Govt to kill twice as many houses as Kiwibuild have built

Radio NZ report:

Sources have told RNZ the Crown is considering loaning money to the council so it can purchase the land from Fletcher Residential, a wholly-owned subsidiary of Fletcher Building.

Fletcher is seeking $40 million for the property – more than double the $19m it paid in 2014.

RNZ understands the government is keen to get the controversial land dispute wrapped up by the new year to avoid it overshadowing the annual pilgrimage to Rātana and Waitangi.

If the Crown is lending the money, then effectively it is the Crown paying, ie taxpayers.

And the result would seem to be that the 480 homes planned for there won’t be built which means the Government will have stopped twice as many homes with this decision that it has managed to build with Kiwibuild. They’ll be at a net -210 or so.