The Greens Support Labor’s Help to Buy and Build to Rent Bills
The Greens’ Decision to Support Labor
The Greens will vote with Labor on its Help to Buy and Build to Rent bills after two months of debate on the issue of housing. The party had previously sided with the Coalition, citing concerns it would further exacerbate the housing crisis.
Labor’s Housing Initiatives
- Labor’s Help to Buy housing scheme aims to support 40,000 eligible buyers with an equity contribution of up to 40 per cent for new homes, with a deposit as small as 2 per cent.
- The Build to Rent scheme incentivizes developers to build housing entirely for renting by offering tax concessions and commits at least 10 per cent of the dwellings to affordable housing.
Greens’ Perspective
Greens leader Adam Bandt expressed disappointment in the government’s handling of the housing crisis and highlighted the need for changes to tax policies like negative gearing and capital gains tax.
Challenges Faced
The Greens were concerned that the Help to Buy bill would drive up house prices and favored a shared equity scheme as part of a larger policy to establish a public property developer for more affordable housing.
Conclusion
The Greens’ decision to support Labor’s housing agenda marks a significant shift in their stance on housing policies. While there were initial concerns and debates, the party ultimately chose to back the bills, emphasizing the importance of addressing the housing crisis.
Frequently Asked Questions
What is the Help to Buy scheme?
The Help to Buy scheme by Labor aims to support eligible buyers with an equity contribution for new homes and a minimal deposit requirement.
What is the Build to Rent scheme?
The Build to Rent scheme encourages developers to build rental housing by offering tax concessions and allocating a portion of dwellings to affordable housing.