Labour’s cost-of-living crisis is going from bad to worse with new figures out today showing rents have increased by $180 per week since Labour became Government, National’s Housing spokesperson Chris Bishop says.

According to MBIE’s Rental Bond Database, nationwide median rents have now increased from $400 per week to $580 per week since Labour took office and are now at a record high.

“Kiwis around the country are doing it tough thanks to Labour’s reckless and wasteful spending that has driven interest rates up, and life is even tougher for the thousands of New Zealanders in rental accommodation,” Mr Bishop says.

“Record rent increases under Labour are a big contributor to New Zealand’s cost-of-living crisis.

“Labour’s misguided housing policies have contributed to these record rent increases. Labour campaigned in 2020 on not introducing any taxes, but broke their promise immediately, imposing a new tax on tenants, through the removal of interest deductibility as a legitimate expense for rental property owners.

“The Labour Government was warned by everyone – from officials to landlords – that this tax would lead to higher rents and put pressure on the state house waiting list and emergency housing.

“Labour refused to listen. Now rents have a reached a record high, the state house waiting list is up by more than 20,000, and the Government spends $1 million a day housing people in motels.

“Labour’s removal of interest deductibility was always unprincipled, as well as being a broken promise.

“Landlords aren’t the enemy. They’re critical in addressing our housing supply problems.

“National will restore full interest deductibility for rental properties, take the Brightline test back to two years (currently 10), and make sensible changes to tenancy laws to bring more landlords back into the market.

“National’s comprehensive housing plan will improve housing affordability for New Zealanders. We will unlock more land for houses in and at the edge of our cities, build infrastructure, and reward communities that go for housing growth. We will lower the cost of building a house by improving consenting and improving competition in building materials, and we will grow the number of social houses by partnering with the community housing sector.

“Only National has a plan to address Labour’s housing crisis.

“National will rebuild the economy to drive down the cost of living, so New Zealanders can get ahead. We’ll stop Labour’s wasteful spending that Kiwis are paying for, give tax relief so people can keep more of what they earn, and we’ll prioritise the frontline services we all rely on.”

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