Realtor backs plan to expand city residential access
A Government plan to remove restrictions on the purchasers of properties in Hamilton that are part of approved residential schemes has received the backing of a leading realtor.
David Burt, the Premier and Minister of Finance, revealed in the Budget Statement that Government will advance a Bill to amend the Economic Development Act to expand the eligibility for approved residential schemes from solely the economic empowerment zones to the entire City of Hamilton.
Units in approved residential schemes in Hamilton will be able to be purchased by residents, businesses and international persons without restriction, Mr Burt said.
Mr Rego said: “I welcome the opportunity for developers to be able to construct residential housing in the city that is available to a wider audience.”
Mr Burt said Government will increase the top two bands of land tax by five per cent each.
The increases are expected to yield an additional $2.4 million in revenue.
Mr Rego said the land tax increase “was inevitable because property is the only asset that you can’t move to another jurisdiction”.
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