In this story on stuff.co.nz, medical professionals are warning investors who are snapping up earthquake-damaged homes in Christchurch to make sure that they are livable before renting them out. What has been happening is that rich investors, with cash on hand, are buying up properties that were damaged in the earthquakes that hit Christchurch, but have been written off by insurance companies as uneconomical to repair. The investors are then renting them out for huge returns, up to 25%. Of course, some of those properties will be very unhealthy to live in, but the rental market in Christchurch is so crazy that many people don't have a choice.
We need a warrant of fitness for rental properties, where owners must prove that a property is livable before it can be legally leased out.
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