Central Bank makes clear Government is pouring fuel on housing crisis fire

Today’s Financial Stability Report has once again highlighted that poverty and deep inequality are political choices - and this Government is choosing to make them worse.

“The Government’s $2.9 billion tax cut for landlords has been called out for what it is by our very own central bank: a boost for property speculators at the expense of anyone else who wants a roof over their head,” says Green Party co-leader Chlöe Swarbrick.

“The Reserve Bank’s Financial Stability Report details that the Government’s economic policies, including restoring tax deductibility for landlords and rolling back the brightline test, will increase house prices and increase demand for existing houses. This is terrible policy that funnels money from renters and workers to landlords and speculators. 

“Meanwhile, we’re none the wiser about how anything new will actually get built, as the Government is planning to roll back the Medium Density Residential Standards and has already torn up Resource Management Act reforms.

“In a nutshell, the Government has handed landlords nearly three billion dollars just to increase house prices and push first home buyers out.

“It’s clear who this Government is here to serve. It’s not regular people, renters, first home buyers or those who work for their income. This is a Government for landlords, by landlords. When someone shows you who they are, believe them,” says Chlöe Swarbrick. 

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