Property misery for young people

THIS country needs entrepreneurs, risk-takers and investors. Investment in property is the antithesis of all that. There is virtually no risk. Passive investment in property is a ticket to ride paid for, in part, by the taxpayer.

We all know what has been happening. One borrows money, buys a house or apartment, writes off the borrowing costs against income tax and one gets tenants to pay the rest of the mortgage, if not a little more.

In the meantime, the capital value of the property is zooming up and one stands to make a tidy fortune when one sells the property.