Originally Posted by
Daytr
We already tend to over capitalise our homes now, new kitchen every 10 years, I know people that have put in $100K & $200K kitchens.
Everyone has butler's pantries, walk wardrobes, mud rooms etc you name it.
Although I think a CGT is an essential tax tool, it won't be enough to fund the massive infrastructure deficit.
Where NZ goes wrong is we leave land development in the hands of developers. In the past the Government used to develop subdivisions or entire towns.
The Government should buy land for redevelopment, rezone it for development & then either sell it to a developer and take the huge increase in value, or even complete the development & sell it on to residential buyers.
At the moment landbankers, farmers & developers get a huge windfall when land is rezoned. It's money for nothing that the Government or Local Council could be benefitting from to fund infrastructure.