Responding to NBR’s
report that Kainga Ora made an offer on
a property $8 million above its eventual sale price,
New Zealand Taxpayers’
Union spokesman Louis Houlbrooke
says:
“Our housing agency is acting like
it’s overfunded. First it bought a motel in Rotorua for
nearly double its CV, and now we learn of another
extraordinarily high offer on a property in
Auckland.”
“When Kainga Ora overpays for property
to build ‘affordable’ homes, it’s not making our
housing market more affordable. In fact, it’s increasing
housing costs. That fact is only hidden because the cost is
spread across millions of taxpayers.”
“Even when
Kainga Ora’s property bids fail, the agency’s aggressive
offers will be driving up bids from the private sector.
Higher purchase prices will translate to higher sale prices
once new housing is built.”
“If Kainga Ora
continues to spend like drunken, property-obsessed sailor,
Megan Woods will need to reign in its funding. A tighter
budget should see the agency relearn the importance of value
for
money.”
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