That record fails to capture how utterly dire and corrupt National were on housing under FJK. A fake meth scandal, demolishing state houses, massive sell-offs, and throwing our most vulnerable people out onto the street, to live in cars or tents.
Meanwhile house prices doubled under National’s watch and FJK said t was a sign of “success” and a “rock star economy”. A bloodsucking banker by nature, he knew it was basically a Ponzi scheme, but he passed the parcel before the music stopped.
And John Key’s new mini-me is no better, calling the victims of neoliberal austerity “bottom feeders”.
Given the average house lasts about 80 years, in very rough terms you need to replace about 1% of the total stock of 2m every year just to keep pace with replacement. That is about 20,000 houses per year, or 100,000 over 5 years.
So the net total gain in since Labour has been in power is about 50,000 or 10,000 per year.
As we have the highest construction costs in the oecd,and one of the largest population growths (similar to oz) we end up with the highest cost unaffordable houses in the OECD.
It was a brilliant tweet on Twitter to provoke a response, which Clint did get, as intended and as expected. Had he made it here on TS, it would have been a slightly different kettle of fish.
FWIW, I offered a plausible explanation and I think it is reasonable to assume that many new homes consented by end of July 2021 may have been completed by now, one year later.
All in all, a provocative statement with a solid kernel of truth to it, IMO.
BTW, did you some of the responses on Twitter? Some obviously cannot properly read English, which I thought was a prerequisite for effective communication and venturing on Social Media. My bad.
Yes, I know, I’m not on Twitter, but one can at least expect a basic understand of the English, one would have thought. Perhaps it’s more that people react & respond to the message and pop a few veins at the back of their eyes reading it, i.e., seeing Red …
That's code of compliance as a proxy for completed dwellings, but the figures are also obviously much higher more recently and lower in the 2010s even with the Canterbury earthquakes as a boost (although GFC would have been a decline as well).
But… changes to tenancy laws were going to drive rents up.
Trade Me says the number of available rental properties is at a record high
Tenant demand is easing
Landlords face vacancies if they increase rents
Rental properties are sitting vacant because new tenants are hard to find, and landlords need to recognise it is now a “tenant’s market”, property managers are warning.
Yep. I think there are about 3-4 apartments untenanted in my block at present. Longer times to get suitable tenants. But a matter of a few weeks. Rental stock is getting eaaier to find.
BTW: I settled on the sale of my old apartment on the 10th. Tenant left to go overseas in April. Decided it was time to get more space for home offices. Both of us now remote work. A 55 sq metre apartment doesn't make that easy.
Buying more space by selling both apartments and buying a house will cut the costs of hiring a workspace. Looks like house prices are dropping too. Pity I am not allowed to depart Auckland… I am a native Aucklander – but I would like to get out of here. But my southlander partner doesn’t want to waste the time she spent getting used to it.
Also the cat will (maybe) appreciate a garden. And we'd save on cat litter….
Private landlords and property managers are claiming that, “tenants are hard to find”
The large numbers of families stuck in temporary emergency accommodation, in motels, awaiting a permanent home to rent, give lie to that claim.
The large numbers of families on the state house waiting list also gives lie to the claim by landlords and property managers that tenants are hard to find.
State house rents are pegged at 25% of a tenants income.
Not so, private rents.
What these middle class Mum & Dad landlords and property managers are really moaning about, is not being unable to find tenants, but being unable to find tenants who can afford the rents they are demanding.
With falling house prices, the middle class 'Mum & Dad' investors are no longer making the capital gains they hoped would pay for their retirement, and now on a falling market are stuck with loss making rental houses they can't sell. Despite falling house prices rents are still unaffordable, for most low income families. Mum & Pop landlords will try and screw the money they were hoping to make from the capital gains out of their tenants.
What these middle class landlord property investors and their property managers are really moaning about, is a lack of tenants able to afford the rents they are demanding.
To stop the tragedy of families living under sheets of polythene in alleyways, while tens of thousands of rental properties stand empty, the government has had to pay for the motel accommodation for homeless families to the tune of $1 billion.
Govt has spent $1b on emergency housing grants, including motel accommodation
29 Jun, 2022 05:00 AM
….The Government has spent more than $1 billion on emergency housing grants since it came into office five years ago.
