Andrew Little says it's about "leveling the playing field". It's about giving kiwis a "fair shot".

He's talking about the negative gearing loophole that Labour would close if the party gets elected. It's a loophole that's being used by investors and landlords to offset the losses they incur on property, against the level of personal tax they pay.

Little says it gives speculators an unfair advantage over kiwi families.

In Little's sights - the big time speculators. Those he says who hoover up house after house, and then offset their losses against their personal income. He says that means the average taxpayer is subsidising these investors, and that's not fair.

And that's central to this policy. Fairness.

Critics will say it will have no effect on house prices. They'll question where the evidence is to support such a move, and ultimately they'll say it's a waste of time. It's the same argument they put forward to oppose a capital gains tax too.

But I think that's the wrong argument.

The central goal of this policy is not necessary to make it cheaper to buy a house - that won't happen in the short term because the system is so out of whack, particularly in Auckland, that only a big surge in supply will start to bring down the cost of buying a home. But what this policy will do is make the tax system fairer.

And that's what every economy should strive for - a fair and just tax system. A system that doesn't enable the wealthy at the expense of others. Everyone should pay their fair share of tax.

Labour says this policy will save about $150 million a year, and that money will be redirected into to helping home owners to upgrade their insulation, to the tune of about $2000 a house. You can apply for a $2000 grant.

On the face of it, is this a smart policy? What do you think? Will it make the tax system fair? Or will removing the ability of a speculator or investor to offset their losses against their personal income cause the market to cool?

National says it will. National says Labour's policy will force up rents and reduce the number of new homes being built.

And if you introduce a tax to any sector, National says it will slow that sector down.

But what Labour is doing which National has failed to do for some years now, is confront the housing crisis. So in that sense, is this a smart policy?