True, If you were able to borrow to leverage yourself into a million Dollar Auckland home some years ago, then being in the right place at the right time, you would have enjoyed handsome returns on the equity you put in
With the CGT as recommended, it would be even more appealing to leverage yourself into a mansion rather than taking a risk in investing in a income-taxed company or start-up or slogging at building up a business to achieve a similar return on capital - only to have the capital gain then taxed.