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Prime Minister ignoring markets with pleas for “morality”

Prime Minister ignoring markets with pleas for “morality”.

27 FEBRUARY 2018

The Prime Minister’s comments this morning on Breakfast that Wellington landlords should ignore market signals and poorly designed public policy, and instead just look to ‘morality’ for economic guidance were disappointing says the New Zealand Taxpayers’ Union.

Taxpayers’ Union Economist Joe Ascroft says “The reason Wellington rents are increasing more than other parts of the country isn’t because Wellington landlords are especially immoral. Rents are increasing because the new Government used taxpayer money to increase the incomes of students while doing nothing to reduce supply constraints on housing.”

“The Prime Minister is correct to say that landlords are selfish. One of the foundational pillars of economic theory is that people act in their own best interest. Good public policy assumes that to be true, rather than hoping for a miracle in human behavior.”

“If the best the Prime Minister has to offer in solutions for Wellington housing supply is a plea for morality, renters shouldn’t expect any change to the environment of accelerating rent increases.”

ENDS

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