No commitment to affordability in National’s housing plans

green-party

Wed Oct 09 2013 13:00:00 GMT+1300 (New Zealand Daylight Time)

No commitment to affordability in National’s housing plans

Wednesday, 9 October 2013, 12:54 pm
Press Release: Green Party

9 October 2013

National’s announcement that just 10% of the 6,000 houses to be built in special housing areas in Auckland will be affordable is a huge disappointment for young families, Green Party Co-leader Metiria Turei said today.

“We have a serious shortage of affordable housing in Auckland and National has just passed up an opportunity to help fix it,” said Mrs Turei.

“Building as few as 600 affordable houses over three years in these special housing areas will do nothing to help the tens of thousands of young Kiwi families looking for a home.

“If these special housing areas aren’t going to be used primarily for affordable housing, then all they’re going to achieve is higher profits for developers.

“The lack of affordable housing in this plan is doubly disappointing because just last week the Government announced a project of 100% affordable housing in Weymouth with third sector groups offering shared equity schemes to first home buyers. Unfortunately, National has shown that it won’t go beyond that token Weymouth project and make a real commitment to affordable housing.

“If we’re going to give ordinary Kiwi families a real opportunity to own their own home, we need more than National’s half-hearted efforts. We need far more houses built and a government shared equity scheme like the Greens’ Progressive Ownership.

“Successive governments built affordable housing and passed their low cost of capital on to first home buyers through State Advances. Those policies led to our once world-leading rates of homeownership.

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“It’s time to go back to what works. The Government needs to lead the building of affordable homes, which the market is failing to provide and the Government needs to give young families a hand-up through the Greens’ Progressive Ownership scheme.

“Progressive Ownership makes owning a home truly affordable for young families. By passing on the Crown’s low cost of borrowing, Progressive Ownership is cheaper than a commercial mortgage with greater flexibility and no risk of default. It’s a modern version of State Advances. It’s time the Government joined the 21st century and give Kiwi families a real chance to own their own home again,” said Mrs Turei.

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