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PM Regulation - Next Round of Labour Govt. Stupidity

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  • PM Regulation - Next Round of Labour Govt. Stupidity

    'Shellshocked' property managers want more information on regulation plan
    22 Nov 2022
    Originally posted by STUFFed
    Property Brokers general manager of property management David Faulkner said regulation was hugely important for the industry, was the right thing to do, and offered better protection for consumers. “It will mean there will be less and less property managers who are prepared to take the risk of managing non-compliant rental properties. It will lead to more compliant properties, and it will benefit tenants.
    The to-be-expected twaddle from a REA person.

    The "benefit" and "better protection" for tenants / consumers will be higher prices and perhaps fewer rentals.

    Not sure if there's an antonym [opposite] for the "Midas Touch," but (whatever it is) Labour certainly have it in great abundance.
    Last edited by Perry; 22-11-2022, 08:36 PM.
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  • #3
    Property Management fees will go up and the increase passed on to tenants? Is there a regulatory fee that PMs need to pay?

    RNZ had it on when I was out driving - just caught the tail end of I think Renters United mentioning a property WOF again.

    Cheers

    Donna
    SEARCH PropertyTalk, About PropertyTalk

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    • #4
      The problem with such tales is they are a few examples of the extremes.

      Much the same as extremely bad tenants are in a minority.

      There's probably 5% or so bad LLs & PMs and 15% or so bad tenants. But somehow that an excuse to penalise all tenants with higher rents to cover the regulatory costs and fees and GST collected by the gummint. The same gummint that cares so much for tenants that it's happy to appropriate over $10M of tenants unclaimed bonds and proudly proclaim no change to that practice is proposed.


      It's the same modus operandi as the Labour brownshirts using one bad example of Havelock North to claim that all NZ water supplies are in serious states of decline or decay. All as a distraction from the real intention / consequences.
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      Watch their lips and hear their words. The so-called hate speech laws have been largely dropped because - according to comrade commissar Cindy, the legislation was "shabbily drafted."

      That's W'gton woodenhead codespeak for "the Bill was worded such that our real intention was not completely covered up."
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      Cartoon reproduced with permission
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      • #5
        It was all the industry input and consultation that I most enjoyed.
        Oh, wait...
        The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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        • #6
          Originally posted by PC View Post
          It was all the industry input and consultation that I most enjoyed.
          Oh, wait...
          Same ol' same ol' from the W'gton woodenheads, their sycophants and 'public service' cronies.

          Seem like Edwards re-invented.

          Only in La-La-Labour land . . .

          What's impossible to fathom is the depths of stupidity that makes them believe they can legislate extra costs on businesses and not expect the 'retail' price of the business's product to go up.

          Hello, hello, is there anybody home?

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          Last edited by Perry; 23-11-2022, 09:19 AM.
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          • #7
            When a large chunk of the sector - PM managed - starts increasing rents .... a rising tide lifts all boats. Including owner managed rents.

            Mind you, a change of government next year could see interest deductibility back, and that would significantly change costs of many LLs. If it stays, different story.

            Meanwhile, this in Stuff today -

            "The number of private landlords exiting the market doubled in the second quarter from a year earlier, as rising property prices, rent caps and the prospect of higher mortgage payments made it increasingly unattractive to let-out a property."

            This is Ireland. Not New Zealand. Yet.

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            • #8
              Originally posted by artemis View Post
              Meanwhile, this in Stuff today -

              "The number of private landlords exiting the market doubled in the second quarter from a year earlier, as rising property prices, rent caps and the prospect of higher mortgage payments made it increasingly unattractive to let-out a property."
              That's ambiguous. In more ways than one.

              Private LLs leaving the rental market (by selling or 'land-banking') or leaving the self-managed PM market?

              What rent caps?

              As for doubled . . . From what to what?

              If the year-earlier quarter figure was three, and it's now six, so what?
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              • #9
                Originally posted by artemis View Post
                When a large chunk of the sector - PM managed - starts increasing rents .... a rising tide lifts all boats. Including owner managed rents.

                Mind you, a change of government next year could see interest deductibility back, and that would significantly change costs of many LLs. If it stays, different story.

                Meanwhile, this in Stuff today -

                "The number of private landlords exiting the market doubled in the second quarter from a year earlier, as rising property prices, rent caps and the prospect of higher mortgage payments made it increasingly unattractive to let-out a property."

                This is Ireland. Not New Zealand. Yet.
                Yes well on that same RNZ show I was listening to - there was mention of rent caps and wait for it = Landlord WOF - what would that look like?

                cheers,

                Donna
                SEARCH PropertyTalk, About PropertyTalk

                BusinessBlogs - the best business articles are found here

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                • #10
                  Originally posted by donna View Post
                  Yes well on that same RNZ show I was listening to - there was mention of rent caps and wait for it = Landlord WOF - what would that look like?
                  If the empire-building REI's involved - like poison.

                  Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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