Mr Ludlam and Parliamentary Budget Office

housing supply: Mr Ludlam said negative gearing had comprehensively failed to increase the housing supply and had instead distorted the market and pushed out first home buyers."The overwhelming majority of negatively geared properties are ones that investors have bought, they haven't built them," Mr Ludlam said in Perth on Sunday."We've got no problem at all with property investment it just that people shouldn't be forced to subsidise it through their taxes."The Greens proposal, which has been costed by the independent Parliamentary Budget Office, argues abolishing negative gearing would save $2.9 billion by 2020, according to Nine News Australia. Over 10 years, the savings would amount to $42.5 billion. The Greens are proposing to end the scheme on future new housing investments by July 1 so people who have already structured their finances around it are not penalised. Mr Ludlam said a substantial part of that money should be invested in new housing, taking 15,000 families and individuals off the social housing waiting list in the same period. Labor has previously said it would have a look at the issue of negative gearing. The money would also fund the construction of 7000 new homes for the homeless. (news.financializer.com). As reported in the news.