A large proportion of that money has been spent on housing people in need of accommodation in motels across the country.
Social Development Minister Carmel Sepuloni confirmed through answers to written parliamentary questions that since December 2017, the Government's spent $1.2b through the grants.
Senior National MP Chris Bishop said this is a grim milestone for the Government….
…..Sepuloni said using motels for emergency housing was not something the Government wants in the long term.
“We don't want any New Zealander to be in emergency accommodation – but if there is no other option then we need that there as an option for them.”
"It's important however that we ensure people have the option of a roof over their heads, and are not forced to sleep in cars or tents," Sepuloni said….
I notice here that Chris Bishop does not offer any solutions. But I can guess where people like him are coming from. Under a National administration, state house sell offs will continue, the emergency accommodation benefit will be slashed. Low income families will be FORCED onto the private rental market and the tender mercies of the Mum & Pop landlords and their property managers, National voters all.
Meanwhile the real villains behind the scene, the Aussie owned banks are making record profits.
Banks post record profits and close in on $5 billion in interest income as mortgage costs spiral
Rob Stock05:00, Jun 29 2022
The total interest hoovered up by the banks from households and businesses is on track to top $5 billion a quarter as home loan interest rates rise, KPMG says.
Rising mortgage rates are contributing to a national cost of living crisis and data from the Reserve Bank Te Pūtea Matua showed at the end of April that just under $110b of home loans would come to the end of their fixed term before April next year.
Neo-liberal dogma, (from both sides of the House), is that we can't interfere with the market, no matter what social wreckage is left in the wake of these eye watering returns.
The result, more low income families will be squeezed with exorbitant rents and housing insecurity.
For middle class Mum & Dad investors their plans for retirement will be bust.
If those Mum and Dad investors are forced to sell, it should mean more properties on the market, thus keeping prices down. The professional landlord class may then buy and rent out at new market rates.
That is great news for renters. It only seemed like late last year there were numerous articles about rents increasing, and numerous potential tenants turning up at viewings or trying to rent the one property.
I think this year the increases may be lower, as big increases had previously already gone through. Landlords will simply have to lower their rents to match the demand.
I could corrupt youIt would be uglyThey could sedate youBut what good would drugs be?Good Morning all,Today there’s a guest newsletter from Gerard Otto (G). By which I mean I read his post this morning and he has kindly allowed me to share it with you.If you don’t already I ...
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Microsoft’s transparency about its failure to meet its own net-zero goals is creditable, but the response to that failure is worrying. It is offering up a set of false solutions, heavily buttressed by baseless optimism. Photo: Lynn Grieveson / The KākāTL;DR: Here’s the top six news items of note in ...
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The coalition Government has today introduced legislation to slash the tangle of red and green tape throttling some of New Zealand’s key sectors, including farming, mining and other primary industries. RMA Reform Minister Chris Bishop says the Government is committed to unlocking development and investment while ensuring the environment is ...
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Kia ora, Ngā mihi nui ki a koutou kātoa Tāmaki Herenga Waka, Tāmaki Herenga tangata Ngā mihi ki ngā mana whenua o tēnei rohe Ngāti Whātua ō Ōrākei me nga iwi kātoa kua tae mai. Mauriora. Greetings everyone. Thank you to the EMA for hosting this event. Let me acknowledge ...
The coalition Government is investing in social housing for New Zealanders who are most in need of a warm dry home, Housing Minister Chris Bishop says. Budget 2024 will allocate $140 million in new funding for 1,500 new social housing places to be provided by Community Housing Providers (CHPs), not ...
Thousands more young New Zealanders will have better access to mental health services as the Government delivers on its commitment to fund the Gumboot Friday initiative, says Deputy Prime Minister Winston Peters and Mental Health Minister Matt Doocey. “Budget 2024 will provide $24 million over four years to contract the ...
The Coalition Government’s Residential Tenancies Amendment Bill, which will improve tenancy laws and help increase the supply of rental properties, has passed its first reading in Parliament says Housing Minister Chris Bishop. “The Bill proposes much-needed changes to the Residential Tenancies Act 1986 that will remove barriers to increasing private ...
Standing here in Cassino War Cemetery, among the graves looking up at the beautiful Abbey of Montecassino, it is hard to imagine the utter devastation left behind by the battles which ended here in May 1944. Hundreds of thousands of shells and bombs of every description left nothing but piled ...
