nicleeson,
If your scenario played out then it would not just be rental properties that would go down but all properties. Remember that 99% of the population aren't on HC. If they are lucky they have their super and their own home that they are probably paying off.
Imagine all those people in the mortgage belts of Australia who found out their homes, that they bought in good faith trying to get ahead, were now worth less than what they owe.
Now there's a vote winner !!!
property 20 years lockout, page-108
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