Mortgage debt hits record levels as rates rise – Labour Party
National’s housing crisis has saddled families with record mortgage debt as interest rates start to rise. Building affordable homes is more important now than ever, says Labour Housing spokesperson Phil Twyford.
New Reserve Bank data shows mortgage debt stands at $227.8b, or nearly $50,000 per New Zealander. This increased by $18.3b in the past year, or $50m a day.
“National’s housing crisis has forced families deep into debt. As interest rates rise faster than wages, the squeeze is being put on family budgets.
“Labour’s Kiwibuild programme will build 100,000 affordable homes for first homebuyers. These houses will be priced below the national average, at a level young families can actually afford.
“Kiwibuild will mean young families don’t have to take on so much mortgage debt to get into their own home, and aren’t as exposed to interest rate rises.
“Even if house prices have paused in Auckland, the housing crisis is not over.
“There are still nowhere near enough houses being built, let alone ones that first homebuyers can afford. Prices are still skyrocketing across much of the country. Rents are still ridiculous.
“National has failed and bumbled for too long. They should back Labour’s KiwiBuild Bill, which is currently before Parliament, and start building affordable homes now,” says Phil Twyford.
“Lie to me baby, come on, that’s it, right in my face, yeah, make me believe!”
I love it when politicians stare you right in the eye and tell you lies they know they will never deliver on, this side of hell freezing over. That’s Labour and housing.
They know they can’t and won’t build 100k houses. They also know that actually, they don’t have to build 100k, they could just build, say 70k, because there are 30 THOUSAND houses in Auckland right now that are more or less land-banked and permanently unavailable to rent or buy, which could be freed up. But that isn’t going to happen either. Labour is a creature of the system, not a catalyst for change.
Voting for Labour would be the same as voting for Obama, or Clinton; the Left would be chloroformed, unconscious and paralyzed, unable to do anything while Labour was in power. Meanwhile, Labour, completely penetrated by Neo-Liberal Blairites would figure out a way to extract the maximum number of organs from the body politic and deliver them ready for transplant to their dying Capitalist bosses. Its what they do.
What we want is a real no bullshit polariser like Donald Trump in NZ. Donald Trump has done more to reinvigorate the Left in the US than almost anyone except Bernie Sanders himself. That’s what we need.
I don’t want Labour to win. I don’t want to wake up groggy the morning after the election, wondering why my side hurts so bad. No, bring it! Let’s have Gareth Morgan! The whole world is convulsing, and the last thing I want right now is to be put to sleep.
what do you mean you cant build 100000 homes of course you can you move the building from the site to the factory the introduction of modern automated machinery the mass production they’ve been doing just that in Europe for the last 30 years you run 3 shifts 7 days a week the building industry would need to be modernism but on volume labours talking about that shouldn’t be a problem
and prove what stupid comment you made please see this video automated construction
https://www.youtube.com/watch?v=_o5yh9iDCDA
The problem is not about industrial capacity, it is about political will and systemic constraints. Of course it is possible to built such houses; the technology most definitely exists. However anyone with any understanding of this subject knows that vested interests at all levels will fight a Labour government to prevent them from expanding the housing supply, even though the technology exists to do so.
These vested interests will resist any effort to increase the number of affordable houses, and will simply not allow those houses to go to those who need them even if they are built. If this were to happen, house prices would go down, bank earnings would fall, etc and so forth, and that will simply not be permitted.
But my point was that Labour, knowing all of this, would not honestly do what they promise, they wouldn’t even attempt it. They will not bite the hand that feeds them. They are lying. To the Working Class. Again. As usual.
Oh, and before you call someone else stupid, check your own reading comprehension. You fell into one of the dumbest and most obvious traps of all in the commentariat; you failed to fully comprehend the text you were reacting to.