I present a legislative statement on the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill Mr. Speaker, I move that the Oranga Tamariki (Repeal of Section 7AA) Amendment Bill be now read a first time. I nominate the Social Services and Community Committee to consider the Bill. Thank you, Mr. ...
The Bill to repeal Section 7AA of the Oranga Tamariki Act has had its first reading in Parliament today. The Bill reaffirms the Coalition Government’s commitment to the care and safety of children in care, says Minister for Children Karen Chhour. “When I became the Minister for Children, I made ...
Kia ora koutou, good morning, and zao shang hao. Thank you Fran for the opportunity to speak at the 2024 China Business Summit – it’s great to be here today. I’d also like to acknowledge: Simon Bridges - CEO of the Auckland Chamber of Commerce. His Excellency Ambassador - Wang ...
Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home. “New Zealanders in New Caledonia have faced a challenging few days - and bringing ...
Foreign Minister Winston Peters has confirmed a New Zealand Government plane will head to New Caledonia in the next hour in the first in a series of proposed flights to begin bringing New Zealanders home. “New Zealanders in New Caledonia have faced a challenging few days - and bringing them ...
The Coalition Government will introduce legislation this year that will enable roadside drug testing as part of our commitment to improve road safety and restore law and order, Transport Minister Simeon Brown says. “Alcohol and drugs are the number one contributing factor in fatal road crashes in New Zealand. In ...
The Government has announced a series of immediate actions in response to the independent review of Kāinga Ora – Homes and Communities, Housing Minister Chris Bishop says. “Kāinga Ora is a large and important Crown entity, with assets of $45 billion and over $2.5 billion of expenditure each year. It ...
Associate Health Minister David Seymour is pleased that Pseudoephedrine can now be purchased by the general public to protect them from winter illness, after the coalition government worked swiftly to change the law and oversaw a fast approval process by Medsafe. “Pharmacies are now putting the medicines back on their ...
Tēnā koutou katoa. Da jia hao. Good morning everyone. Prime Minister Luxon, your excellency, a great friend of New Zealand and my friend Ambassador Wang, Mayor of what he tells me is the best city in New Zealand, Wayne Brown, the highly respected Fran O’Sullivan, Champion of the Auckland business ...
Energy Minister Simeon Brown has announced that the Government will make it easier for lines firms to take action to remove vegetation from obstructing local powerlines. The change will ensure greater security of electricity supply in local communities, particularly during severe weather events. “Trees or parts of trees falling on ...
Wairarapa Moana ki Pouakani were the top winners at this year’s Ahuwhenua Trophy awards recognising the best in Māori dairy farming. Māori Development Minister Tama Potaka announced the winners and congratulated runners-up, Whakatōhea Māori Trust Board, at an awards celebration also attended by Prime Minister Christopher Luxon and Finance Minister ...
"On the 27th of March, I sought assurances from the Chief Executive, Department of Internal Affairs, that the Department’s correct processes and policies had been followed in regards to a passport application which received media attention,” says Minister of Internal Affairs Brooke van Velden. “I raised my concerns after being ...
Attorney-General Judith Collins has announced the appointment of three new District Court Judges, to replace Judges who have recently retired. Peter James Davey of Auckland has been appointed a District Court Judge with a jury jurisdiction to be based at Whangarei. Mr Davey initially started work as a law clerk/solicitor with ...
Associate Education Minister David Seymour is calling on the Post Primary Teachers’ Association (PPTA) to put ideology to the side and focus on students’ learning, in reaction to the union holding paid teacher meetings across New Zealand about charter schools. “The PPTA is disrupting schools up and down the ...
Commerce and Consumer Affairs Minister Andrew Bayly today announced the appointment of Craig Stobo as the new chair of the Financial Markets Authority (FMA). Mr Stobo takes over from Mark Todd, whose term expired at the end of April. Mr Stobo’s appointment is for a five-year term. “The FMA plays ...
Surf Life Saving New Zealand and Coastguard New Zealand will continue to be able to keep people safe in, on, and around the water following a funding boost of $63.644 million over four years, Transport Minister Simeon Brown and Associate Transport Minister Matt Doocey say. “Heading to the beach for ...
