10 May 2013

Media Release:

Housing Affordability – What the Government Should Be Saying to Auckland Today

The government announcement due from Housing Minister Nick Smith today on how housing in Auckland can be made more affordable should include the following:

- A comprehensive capital gains tax to help drive property investors out of Auckland’s housing market (half of all Auckland house sales are to property investors rather than first home buyers) The lack of a capital gains tax is theft from future generations by people who already have a home…or 2 …or 3…or

- Building 20,000 new rental state houses in Auckland in the next two years. This will meet demand where it is greatest and will drive down rents in the private rental market which in turn will save the government on its accommodation supplement (more than a billion dollars per year at present)

We don’t expect to hear Nick Smith make this announcement today…

Mayoral candidate John Minto will be releasing a comprehensive housing policy for Auckland City early in his bid for the mayoralty. Watch this space.

ENDS

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