Latest news with #HousingAffordability
News.com.au
04-08-2025
- Business
- News.com.au
Unions back explosive new crackdown on property tax breaks
Tax perks for landlords with multiple homes could soon be scrapped under explosive new reforms backed by Australia's unions. In a bombshell move that could shake the property and political establishment, the Australian Council of Trade Unions has backed sweeping tax reforms aimed at breaking the housing affordability deadlock that's locking out a generation of working Aussies. The ACTU – which represents almost 2m workers – warned the current tax system gives unfair advantages to wealthy investors, locking everyday Australians out of home ownership and pushing up rents and housing prices across the country. Broke to $100m: 34yo now has 158 Aus homes The bold reform would see a cull of tax breaks for property investors who own more than one home. ACTU Secretary, Sally McManus, said 'working people can no longer afford to live near where they work and young people are locked out of the housing market and locked into high rents.' 'It's just not right and has to change,' she warned. 'Tax rules around investment properties means investments that could be made in making Australia more productive and growing our economy are locked up in housing.' 'We cannot continue down the same path of giving investors tax supports while owning your own home gets further out of reach for average workers and becomes nearly unimaginable for young people.' 'Limiting negative gearing and capital gains discounts to one investment property, alongside increasing supply will make a big difference.' She said 'people who have made these investments should also be given some time to adjust'. 'Super creepy': Mysterious 'old haunted house' for sale The move comes ahead of this month's Economic Reform Roundtable, with the ACTU to argue that negative gearing housing tax breaks and capital gains tax discounts should be restricted to a single investment property, instead of favouring those with multiple properties, which is locking workers out of the housing market. All current negative gearing and capital gains tax housing tax arrangements would be grandfathered for five years to give property investors time to adjust to the new single investment property tax limits. Here's the breakdown of what the unions are backing: – Limit negative gearing and CGT discounts to one investment property – Grandfather current tax arrangements for five years – Cap fuel tax credits for big companies at $20m – Set a minimum 25 per cent tax rate for individuals earning over $1m – Apply the same 25 per cent minimum tax rate to family trusts – Replace the Petroleum Resource Rent Tax with a 25 per cent LNG export levy – Allow super funds more flexibility to invest in housing – Speed up approvals for modular housing and green energy projects National housing campaign Everybody's Home said pressure is mounting on the Albanese government to reform unfair investor tax breaks with the union movement adding to growing national support for change. Everybody's Home spokesperson Maiy Azize said ending property investor tax concessions was good for housing affordability, wealth equality and productivity. 'This month's economic reform roundtable offers the federal government a critical opportunity to take decisive action on housing and end unfair investor tax breaks for good – it cannot afford to let this chance slip away.' 'These tax breaks most benefit those who don't need it, while the majority of hardworking Australians pay the price. Billions of taxpayer dollars are lost every year to these tax breaks that are making housing more expensive for everyone – and making inequality worse.' 'Ending these tax breaks is a crucial part of the solution. Ending unfair investor tax breaks will take heat out of the housing market and improve the budget bottom line meaning more funds can be spent on productive investments, like building more social housing.' 'Poll after poll shows more Australians are open to winding back investor tax breaks because they know it's unfair and unproductive. We're seeing more politicians, economists, think tanks, unions and other organisations calling for reform.' MORE: Cash-strap student turns $40k to 38 homes Govt pays $3.3m for unliveable derelict house Unions also support getting behind modular housing, which can be quicker and cheaper than using conventional building materials; backed by a faster development approvals' process for new housing and green energy projects. Australia's super funds can and should do more to contribute to building more homes. The super performance test which acts as a barrier to housing investment should be changed to allow super funds to build more homes. 'Everyone should pay their fair share of tax. The average worker pays more than 25pc in tax, it is only fair the very rich and big business does as well,' Ms McManus said. 