Huge benefits for economy in property market reform

Martin Visser (Letters, January 15) is correct in all that he says on housing.

The high rentals being charged are the major cause of the poverty in this country; housing for rent is the most lucrative form of investment and legislation is required that will redirect such investments to the productive economy.

The solution is to introduce rent controls at an affordable level. At present renters are virtually buying the property for landlords, and paying more than most mortgage repayments. The legislation needs to also address those who leave a property empty, just awaiting a capital gain.

There would be huge benefits all around: Less poverty, less required from the Government for rent subsidies and welfare payments, house prices falling, and more investment where it is needed.

It would be a huge gain for the economy.

Vincent Harris, Auckland