Reserve Bank must analyse LVR equity

It is disappointing that yet another Monetary Policy Statement has been released without analysis on the equity of loan-to-value ratios.

"The Governor is now talking about debt-to-income ratios, without asking what loan-to-value ratios have done to young and first home buyers," says ACT Leader David Seymour.

"Young people saving for a deposit took a kick in the guts when loan-to-value ratios kicked in, and now the Governor is blithely speculating that he will introduce debt-to-income ratios.

NPS a victory for ACT ideas

Today’s National Policy Statement (NPS) implements some of ACT’s long-held views on housing.

“While others have attacked foreigners and proposed new taxes and red tape, ACT has always said that housing affordability is fundamentally a land supply issue.

“The NPS would not have focused on the importance of land supply if it weren’t for the influence of the Productivity Commission. The Commission was an ACT initiative announced in 2010.

Finally Labour gets it - land supply is key to housing

It’s great to see Labour supporting ACT’s policy of removing the Auckland urban boundary, says ACT leader David Seymour.

“Artifically restricted land supply has always been the source of housing unaffordability.  But until now the debate has been driven by hysteria over foreigner buyers and speculators.

"Hopefully this is a turning point and all political parties will focus on the real solution - freeing up land and increasing housing supply by removing red tape.

Foreign buyer figures: National must denounce land tax

ACT Leader David Seymour is calling on National to denounce its proposed land tax in the wake of figures showing low numbers of foreign house buyers.

“Confirmation that 97% of property sold in the last three months went to New Zealand tax residents shows that the fuss over foreign buyers has been pure political scapegoating.

“It was bad enough when it was the opposition blaming house prices on foreigners. National should never have sunk to that level with its proposed land tax on foreigners.

Housing costs even worse than we thought

“Yesterday in question time I sought to draw attention to how much worse housing costs are than university costs for young Kiwis.  But after checking the latest data, it’s even worse than I thought,” says ACT Leader David Seymour.

“The average student loan balance for tertiary leavers is about $14,000.  The price of housing over the last three years (the typical university study period) has increased by $78,000.  So costs incurred by house price inflation are exceeding that of student debt by 5.6 times.

Baby boomer government lets down a generation

The 12th Annual Demographia International Housing Affordability Survey is a reminder of how little resolve the Government has applied to fixing a dysfunctional housing market.

“Watching the Annual Demographia updates is a reminder that a Cabinet of baby boomers has done nothing effectual on housing affordability," said ACT Leader David Seymour.

David Seymour to the Minister for Building and Housing

DAVID SEYMOUR (Leader—ACT) to the Minister for Building and Housing : Does he agree with the Deputy Governor of the Reserve Bank that the key problems with housing supply are “a limited supply of land ready for building; restrictive planning processes, and a lack of coordinated planning in infrastructure development”?

National colonises Labour’s policy manifesto

“National is colonising the Labour manifesto with its signalled interest in a land tax on foreign house buyers,” says ACT Leader David Seymour.

“Now that Labour and National seem to be in agreement, there is no debate over the real effect of a land tax or stamp duty.

“How much of the land tax’s cost will be paid by the intended targets – foreign buyers – and how much cost will be passed on to good local vendors?

“And does National really think taxing investment in housing will encourage new development?

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