More welfare for well-off

KiwiBuild is yet more welfare for the wealthy:

KiwiBuild promised to deliver 100,000 affordable houses to help first-home buyers realise the Kiwi dream.

It promised to help average Kiwis into their first home.

But the income test is anything but average. The income caps are so high they may as well not exist.

KiwiBuild promised to deliver 100,000 affordable houses to help first-home buyers realise the Kiwi dream.

It promised to help average Kiwis into their first home.

But the income test is anything but average. The income caps are so high they may as well not exist.

A solo buyer can earn up to $120,000 a year. A couple can earn up to $180,000.

The median income in New Zealand is just under $50,000, and median household income is just over $82,000. . . 

If the government was serious about helping people buy houses it would address the underlying causes of the shortage – the RMA and zoning constraints; the consent requirements and processes; and the high cost of building materials.

Buying houses that would have been built already, selling them to anyone but the top 8% of income earners, regardless of their asset backing and allowing them to sell again and pocket the windfall gain after only three years is economic and political stupidity.

If the well-off can’t afford to buy houses without assistance there’s something wrong with their money management and/or the housing market.

Providing more welfare for the wealthy won’t solve either of those problems.

As the Taxpayers’ Unions shows, the government promised a masterpiece and has delivered a doodle.

One Response to More welfare for well-off

  1. adamsmith1922 says:

    Reblogged this on The Inquiring Mind and commented:
    Kiwifarce is just that, an unmitigated triumph of stupidity over reality from,and this is saying something, the most incompetent Minister in this breathtakingly stupid bunch of apologies for a government

    Like

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