New Zealand Labour Party

New Zealand a world leader – in unaffordable housing

The National Government has made New Zealand a world leader – in unaffordable housing, Labour’s Housing spokesperson Phil Twyford says.

“The latest International Monetary Fund report shows New Zealand had the world’s second fastest growth in house prices at the end of last year, second only to Qatar.

“New Zealand also claimed the dubious honour of having the fastest growing gap between house prices and wages.

“Every week there is some new report that shows the housing crisis is out of control. Yet the Prime Minister continues to say there’s no crisis and Housing Minister Nick Smith thinks houses are becoming more affordable.

“National has made it very clear they are willing to stand by while middle New Zealand kisses goodbye to the Kiwi dream of affordable home ownership. Instead of the bold reform that is needed, they trot out one half-hearted policy after another designed only to make it look as if they are doing something.

“Fixing this crisis will take bold reform. Labour has the policies, and the political will. We will:
• Launch a massive government-backed building programme of affordable houses for first home buyers.
• Crack down on speculators starting with a ban on non-resident foreign buyers purchasing existing homes.
• Reform restrictive land use rules that drive up section prices and choke off affordable housing.
• Guarantee all rental properties are warm and dry, and allow renters more security of tenure.

“National is out of touch with the majority of Kiwis who live in rentals, with Generation Rent, with families who are mortgaged to the hilt, with all the parents and grandparents who hate the fact their children may never own a home, and with all the kids growing up in campgrounds and garages,” Phil Twyford says.