Property investors have headed online to vent after Prime Minister Jacinda Ardern announced a suite of housing reforms designed to cool the property market.
This morning Ardern announced that the Government will pour close to $4 billion into a scheme to accelerate the pace of new house builds, which is expected to help see "tens of thousands" of new properties built.
It is also doubling the capital gains tax-esque bright-line test from five to 10 years - meaning any gains on a residential property that is not a family home will be taxed if the property is sold within 10 years of purchase.
Meanwhile, the Government will get rid of the interest deductibility loophole – a rule which allows property owners to claim interest on loans used for residential properties as an expense against their income from those properties.
Revenue Minister David Parker said this rule favours debt-driven residential property investment over more fully taxed and more productive investments.
On a popular Facebook group for investors reactions came thick and fast to the news.
"More headline grabbing, won't really change much," said one investor.
"I'm pretty shocked Jacinda said twice that the increase in house prices hasn't translated into higher rents... are they living under a rock?"
The removal of interest deductibility was a hot topic, with many saying it would cause those smaller investors who are highly leveraged to rethink their positions.
The use of the word "loophole" to describe the practice caused consternation for some.
"It's been a legitimate principle to allow deductibility of expenses incurred in earning income. It is not a loophole," wrote one disgruntled investor.
Another argued: "In what universe is deductible interest a 'loophole'? Interest is a legitimate cost of doing business. Why cut property investors out of that? Rents will increase to compensate. Crazy."
Many others also insisted that the changes would inevitably lead to increases in the cost of rentals.
"Increase in costs for investors = increase in rents... Obvious outcome, but seemingly an unintended consequence," said one.
Some took issue with the premise, saying that the market would determine how high rents could rise and that the promised increase in supply in the market could keep them down.
"You can't simply 'increase rents'," said one.
"That relies on a market that allows it. At some stage, we will have an oversupply of houses and this won't be possible."
Some felt that the Government was unfairly targeting investors, many of whom were using their property investment as a central plank of their retirement.
"These changes seem punitive and I wonder what the outcomes will be years down the track, when the retirement age is lifted above 65, as people no longer use property investment to fund their retirement? Will the trade-off be in extra costs for the taxpayers at that end?" asked one commenter.
A vocal minority seemed to struggle with the concept of Government intervention in the market and expressed displeasure at the Prime Minister's approach.
"Government has removed the ability to offset interest expenses against rental income when calculating tax, is this even legal?" asked one irate investor.
Another said: "How ridiculous, it's a business! Surely she won't get away with this. None of it will affect me but I really feel for those starting their investments in property, everyone knows you can't save for the future on wages alone..."
Some suggested that the changes would be welcomed by the commercial property market.
"New builds exempt is some good news," noted one investor, but another countered that "With closed borders... good luck finding tradies anytime soon to actually build anything though."
"Civil construction companies will be rubbing their hands together. Property investors will be crying. First-home buyers will be sitting with a confused look on their face like 'ummm... did you forget about us?'"
Investors' frustration over the changes was echoed by National leader Judith Collins, who is accusing the Government of flat out lying to New Zealanders about the extension of the bright-line test.
"They have lied to New Zealanders – New Zealanders just can't trust what they are told by the Government," she told media this morning.
The changes to the bright-line test come despite Finance Minister Grant Robertson ruling out any changes at all in September last year.
When asked by Newstalk ZB's Heather du Plessis-Allan if Labour would make any changes to the bright-line test if it was re-elected, Robertson said no.
When pressed on the rate or the years of the tax he again said no.
Collins this morning wasn't holding back in her assessment of the Government's change of heart on the issue.
"[It's] a broken promise from Grant Robertson… it only took six months to break."
When announcing the housing package this morning, Robertson conceded that he was "too definitive" when he ruled out the bright-line test exemption.
"In the election campaign, we told New Zealanders that we would continue to work to address the housing crisis – Labour's policy was clear that we wouldn't introduce any new taxes."
Collins was frank when asked about Robertson in that interview: "He's lying".