition for backing the current rules and squeezing a portion of the population out of affordable homes.

Greens candidate for Richmond Mandy Nolan said her area had been turned into a game of Monopoly.

Many locals in Byron Bay and surrounds have been squeezed out of affordable housing. Picture: NCA NewsWire / Scott Powick

“This data confirms what many locals have long suspected. A handful of wealthy property moguls from out of town own a huge chunk of the area’s property,” she said.

“Not only are rich investors from out of town driving up the property prices and pushing out locals so they can maximise the cash from holiday rentals, they are getting millions from the taxpayer to do it.”

Under the Greens plan, some of the money saved by removing tax incentives for investment property owners would go towards building one million new affordable homes.

They would include 15,000 climate resilient properties in the electorates of Richmond and Page to tackle the housing affordability crisis and help those affected by recent floods.

Originally published as ‘Cooked’: Greens target Byron Bay property moguls