Neil Binnie of the Bays Community Housing Trust on Auckland’s North Shore told Cabinet ministers Bill English and Paula Bennett at their first consultation meeting on state-house sales that a price of zero was the only way to fund both buying houses and redeveloping them.
“We are not interested in buying a house just to put another person in, but we are interested in buying houses for redevelopment. That would mean it makes more housing available,” he said. “However, when we buy and build, the rent that we get if we are lucky, depending on interest rates, will cover the cost of building the property. That leaves zero for buying the property.”
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