Tuesday, 19 July 2016, 3:41 pm Press Release: ACT New Zealand
Reserve Bank action an indictment of Govt
New
restrictions on lending announced by the Reserve Bank show
how dysfunctional housing supply has become, says ACT Leader
David Seymour.
“In a normally functioning market,
housing investment would stimulate supply, eventually
bringing down prices," says Mr Seymour. "The Bank is trying
to reduce demand because it knows the market isn’t
functioning.
“National and opposition parties support
the Bank’s intervention, suggesting they’ve given up on
responsive housing supply.
“Perversely, the new
restrictions will further concentrate property wealth into
fewer hands.
“The new rules are a desperate response to
the government’s failure to unwind restrictions on land
supply and provide council incentives for
development.
“ACT would remove the anti-development bias
in the RMA, and counter infrastructure costs by providing
fiscal incentives for councils to allow residential
development.”
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