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.”
Ends