New Zealand and Tuvalu have reaffirmed their close relationship, Foreign Affairs Minister Winston Peters says. “New Zealand is committed to working with Tuvalu on a shared vision of resilience, prosperity and security, in close concert with Australia,” says Mr Peters, who last visited Tuvalu in 2019. “It is my pleasure ...
New Zealand is gravely concerned about the situation in New Caledonia, Foreign Minister Winston Peters says. “The escalating situation and violent protests in Nouméa are of serious concern across the Pacific Islands region,” Mr Peters says. “The immediate priority must be for all sides to take steps to de-escalate the ...
Prime Minister Christopher Luxon met today with Samoa’s O le Ao o le Malo, Afioga Tuimalealiifano Vaaletoa Sualauvi II, who is making a State Visit to New Zealand. “His Highness and I reflected on our two countries’ extensive community links, with Samoan–New Zealanders contributing to all areas of our national ...
Transport Minister Simeon Brown has announced that he has approved Waiheke Island ferry operator Island Direct to be eligible for SuperGold Card funding, paving the way for a commercial agreement to bring the operator into the scheme. “Island Direct started operating in November 2023, offering an additional option for people ...
Foreign Minister Winston Peters today announced further sanctions on 28 individuals and 14 entities providing military and strategic support for Russia’s invasion of Ukraine. “Russia is directly supported by its military-industrial complex in its illegal aggression against Ukraine, attacking its sovereignty and territorial integrity. New Zealand condemns all entities and ...
A year on from the tragedy at Loafers Lodge, the Government is working hard to improve building fire safety, Building and Construction Minister Chris Penk says. “I want to share my sincere condolences with the families and friends of the victims on the anniversary of the tragic fire at Loafers ...
Ka nui te mihi kia koutou. Kia ora and good afternoon, everyone. Thank you so much for having me here in the lead up to my Government’s first Budget. Before I get started can I acknowledge: Simon Bridges – Auckland Business Chamber CEO. Steve Jurkovich – Kiwibank CEO. Kids born ...
New Zealand and Vanuatu will enhance collaboration on issues of mutual interest, Foreign Minister Winston Peters says. “It is important to return to Port Vila this week with a broad, high-level political delegation which demonstrates our deep commitment to New Zealand’s relationship with Vanuatu,” Mr Peters says. “This ...
A West Coast conservation leader is lodging a complaint with Police after an officer barred her from a public meeting in Blackball, called by Resources Minister Shane Jones. The NZ First politician was in the historic coal-mining town on Thursday to launch the Government’s new draft minerals strategy, promising to ...
Editor Madeleine Chapman meets an old rival and wonders what could’ve been. Mōrena and welcome to The Weekend, where dreams and regrets have time and space to flower. What’s the thing in your life that you wish you had given more energy to? It could be a relationship, an exam, ...
This year, Tori Peeters will compete at the Paris Olympics in the javelin. Ten years ago, Madeleine Chapman thought she might be in the same position. She talks to Peeters about what it takes to go all the way and mulls her own life decisions in the process.No New ...
The star of High Country talks Tinkerbell, her love for Hawkeye Pierce and why a 98-year-old environmentalist is the most stylish man on television. Sara Wiseman has been a fixture on New Zealand television screens for nearly three decades. First appearing in Hercules and Xena Warrior Princess during the mid ...
Alex Casey takes a trip to Lincoln to visit the only couple from the first season of Married at First Sight NZ that’s still together. To cross the threshold into Brett and Angel’s marital abode is to be greeted with a welcome that sums up the MAFSNZ season one golden ...
In a new weekly interview series, we ask a different local artist to curate their dream weekend soundtrack. First up: Troy Kingi. Troy Kingi is a man on a well-documented mission to make 10 albums, in 10 genres, over 10 years. But finding himself creatively blocked while making his eighth ...
Reflections on a childhood split across Hong Kong and Auckland. The Sunday Essay is made possible thanks to the support of Creative New Zealand.I arrive in Hong Kong with my mother in the middle of summer. t’s not a good time to travel here, she tells me. It’s June. We’re ...
Pacific Media Watch Pro-Palestinian protesters dressed in blue “press” vests tonight staged a vigil calling on New Zealand journalists to show solidarity with the media of Gaza who have suffered the highest death toll in any war. They staged the vigil at the Viaduct venue of NZ’s annual Voyager Media ...
