Greens to tax homes of ‘obscenely’ wealthy

The NSW Greens have launched a push to tax luxury homes and investment properties owned by the mega rich to help tackle the state’s affordable housing shortfall.

The party’s Extreme Wealth Property Tax package, announced on Sunday, includes plans to raise land tax for property developers and owners of mega-mansions worth tens of millions of dollars.

Greens MP Jenny Leong said the wealthy owners of trophy mansions and large property portfolios had remained unchecked for too long.

“Addressing economic inequality by making housing affordable should be one of the highest priorities in the state, but the Liberal National Government has failed to address this crisis,” Ms Leong said

“The Greens have a plan to take on growing housing inequality and address the chronic lack of affordable housing in NSW, by introducing a suite of measures to tax billionaires, big investors, property barons and the super wealthy.”

Under the plan, additional tax applied to just ten mega-mansions would fund 86 new affordable homes each year, according the the Greens.

If the party has its way a new land tax would be introduced on high-end residential properties and the existing land tax payable on investment properties would be increased and expanded.

The plan would also scrap current land-tax concessions for developers under ‘build-to-rent’ schemes that the Greens say don’t deliver affordable housing.

“NSW is in the middle of a serious housing crisis and the inequality gap is widening, but instead of addressing this, the Liberals and Nationals continue to provide special treatment and tax breaks for big investors,” Ms Leong said.

“The Greens believe that those who own and live in obscenely expensive properties – as well as those who have big property portfolios – should pay their fair share.”

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