Record Sydney house prices nothing to be proud of - time to tackle negative gearing

Increasing numbers of homeless people - the ugly side of the $1 million price tag for a Sydney home - require fast tracking far reaching reforms to negative gearing and capital gains tax, Greens NSW Senator Lee Rhiannon said today.

"The Sydney housing crisis should be a top priority of the NSW and federal governments," Senator Rhiannon said.

"Prime Minister Tony Abbott should speak up for those in his home city who are doing it tough with no relief in sight for secure housing.

"The working of the housing market excludes increasing numbers of people.

"Negative gearing and capital gains tax exemptions that work to drive up house prices should be overhauled.

"The only winners from the current system are the nation's highest income earners. This is driving further inequality, hardship and homelessness.

"The Greens costed proposal to end negative gearing for new investments would rein in the housing market so it meets the needs of Sydney residents and not just the wealthy.

"Our plan would improve housing affordability and cut the social housing waiting lists.

"There also needs to be short term measures introduced to assist the increasing numbers of people living on city streets, parks and in many suburbs.

"More crisis accommodation is needed and women's refuges urgently need to be refunded," Senator Rhiannon said.

Contact - Brami Jegan 0487 350 880