In an effort to be seen to be doing something about a housing crisis that they say doesn’t exist, the dynamic go-getter team at National Inc bring you – this:
Govt puts $1b in Housing Infrastructure Fund
The Government has announced a $1 billion Housing Infrastructure Fund to ensure houses are built faster in areas they’re needed most. … “The contestable fund will be open to councils in high growth centres – currently Christchurch, Queenstown, Tauranga, Hamilton and Auckland, he says. “We can’t allow the inability for the councils to fund the infrastructure to stop the houses being built.”
“This is just a way for us, essentially up front financing that, and as the development contributions come in and the rates come in, eventually they can repay us.” It’ll be available for councils in areas of need to accelerate the building of roads, as well as expand water and waste water systems to new housing areas.
The policy will require the Government to temporarily ditch its plans to pay down debt, adding $1 billion to the net borrowings. It’s expected to take 10 years to pay the loan off. …
Sounds good? Sounds more like deckchairs on the Titanic. Councils can borrow money already – this initiative, as usual, doesn’t build a single house.
You know it’s a nothing policy when even your support partners are unimpressed:
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