“Labour’s failure to ease the housing crisis is creating a new aristocracy,” says ACT Leader David Seymour.

“The national median house price hit $749,000 in November, 41.3 percent higher than when Labour took office.

“This is the greatest transfer of wealth from poor to rich in New Zealand’s history. The first Labour Government broke down the feudal society, the fourth was neoliberal, and this one is aristocratic.

“Labour has come full circle.

“Any hopes younger New Zealanders had for owning property are being dashed with the rate of homeownership falling to a 70-year low.

“Labour’s flagship KiwiBuild scheme built just seven homes in October.

“Meanwhile, 3,605 building consents were issued in the same month. We must unleash the market and allow supply to respond to demand.

“Labour’s tendency to promote easy, populist measures have failed.

“The bright-line test capital gains tax and the foreign buyer ban haven’t eased the crisis, and demand side measures like HomeStart grants have made it worse.

“Labour must urgently move to replace the RMA as ACT has said for several years.

“RMA reform must prioritise solutions to housing supply and property rights, something the current Act clearly fails to do.”

© Scoop Media