This will send most of the long term renters to the city fringe suburbs where they can still afford to rent. Anywhere close to civilisation will simply be too expensive for them to rent. How many of these long term renters will be able to afford to buy a property at all?
BTW, why are there so many renters? Landlords and gov't will no longer be subsidising their lifestyle. They can move to Tas or some other cheap place.