'We are supporting a minimum 25pc tax on those earning $1m, a 25pc tax on family trusts and a 25pc export levy on Liquified Natural Gas replacing the broken PRRT. Finally, we need to stop providing unnecessary billions to the big miners through the Fuel Tax Credit Scheme by putting in place a sensible cap.' ACTU affiliated unions include the Australasian Meat Industry Employees Union (AMIEU), Australian & International Pilots Association (AIPA), Australian Education Union (AEU), Australian Institute of Marine and Power Engineers (AIMPE), Australian Licensed Aircraft Engineers Association (ALAEA), Australian Manufacturing Workers Union (AMWU), Australian Maritime Officers Union (AMOU), Australian Nursing and Midwifery Federation (ANMF), Australian Rail, Tram and Bus Industry Union (RTBU), Australian Salaried Medical Officers Federation (ASMOF), Australian Services Union (ASU), Australian Workers' Union (AWU), Australian Writers' Guild (AWG), Breweries & Bottleyards Employees Industrial Union of Workers WA, Civil Air Operations Officers Association of Australia (Civil Air), Club Managers Association Australia (CMAA), Community and Public Sector Union (PSU Group), Community and Public Sector Union (SPSF Group), Construction, Forestry and Maritime Employees Union (CFMEU), Finance Sector Union (FSU), Flight Attendant's Association of Australia (FAAA), Health Services Union (HSU), Independent Education Union of Australia (IEU), Media, Entertainment and Arts Alliance (MEAA), Mining and Energy Union, National Tertiary Education Union (NTEU), New South Wales Nurses and Midwives' Association (NSWNMA), Police Association of NSW, Professional Footballers' Association (PFA), Professionals Australia, Shop Distributive and Allied Employees Association (SDA), Timber, Furnishing & Textiles Union (TFTU), Transport Workers Union of Australia (TWU), Union of Christmas Island Workers (UCIW), United Firefighters Union of Australia (UFUA) and United Workers Union (UWU).
Bloomberg
03-08-2025
- Business
- Bloomberg
A Ray of Housing Hope Is Emerging in Washington
Housing affordability is a key issue for the American consumer on which the Trump administration has done nothing useful. From tariffs on construction material to higher budget deficits driving up interest rates to deporting building trades workers, virtually every policy lever is being thrown in an anti-supply direction. At the same time, good news may be coming from Congress where last week the powerful Senate Banking Committee passed an important package of bipartisan housing reforms with unanimous support. The only fly in the ointment is that the package is so ambitious, and the emergence of consensus between Republican Chairman Tim Scott and ranking member Elizabeth Warren so unexpected, that little groundwork has been laid for advancing these ideas in the House. But if champions for these ideas can be found in the lower house, Congress would have the opportunity to get something critical done on the long-neglected issue of federal housing policy.
Yahoo
22-07-2025
- Business
- Yahoo
Over 30 million US homes don't have a mortgage, report says — why that's a red flag for the housing market
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Housing affordability has become a pressing issue in America — with studies suggesting that buyers now need a six-figure salary to comfortably cover the mortgage on a typical home. Yet millions of Americans already own their homes outright. According to Fortune, citing a recently published Goldman Sachs note, the share of U.S. homeowners without a mortgage rose from 33% in 2010 to 40% in 2023. Assuming there are 86 million homes nationwide, the outlet estimates more than 30 million are now owned free and clear. As more Americans pay off their homes, equity continues to build. ICE Mortgage Technology estimated that heading into the second quarter of 2025 U.S. mortgage borrowers held $11.5 trillion in 'tappable' home equity — or equity available for borrowing while maintaining at least a 20% cushion. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how While it's possible to access that equity through loans or lines of credit, Goldman Sachs notes that homeowners today are far less eager to tap into it than they were in the early 2000s. 