Reserve Bank Slams Young Families

Published: Wed 21 Aug 2013 09:04 AM
Reserve Bank Slams Young Families
Affordable Auckland Mayoral candidate Stephen Berry expressed his opposition to new rules by the Reserve Bank which would restrict the ability of banks to make house loans to persons with small deposits. “This move will do nothing to cool the over-heated Auckland property market but plenty to shut out first time home buyers. The Reserve Bank has launched an attack on young families and the poor.”
“Our home price inflation issues are the result of market distortions created by local and central government regulation; especially the Resource Management Act and the Auckland Council rural boundary. The solution to this regulatory by-product is not for the Reserve Act to pass further regulations.”
“It is really disturbing to me that the Reserve Bank should have the power to implement a new regulation that will have such an impact on new entrants to the housing market, yet still be an unelected body and completely unaccountable to voters.”
Stephen Berry says voters still have a fantastic opportunity to affect real change to house values simply by casting their vote in the upcoming elections. “Affordable Auckland is fielding a team of candidates that understand the house price inflation crisis and have a real plan to fix it. Our solution involves less regulation, lower compliance costs and zoning flexibility – not the central planning being advocated by candidates for other tickets from both sides of the political spectrum.”

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