negative gearing rorting the guts out of oz, page-17

"why was NG reinstated in tax law? without property driven industry Housing stock was becoming more expensive...

Valuations were becoming skewed against land value.

a carrot to encourage investment of housing stock for generational accounting..."

Clearly the policy is failing, as most 'investors' are not investing, but buying up old housing stock, in the hope that prices will continue to rise. It's pure speculation, and ZERO value creation at all, save for the spivs working in real estate.