National fail: NZ cost of housing 2nd in OECD

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Source: Labour Party – Press Release/Statement:

Headline: National fail: NZ cost of housing 2nd in OECD

National’s inept housing policy has been slammed from yet another quarter – this time it’s the OECD that says the cost of housing in New Zealand is the second highest in the western world, behind Greece, said Labour’s Housing spokesperson Phil Twyford.

“New Zealanders already know that the cost of housing is way out of sync with incomes. The OECD report proves it.

Over a quarter of Kiwi households’ incomes go into housing, including power and water, regardless of whether they are renting or paying a mortgage. The only country where the rate is higher is Greece, where incomes have plummeted in recent years.

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“This is a damning indictment on National. They are doing their best to inflate a housing bubble and turn it into a crisis. They have no idea how to fix the problem.

“Thankfully Labour does. We will tackle the twin drivers of skyrocketing house prices -rampant speculation and the affordable homes shortage. Our KiwiBuild programme will build 100,000 affordable homes in a decade and we will clamp down on speculators through a capital gains tax and restrictions on overseas buyers.

“My Healthy Homes Guarantee Bill will also reduce the cost of housing by setting minimum insulation and heating standards to lower the cost of electricity and gas.

“Under Labour we can reduce the cost of housing compared to incomes. National is still trying to overtake Greece,” said Phil Twyford.

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