Opinion: Outside my house, the autumn breeze blows crisp leaves off trees and leaks through the gap in my ranchslider while I slump on my couch listening to our CEO announcing our restructure. With many ums and ahs, he reads his script, talking of “prioritisation,” “working differently,” and “reconceiving the ...
Just days after Taiwan’s new president called on China to stop making threats, Beijing has launched “punishment” military drills around the island. Everyone was watching to see what China’s reaction to the swearing in of President William Lai Ching-te would be. On Thursday night we found out. China had already ...
For the past six weeks Annie has been sleeping with a teacher named Patrick Drury. Twice he has tried to call it an affair. Twice she has considered correcting him. But she likes how he looks when he says it. She likes that he’s older than her. That he’s recently ...
MONDAY Fast-Track Jones stood in the shade beneath an awning of a train station and waited for the 3:10 to Blackball. He narrowed his eyes and studied the view. A water tower. A windmill. A cattle fence. All else was empty land. Locomotive smoke rose over the horizon. The 3:10 ...
A groundbreaking investigative podcast into the death of Gore three-year-old Lachie Jones has won Melanie Reid and Bonnie Sumner two notable awards at the Voyager Media Awards. Their in-depth reporting and nine-part first season of The Boy in the Water, which led to the case being reopened twice and preceded ...
By Eleisha Foon, RNZ Pacific senior journalist Scores of people have died in a huge landslide which has struck a remote village in the Papua New Guinean highlands. The landslide reportedly hit Yambali village in Enga Province, about 600 km north-west of Port Moresby. The landslip has buried homes and ...
Source: The Conversation (Au and NZ) – By Lara Herrero, Research Leader in Virology and Infectious Disease, Griffith University Red-Diamond/Shutterstock We’ve now been living with COVID for well over four years. Although there’s still much to learn about SARS-CoV-2 (the virus that causes COVID) at least one thing seems ...
Source: The Conversation (Au and NZ) – By Clive Schofield, Professor, Australian National Centre for Ocean Resources and Security (ANCORS), University of Wollongong The International Tribunal for the Law of the Sea has found countries are obliged to protect the oceans from climate change impacts under the law of the ...
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The Finance Minister prepares to present one of the most difficult budgets, National MP David MacLeod gets himself into trouble and the First Home Buyers Grant is scrapped. ...
The Iranian Solidarity Group NZ met with Minister For Foreign Affairs Rt. Hon. Winston Peters, urging the NZ government to designate the Islamic Revolutionary Guard Corps (the IRGC) as a terrorist organisation. The group continues to advocate for justice ...
On 24th May, 6pm, Palestinian journalists covering Gaza will be honoured in a silent and visually impactful vigil outside Shed 10, 89 Quay Street, Auckland, where the Voyager Media Awards are being held. ...
Source: The Conversation (Au and NZ) – By Tim Harcourt, Industry Professor and Chief Economist, University of Technology Sydney This should be a golden age for Australian soccer. After all, the big picture is good: the Matildas are waltzing, the Socceroos are well supported and Australia was just awarded hosting ...
Source: The Conversation (Au and NZ) – By Ben Wellings, Associate Professor in Politics and International Relations, Monash University Assuming a Labour win in the UK general election – always a risky assumption given Labour’s proclivity for snatching defeat from the jaws of victory – the “Global Britain” bombast emanating ...
The community group People Against Prisons Aotearoa is holding a protest against mass incarceration tomorrow against the Government’s proposed expansion of Waikeria prison. ...
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As Married at First Sight New Zealand returns to our screens this Sunday, Tara Ward speaks to the show’s new relationship experts about what lies ahead. This is an excerpt from our weekly pop culture newsletter Rec Room. Sign up here. John Aiken is teasing Jo Robertson about her cup of ...
A new poem by Wellington writer Erin Donohue. The body’s score Here is what happens if you starve yourself for years. Your body will forget herself. She will have to learn new how a heart beats and she will not get it right. She will need MRIs and a quiet ...
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Opinion: Wellington recently passed a new ambitious district plan, which paves the way for increased housing density in the city. But as Wellington embraces opportunities for urban intensification, it also needs to consider how this shift will affect residents’ lives. Key to ensuring urban development does not adversely affect health ...
