Responding to NBR’s report
that Kainga Ora made an offer on a property $8 million above its eventual sale price, New Zealand Taxpayers’ Union spokesman Louis Houlbrooke says:
“Our housing agency is acting like it’s overfunded. First it bought a motel in Rotorua for nearly double its CV
, and now we learn of another extraordinarily high offer on a property in Auckland.”
“When Kainga Ora overpays for property to build ‘affordable’ homes, it’s not making our housing market more affordable.
In fact, it’s increasing housing costs. That fact is only hidden because the cost is spread across millions of
“Even when Kainga Ora’s property bids fail, the agency’s aggressive offers will be driving up bids from the private
sector. Higher purchase prices will translate to higher sale prices once new housing is built.”
“If Kainga Ora continues to spend like drunken, property-obsessed sailor, Megan Woods will need to reign in its funding.
A tighter budget should see the agency relearn the importance of value for money.”
New Zealand Taxpayers' Union
New Zealand's grassroots campaign for lower taxes and less government waste
The New Zealand Taxpayers' Union is an independent activist group, dedicated to being the voice for Kiwi taxpayers in
the corridors of power. It's here to fight government waste and make sure New Zealanders get value for money from their
tax dollar. New Zealanders are invited to join and donate at http://taxpayers.org.nz