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RENTAL OVERCROWDING THE SYMPTOM OF A WIDER PROBLEM
News that at least one of the properties he owns is multi-tenanted, in contravention of the law, is not surprising, according to REINSW, when the residential vacancy rate in Sydney is a marginal 0.9%, driving desperate tenants into taking what accommodation they can get.
“What we see here is the symptom not the disease,” said REINSW President Steve Martin. “We are not condoning over-crowding and multi-tenant residences but see them as a predictable result of the huge shortfall between the demand for accommodation and what is available.
“What’s worse is that we know that this situation is only going to deteriorate further if proposed changes to the Residential Tenancies Act come into law.
“REINSW is calling on all those politicians who are presently property investors to give the public an undertaking that they won’t be exiting the market due to the changes as so many other landlords tell us they intend to do.”
REINSW urges the State Government to put its effort into finding a cure for the rental crisis by removing punitive land tax and stamp duty. Doing so would put property investment on the same level playing field as other investment options.
“At present, property investors are unfairly penalised for providing something that actually provides benefit to the community – housing for people,” Mr Martin said.
“Make no mistake, we are not facing a crisis - this is a crisis. There are people who have no where to live.”
Please direct media enquiries to Dael Climo on (02) 8267 0527.
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