In Labour land you can build 100,000 houses with $2 billion capital!

Stuff reports:

Little said KiwiBuild would be paid for with a $2 billion “capital injection”, which would be paid back at the end of the programme as houses were sold.

Little said the Government was out of touch, particularly when it came to housing, and was alone in refusing to believe there was a housing crisis.

“They might have given up, but I won’t. Not now, not ever,” he said.

Associate Finance Minister Steven Joyce described ’s policies as “underwhelming”, with many of them echoing work the Government was already doing.

“They have talked a very big game politically about this, that it was going to be a massive change, when in actual fact it’s not – it’s more or less an endorsement of what the Government’s already doing with a few tweaks.”

Joyce said the Government was already backing the urban development approach through projects like the Hobsonville Land Company, while the $2b of funding for the KiwiBuild programme would need to be recycled 25 times in 10 years if it was to build 100,000 houses.

If you reckon you can buy the land, build and sell 100,000 homes for $2 billion in just a decade you have magical powers – probably like the Wizard of Oz.

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