Rising property prices have led to increasing concerns about affordability, but support for government intervention may actually decline as affordability worsens, a new study suggests.
Rapidly rising property prices have led to increasing concerns around affordability, but support for government intervention may actually decline as affordability worsens, a new paper suggests.
earlier this month, used data drawn from European and British social surveys and an analysis of British elections to explore the relationship between housing affordability – house prices relative to incomes – and the demand for redistributive and housing policy. With home-owning voters far outnumbering would-be home-owning voters, housing policy transformation can be politically difficult.Mr Coates added there was a clear trend in Australia, though, of wealthier areas being more resistant to increased housing supply, but this was driven by multiple factors and not just potential concern of downward pressure on property prices.
It was a tragedy that Labor had walked away from proposed changes to negative gearing and the capital gains tax, he noted, with the opportunity for such reform now possibly gone for a generation. Mr Eslake said it was unclear if Australians had become any more opposed to redistribution policy as affordability declined, but noted that while Australia had quite a progressive income tax transfer system, wealth was taxed very lightly compared to other countries.
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