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New Zealand takes gold – for housing unaffordability

New Zealand has won the gold medal for unaffordable housing – we now have the most unaffordable housing in the OECD, says Labour’s Housing spokesperson Phil Twyford.

“According to the International Monetary Fund’s latest Global Housing Watch, New Zealand now has the highest house price-to-income ratio.

“Shamefully New Zealand also boasts the second highest rate of real house price increase, with only properties in Sweden rising faster.

“It is no wonder that homelessness and unaffordable housing have replaced Lord of the Rings as the angle for international news on New Zealand. We now have the most unaffordable housing, relative to incomes, out of 31 of the world’s richest countries.

“National’s wilful negligence has allowed the housing crisis to spiral out of control. As a result, the country has become an international housing basket case.

“John Key and his ministers now appear to be the only people in the world who don’t believe there’s a housing crisis in New Zealand.

“It’s time for the Prime Minister to stop the charade, admit there’s a crisis and get on with the job of building affordable houses.

“Only Labour has a comprehensive plan to restore the Kiwi dream of owning your own home and ensure everyone has a decent place to live.

“We’ll build 100,000 affordable homes for families to buy, free up land, ban foreign speculators, build thousands of state houses, and require every rental to be warm, dry, and healthy,” says Phil Twyford.