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“The loss of tax deductibility on interest costs is having a negative impact on the rental market. A future government of any stripe must bring it back as soon as possible,” says Tim Kearins, Owner of Century 21 New Zealand.
His comments follow a survey, commissioned by the Ministry of Housing and Urban Development, that found that a quarter of landlords put up rents in the six months before May 2022, and one of the big reasons for this was increased costs lumped on by the Government.
“A key factor is landlords now not being able to claim their full interest costs as an expense. Alarmingly, that’s only going to get worse as interest rates increase and the policy rolls out to completion,” says Tim Kearins. Read more
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News category: New Zealand, News Shorts.
