There are growing fears more renters will face homelessness as up to half the state’s landlords consider selling their investment properties. Many say they can’t afford to keep them after being hit with the state government’s controversial new land tax.
As per recent reports, up to half of Victoria’s landlords are contemplating selling their properties, a move that could have severe repercussions for the state’s rental market and its tenants. The fear of an impending homelessness crisis is now looming, with many tenants potentially facing eviction if their rented homes are sold.
The new land tax, introduced by the Victorian government as part of its housing affordability strategy, has been met with strong opposition from property owners. Critics argue that the tax places an unfair financial burden on landlords, forcing many to reconsider their investments in the rental market.
“We understand the government’s intention to make housing more affordable,” said one Melbourne-based landlord. “But this new tax is just too much. It’s making it unfeasible to keep our properties, and unfortunately, it’s the renters who will suffer most.”
The potential mass exodus of landlords from the rental market could exacerbate Victoria’s existing housing crisis, with demand for rental properties already outstripping supply. Housing advocates warn of increased rental prices and a surge in homelessness if a solution isn’t found soon.
“The situation is dire,” said a spokesperson from a local housing charity. “We’re already dealing with a housing crisis, and this could push it over the edge. We need urgent action to prevent a wave of evictions and homelessness.”
The Victorian government is being urged to reconsider the controversial land tax or provide support to landlords to prevent a potential housing disaster. As the debate continues, thousands of Victorian renters are left in a precarious situation, unsure of what the future holds for their housing security.
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