Labour announces $2b KiwiBuild housing plan

Labour says the KiwiBuild houses will be financed by an initial $2 billion capital injection (Harley Peters / Newshub)
Labour says the KiwiBuild houses will be financed by an initial $2 billion capital injection (Harley Peters / Newshub)

Labour's $2 billion master plan to sort out the housing crisis involves building 100,000 affordable homes.

They have unveiled plans for an Affordable Housing Authority, which they say will deliver the homes over 10 years for first home buyers.

The authority will be an independent Crown entity designed to fast-track the planning process and embark on "large-scale housing developments", the party says.

During the announcement, Labour leader Andrew Little said the Government "has completely failed on housing", and suggested National would have to get out of power before anything changed.

"When you don't have enough houses, you bloody well build some more," Little said, "and that's what we're going to do."

He said while the homes "won't be palaces", they will be "modern, warm and affordable."

Fifty-thousand of the homes will be built in Auckland, and first home buyers will have to keep them for five years or return any capital gain to the Government.

Labour's rejigged KiwiBuild programme involves:

Labour leader Andrew Little also said the "brightline" tax on speculators would be expanded from two years to five years, which means those buying and selling houses within five years - other than the family home - will pay tax.

Labour will also look into removing negative gearing which allows tax write-offs for landlords.

Newshub.

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