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Ground-breaking new policy to make homes cheaper

Ground-breaking new policy to make homes cheaper

Phil TWYFORD
Housing Spokesperson

7 November 2015

Labour’s ground-breaking new policy on reforming planning rules will make housing more affordable, Labour’s Housing spokesperson Phil Twyford says.

“Labour will free up density and height controls to allow more medium density housing and reform the use of urban growth boundaries so they don’t drive up section costs. This will curb land bankers and speculators.

“The other new element is changing the way we fund infrastructure for new developments. Currently those costs are either subsidised by the ratepayer or passed by the developer onto the price tag of a new home. That makes houses much more expensive. It also means they are paid off through mortgages at expensive bank interest rates.

“Our new policy will see infrastructure funded by local government bonds, paid off over the lifetime of the asset through a targeted rate on the properties in the new development. This will substantially reduce the cost of new housing.

“Reforming the planning rules will stand alongside Labour’s commitment to crack down on speculators, and build 100,000 new homes for first home-buyers. These are the game-changing reforms that will fix the housing crisis and renew the dream of Kiwi homeownership.

“National has been blaming councils and the Resource Management Act for rising house prices for the past 10 years, but have done precious little to fix the problems.

“Labour has the policies and the political will to get the job done,” Phil Twyford says.

ENDS

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