Families on middle and lower incomes, especially older New Zealanders, are having their budgets squeezed due to National’s housing crisis, says Labour Housing spokesperson Phil Twyford.
New analysis of Statistics New Zealand data shows that, under National, the 20 per cent of households on the lowest incomes have experienced a 17 per cent increase in living costs; the middle 20 per cent a 12 per cent increase; and the wealthiest 20 per cent, just an 11 per cent increase.
Housing costs, particularly rents, drive the difference. In the largest year, living costs rose at nearly twice the rate for the lowest income families (1.3 per cent) than that of the highest income families (0.7 per cent).
“Rising house prices are locking more and more families into renting at the same time as rents are skyrocketing. The costs are hitting middle New Zealand and struggling families hard.
“The squeeze is going on family budgets as housing eats up a larger slice of stagnant pay packets.
“Kiwi families are bearing the cost of a government that has failed to build enough affordable houses and rein in speculators.
“Labour’s housing plan will stabilise house prices and ease rents by building 100,000 affordable homes, banning foreign speculators, and adding thousands more state houses,” says Phil Twyford.
Alright then Labour, but I don’t want to hear any more of your new trade theorists going on about the defunct TPPA in the same breath or any other kind of pandering to olygarchs. That includes not using PR merchants
Every young person/couple ( 23 -35 years old ) that I have spoken to, (all working), tell me that they don’t have a snow balls chance in hell of ever owning their own home unless their is a serious serious correction in the market or they take on irresponsible, financially ruinous levels of debt
An affordable home on an average income is $280,000.00….
Something has got to give as this Ponzi scheme can not go on forever.
This is an appalling disgraceful situation and the architects should hang their heads in shame.
Their is no easy way out .
The most basic law of physics applies….for every action their is an equal and opposite reaction….tick tick tick
You’ve spelt out the opposite reaction but the equal reaction would be to undermine debt by shifting that into entrepreneurs
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