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Where’s the missing billions?

Hon Steven Joyce

Associate Finance Minister

11 July 2016
Media Statement

Where’s the missing billions?

“The Labour Party needs to tell New Zealanders how they would build 100,000 houses in ten years when they have allocated only enough money to build fewer than 4,000,” Associate Finance Minister Steven Joyce says.

“The $2 billion they are allocating to build 100,000 houses is enough money by their own calculations to build 4,000 at around $500,000 per house.

“They say that they will translate the 4,000 houses into 100,000 houses by selling the 4,000 and building new ones in a process known as capital recycling.

“However they would have to recycle the money 25 times in ten years to achieve their target. That is simply fanciful.

“They would have to buy the land, get the consents, build the infrastructure, design 4,000 houses, build 4,000 houses, and sell 4,000 houses all in five months. Not just once but 25 times.

“Tell ‘em they’re dreaming.

“Setting aside the fudging of their numbers, Labour would also be caught by the same planning and infrastructure delays affecting all developers – that’s what the Government is focused on fixing.

“The Government’s comprehensive housing plan is building 85,000 houses over this term of Parliament by harnessing the combined strength of the public and private sectors. That includes having Housing New Zealand spending $2 billion to build and purchase around 4,000 homes over the next three years.

“The only difference is we don’t have Labour’s magic pixie dust to turn 4,000 houses into 100,000 houses. Sadly for them, I don’t think they have either.

“Labour needs to front up and explain how they could get the numbers so wrong on their flagship housing programme.”


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