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Heh! I know it always look better on paper, and Labour cannot put its feet on the table, far from it.
https://www.labour.org.nz/news-better_future_women_girls
More and more frontline cops! This Government is making steady progress in an area that seems to be on people’s minds a lot.
https://www.beehive.govt.nz/release/police-wing-355-includes-highest-ever-proportion-w%C4%81hine-m%C4%81ori
National made a stupid post today, got burned again. Some really excellent replies but IMO Clint Smith topped them all
https://twitter.com/clintvsmith/status/1542312640286199808?s=21&t=sNq-3xxhZMB1y-yhpThstQ
The perfect response!
https://twitter.com/teacherspet1958/status/1542393509109346304
That record fails to capture how utterly dire and corrupt National were on housing under FJK. A fake meth scandal, demolishing state houses, massive sell-offs, and throwing our most vulnerable people out onto the street, to live in cars or tents.
Meanwhile house prices doubled under National’s watch and FJK said t was a sign of “success” and a “rock star economy”. A bloodsucking banker by nature, he knew it was basically a Ponzi scheme, but he passed the parcel before the music stopped.
And John Key’s new mini-me is no better, calling the victims of neoliberal austerity “bottom feeders”.
Never vote National.
A must-see (hope you can see it).
https://www.facebook.com/photo/?fbid=447563327375440&set=a.126969016101541
how many kiwi build homes? How many Kai Ora houses?
why so many living in motels? Something doesn’t add up here
150,000 houses built under Labour
That high number does possibly come from the number of new homes consented under Labour.
Thick end of 90k new homes consented over the past 2 years so 150k in 5 sounds about right.
https://www.stats.govt.nz/news/record-number-of-new-homes-consented-exceeds-50000
edit:
https://www.beehive.govt.nz/release/record-high-new-homes-consented-continues
I'll use the RBNZ figures from the Financial stability update here Using AK with 12 month rolling av.
Feb 2022
Consents. 20786.
Code of compliance 13319.
New electrical connection node.9036
Analysis new builds less demolition of existing housing (infill etc) nets 68% of new construction.
Given the average house lasts about 80 years, in very rough terms you need to replace about 1% of the total stock of 2m every year just to keep pace with replacement. That is about 20,000 houses per year, or 100,000 over 5 years.
So the net total gain in since Labour has been in power is about 50,000 or 10,000 per year.
Which sort of points to National quietly running down the housing stock, while pumping up the population with immigration.
Reasonable analysis and it is less if you include population growth,(of which under national decreased the housing stock)
https://www.rbnz.govt.nz/hub/-/media/project/sites/rbnz/images/speeches/2022/2022-06-30/figure-2.jpg
As we have the highest construction costs in the oecd,and one of the largest population growths (similar to oz) we end up with the highest cost unaffordable houses in the OECD.
https://www.rbnz.govt.nz/hub/-/media/project/sites/rbnz/images/speeches/2022/2022-06-30/figure-4.jpg
The sum of each of the 4 years 2018-2021 ending July is 151,006 new homes consented.
https://www.stats.govt.nz/news/annual-number-of-new-homes-consented-up-20-percent#:~:text=The%20number%20of%20new%20homes,Heslop%2C%20construction%20statistics%20manager%20said.
While this is good news the original claim is 150,000 homes completed. It’s not really accurate to call a successful consent a completed home is it?
It was a brilliant tweet on Twitter to provoke a response, which Clint did get, as intended and as expected. Had he made it here on TS, it would have been a slightly different kettle of fish.
FWIW, I offered a plausible explanation and I think it is reasonable to assume that many new homes consented by end of July 2021 may have been completed by now, one year later.
All in all, a provocative statement with a solid kernel of truth to it, IMO.
BTW, did you some of the responses on Twitter? Some obviously cannot properly read English, which I thought was a prerequisite for effective communication and venturing on Social Media. My bad.
reading comprehension on social media? you must be new 😛
Yes, I know, I’m not on Twitter, but one can at least expect a basic understand of the English, one would have thought. Perhaps it’s more that people react & respond to the message and pop a few veins at the back of their eyes reading it, i.e., seeing Red …
Well that would be seriously marvellous.
