The system gives the thumbs up to such activity, but we must alert you to the latest ‘capital gains’ success story trumpeted in today’s Business Age (check p10*).
Solomon Lew bought 151- 165 Franklin St (CBD) in 1982 for $810,000.
He sold it recently for $30m.
That’s equivalent to paying him and his holding company nearly $1million per year (post Council Rates) just for holding a site for its ‘capital gains’ rather than putting the location to it’s highest and best use.
Compare the ease of those profits to Lew’s infamous efforts with the Yannon deal that white collared $18m from Coles Myer shareholders.
Those working families spending 1 hour in traffic jams each way to work must be alerted to this injustice! Imagine if it got out that those same struggling families, the one’s who can’t afford an accountant to find them a tax haven, paid the taxes that improved the roads, trains and hospitals that make our city more and more valuable!
How can we re-balance investment with opportunity?
We must get the masses to sign our petition so we can pull Kevin Rudd’s economic policies away from the wealth wedge inherent in land speculation.
Solomon Lew’s largesse goes to show – why work? KRudd’s ‘Working Families’ – hmmph!
* – no link sorry – for some reason not many property articles re capital gains go online