'Rather, borrowers have focused on paying down their mortgages and owning their homes outright,' said Goldman Sachs analyst Arun Manohar, per Fortune. A major driver of this growing equity is the sharp increase in home values. Over the past five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has climbed more than 50%. That may be good news for existing homeowners — but for first-time buyers, the picture is far more challenging, especially with mortgage rates still elevated. According to the National Association of Realtors, the share of first-time home buyers in the U.S. fell to just 24% in 2024 — a record low — down from 32% a year prior. Fortune called the situation both 'a warning sign' and a 'chicken-and-egg' dilemma — noting that many older homeowners who bought their properties decades ago aren't downsizing, largely due to fears of today's higher mortgage rates. With that inventory staying off the market, supply remains tight and prices stay elevated — making it even harder for younger generations to break into homeownership. Getting on the real estate ladder So, just how difficult is it to buy a home in America today? According to a typical household would need to earn $118,530 annually to afford a median-priced home of $402,500 in the U.S. — more than 50% higher than the current median household income of about $77,700. In pricier states like California, the income requirement can soar even higher: a household would need to earn a whopping $210,557 a year to afford a typical home in the Golden State. Still, real estate remains a popular path to building wealth. For one, it's a classic hedge against inflation. As inflation rises, home values tend to increase as well, reflecting higher costs for materials, labor and land. Rental income often follows suit, providing landlords with a stream of income that can adjust with inflation. Second, while real estate moves in cycles, it doesn't require a booming market to deliver returns. Even in a downturn, high-quality, essential properties can continue to generate passive income through rent. In other words, the asset can work for you — regardless of broader market conditions. The best part? You don't need to buy a property outright to invest in real estate. Read more: Rich, young Americans are ditching the stormy stock market — Become a real estate mogul — starting with $100 Crowdfunding platforms like Arrived have made it easier than ever for everyday investors to gain exposure to America's real estate market. Backed by world-class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving any positive rental income distributions from your investment. Tap into the multitrillion-dollar home equity market. Americans have built substantial wealth through homeownership, but the $35 trillion U.S. home equity market has historically been the exclusive playground of large institutions. Homeshares is changing the game by allowing accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. Be the landlord of Walmart If you've ever been a landlord, you know how important it is to have reliable tenants. How do grocery stores sound? That's where First National Realty Partners (FNRP) comes in. The platform allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement 5 simple ways to grow rich with US real estate — without the headaches of being a landlord. Start now with as little as $10 This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- General
- Yahoo
Berkeley Mayor Adena Ishii talks history-making election, pride and more
Newly elected Mayor of Berkeley, Adena Ishii— the youngest woman to ever be elected to the role—spoke KTVU's André Senior to discuss her first few months in office. Mayor Ishii is only 34 years old, and she's the first Asian American to serve as mayor in the East Bay city. Calling the role "the best job I've ever had", Berkeley Mayor Adena Ishii says she sees the job of being the first Asian American in the role as a big responsibility. "I've heard from some young folks that it's been very inspiring to see someone that looks like them serve in this office, and it's been very exciting to pave the way," Ishii said. "And also a responsibility…and make sure that I'm not the last one, making sure that I'm the first of many." Ishii discussed the history of the Asian Americans who lived in South Berkeley in formerly red-lined neighborhoods. She hopes that her being in office gives more people a chance to hear the rich history of Asian Americans, especially in the Bay Area. "I'm someone who cares a lot, making sure that we have enough housing in our city, that we have safe streets for everyone. And I think that these are issues that really resonated with folks, not just my identity, I think that's potentially a part of it, but the issues that I care about," Ishii said. Ishii discussed issues of homelessness, housing affordability as well as public safety. She says she hopes the community can tackle those issues with compassion. "I'm very proud to be able to represent younger generations and also my community." -Mayor Adena Ishii The Mayor invited the community to join the City of Berkeley in celebrating LGBTQ Pride for the first time this coming August. "I think it's so important that we celebrate, especially now, having a federal administration that has been very critical and threatening of the LGBTQ community. I'm excited that we can share that pride and that joy. That in itself is a kind of rebellion. I'm thrilled that our city is going to be able to provide that safe space to have that celebration," Ishii said.