I can’t find any info on that though. Does anyone have a link?
https://www.stats.govt.nz/experimental/experimental-building-indicators-march-2022-quarter
That's code of compliance as a proxy for completed dwellings, but the figures are also obviously much higher more recently and lower in the 2010s even with the Canterbury earthquakes as a boost (although GFC would have been a decline as well).
yes, exactly. Let's have some evidence.
But… changes to tenancy laws were going to drive rents up.
Rental properties are sitting vacant because new tenants are hard to find, and landlords need to recognise it is now a “tenant’s market”, property managers are warning.
https://www.stuff.co.nz/life-style/homed/renting/129128857/wake-up-landlords-the-rental-market-has-changed-property-managers-say
Yep. I think there are about 3-4 apartments untenanted in my block at present. Longer times to get suitable tenants. But a matter of a few weeks. Rental stock is getting eaaier to find.
BTW: I settled on the sale of my old apartment on the 10th. Tenant left to go overseas in April. Decided it was time to get more space for home offices. Both of us now remote work. A 55 sq metre apartment doesn't make that easy.
Buying more space by selling both apartments and buying a house will cut the costs of hiring a workspace. Looks like house prices are dropping too. Pity I am not allowed to depart Auckland… I am a native Aucklander – but I would like to get out of here. But my southlander partner doesn’t want to waste the time she spent getting used to it.
Also the cat will (maybe) appreciate a garden. And we'd save on cat litter….
Time to move all those poor souls in motel units into those empty apartments. Sure be cheaper than motels
The triumph of greed.
Who frames the argument, wins the argument
Private landlords and property managers are claiming that, “tenants are hard to find”
The large numbers of families stuck in temporary emergency accommodation, in motels, awaiting a permanent home to rent, give lie to that claim.
The large numbers of families on the state house waiting list also gives lie to the claim by landlords and property managers that tenants are hard to find.
https://www.scoop.co.nz/stories/PA2205/S00298/state-housing-waitlist-hits-new-record.htm
State house rents are pegged at 25% of a tenants income.
Not so, private rents.
What these middle class Mum & Dad landlords and property managers are really moaning about, is not being unable to find tenants, but being unable to find tenants who can afford the rents they are demanding.
With falling house prices, the middle class 'Mum & Dad' investors are no longer making the capital gains they hoped would pay for their retirement, and now on a falling market are stuck with loss making rental houses they can't sell. Despite falling house prices rents are still unaffordable, for most low income families. Mum & Pop landlords will try and screw the money they were hoping to make from the capital gains out of their tenants.
What these middle class landlord property investors and their property managers are really moaning about, is a lack of tenants able to afford the rents they are demanding.
To stop the tragedy of families living under sheets of polythene in alleyways, while tens of thousands of rental properties stand empty, the government has had to pay for the motel accommodation for homeless families to the tune of $1 billion.
I notice here that Chris Bishop does not offer any solutions. But I can guess where people like him are coming from. Under a National administration, state house sell offs will continue, the emergency accommodation benefit will be slashed. Low income families will be FORCED onto the private rental market and the tender mercies of the Mum & Pop landlords and their property managers, National voters all.
Meanwhile the real villains behind the scene, the Aussie owned banks are making record profits.
Neo-liberal dogma, (from both sides of the House), is that we can't interfere with the market, no matter what social wreckage is left in the wake of these eye watering returns.
The result, more low income families will be squeezed with exorbitant rents and housing insecurity.
For middle class Mum & Dad investors their plans for retirement will be bust.
Great post Jenny.
If those Mum and Dad investors are forced to sell, it should mean more properties on the market, thus keeping prices down. The professional landlord class may then buy and rent out at new market rates.
That is great news for renters. It only seemed like late last year there were numerous articles about rents increasing, and numerous potential tenants turning up at viewings or trying to rent the one property.
I think this year the increases may be lower, as big increases had previously already gone through. Landlords will simply have to lower their rents to match the demand.
https://www.newshub.co.nz/home/money/2021/08/housing-rents-rocket-to-all-time-high-record-biggest-annual-increase-with-warning-for-after-lockdown.html
https://www.stuff.co.nz/life-style/homed/renting/127629043/auckland-rent-increases-last-year-among-the-lowest-in-a-decade