The housing crisis in Byron Bay, and Australia in general, is urgent. There is no easy fix. Too many people are benefiting from high property prices. Too many politicians won’t make unpopular laws. However, a long-term approach might be less painful to existing property owners and politicians alike.
What if all future residential property purchases, say after 2023, were subject to new rules and laws, then the housing crisis might gradually abate. Possible changes might include;
1) Airbnb properties must have the owner living full time on the premises.
2) Capital gains tax discount of 50 per cent to be abolished for residential property.
3) One year occupancy rule to be extended to five years.
4) The value of the family home to be included in the assets test for pension calculation.
Existing properties would be exempt.
These (and other) changes would gradually undermine residential property as the premier investment class in Australia. Residential property would revert to its proper role; a place to live, not a place to become rich.
For four decades The Echo has printed the stories some people loved, some people hated, and some pretended not to read. If you want us to keep telling the truth, the real truth, not the sugar-coated version. We’ll need your support to keep the presses rolling. 
