“Media outlets should quit talking about smoking and pets in NSW apartment buildings and focus on the fact that proposed new strata laws will enable greedy developers to kick out long-time owner-occupiers”, said Paul Versteege, Senior Advisor Research & Advocacy.
“Proposed new strata laws allowing 75% of owners to sell an entire apartment building, never mind the 25% that don’t want to sell, represent an unprecedented attack on property rights.
“Owner-occupiers, particularly the elderly, will not only be forced out of their home but out of their area, away from friends, services and support networks.
“Investors, particularly recent market-entrants, may incur huge losses when forced to sell, while established investors may face ill-timed Capital Gains Tax liabilities.
“While immediately affecting inner suburbs of Sydney and Newcastle, the laws will apply throughout NSW, and will be used by developers everywhere. Nobody in strata is safe.
“Allowing the forced sale of strata-titled property is just a step away from the real goal: allowing developers to force sales of residential property generally.”
Media contact: Paul Versteege
Mobile: 0409 81 41 81