Yahoo
11-05-2025
- Politics
- Yahoo
Hanford High athlete is latest election challenger. His dad is already on city council
Richland voters later this year will have the chance to elect a father-son duo to the city council. Filing week for elections this year closed 5 p.m. Friday. More than 130 candidates in both Benton and Franklin counties filed paperwork to run in nearly 90 local, nonpartisan races. On Monday, council incumbent Kurt Maier filed for a second term. Then, late Thursday, his 18-year-old son John registered for another seat on the council, one that's being vacated by Ryan Lukson, a former mayor. John Maier doesn't graduate from Hanford High School for another month, but he said he's running anyway because he feels the current council wants to keep things static and he wants to pave a path for betterment in the city. He says he wants to be a voice for the youth and disenfranchised, citing housing affordability as a main issue. 'I want to be able to voice their opinions on the city council and do what's best for everybody, especially those who can't go out and elicit change themselves,' John Maier said. Running for city council comes with its own set of responsibilities. In addition to the lengthy paperwork that needs to be filed with the Washington Secretary of State's Office, and the $152 filing fee to run for a Richland seat, candidates and elected officials alike must follow the state's finance regulations and laws around campaigning. Once elected, good attendance is required to keep your seat. The elder Maier, 45, tells the Tri-City Herald that he either is 'inspiration or competition' to his son. 'Over the past several years I've been on the library board and then later on city council, it's been a part of our family's life for a while now,' Kurt Maier said. 'He kind of grew up here watching his parents serve his community.' But John Maier says he's definitely been inspired by the change his father has been able to enact while on council. It's showed him he can make a difference. The two have talked about him running for public office, but not city council specifically. He explained to his son that it's 'a real thing you have to take seriously.' Kurt Maier says he always talks during council meetings about how more people should run for office. 'And I think (John) took me seriously,' said the Pacific Northwest National Laboratory IT engineer. John Maier played defensive end for Falcons football and currently throws discus for their track and field team. He says he works weekends at a bike shop, which helped him afford the filing fee. He plans to take a gap year after graduation, and later enroll in an online college program to study cybersecurity. If both are elected, John Maier said don't expect him to side with his dad on everything. 'I'm not going to side with him just because he's family. If we have a different view on things... We can discuss it and we have to make peace with that,' he said. The Maiers aren't the only Richland family to make local politics a domestic affair. Mayor Theresa Richardson's son, Jet, serves on the city's planning commission. Francesca Maier, Kurt's wife, also previously served as recently as 2024 on the city planning commission. Both will campaign for the primary. John Maier will face Donald Landsman and Jordan Lee to see who will succeed departing Councilman Lukson in the Position 4 seat. Kurt Maier will attempt to defend his Position 6 seat from three challengers: Kyle Saltz, Joshua Arnold and Fiain Uir. Races with two or fewer candidates will automatically advance past the primary election and appear on the general election ballot. The top two primary candidates who receive the most votes will move on to the general election. A special filing period will open Aug. 9-11 for offices that received no registration from candidates. Kennewick City Council Ward 1: Jason McShane, Tina Gregory and Austin Miller. Kennewick City Council Ward 3: John Trumbo, Warren Hughes and Douglas Perez. Kennewick City Council At-Large: Brad Klippert, Danielle Schuster and Gloria Tyler Baker. Kennewick School Board Pos 1: Micah Valentine, Robert Franklin and Mike Luzzo. Richland City Council Pos. 3 : Sandra Kent, Pat Holten and Robert Walko. Richland City Council Pos 4: Donald Landsman, John Maier and Jordan Lee. Richland City Council Pos. 6: Kurt Maier, Kyle Saltz, Joshua Arnold and Fiain Uir. Richland City Council Pos 7: Ryan Whitten, Colin Michael, Tony Sanchez and Joshua Short. Connell City Mayor: Shelly Harper, Patricia Barrera and Irineo Salas. Prosser City Council Pos 2: Jackie Kimble, Vance Glasscock and Bill Jenkin. Grandview School Board Pos 5: Amanda Rodriguez, Cecilia Lamas Noriega and Elena Olmstead. Pasco School Board District 3: Amanda Brown and Steve Christensen. Pasco School Board District, At-Large: Scott Lehrman and Valerie Torres. Pasco City Council District 3: Leo Perales and Bryan Verhei. Pasco City Council District 6: Melissa Blasdel and Calixto Hernandez. Kennewick School Board Pos 2: Gabe Galbraith and Nicolas Uhnak. Richland School Board Pos 1: Bonnie Mitchell and Jacques Bakhazi. Port of Kennewick District 2: Tammy Kenfield and Raul Contreras Gonzalez. Port of Benton District 1: William O'Neil and Rory Keck. West Richland City Mayor: Fred Brink and May Hays. West Richland City Council Pos 1: John Smart and Nancy Aldrich. West Richland City Council Pos 3: Robert Perkes and David Cole. West Richland City Council Pos 4: Richard Bloom and Braden Sloughter. Prosser City Council Pos 1: Maricruz Mendoza and Julie Mercer. Prosser City Council Pos 3: Harold Lewis and Felix Cortes. Prosser School Board Pos 3: Eric Larez and Elisa Riley. Connell City Council Pos 2: Terri Cerna and Patrice Hebel. Connell City Council Pos 3: Michelle Welch and Frankie Meraz. Connell City Council Pos 4: Joe Escalera and Duey Dixon. Kahlotus City Mayor: Michael Robitaille and Maria Cruzan. Othello School Board District 3: Juan Garcia and Birdie Fought.
