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Council’s reckless borrowing means first home buyers pay
The Auckland Ratepayers’ Alliance is slamming Auckland Council’s proposals to hike development contributions of around $15,000 to $84,500 per new residence for Dury, and says the Council is making it even harder for first home buyers.
“Normally councils use debt to spread the cost of infrastructure over time,” says Jo Holmes a spokesperson for the Ratepayers’ Alliance. “But Len Brown and Phil Goff have maxed the credit card, and with the Council unable to borrow more costs are now having to be paid up front.”
“This means first home buyers need to pay twice. They’ll be whacked by these higher costs for developers to build homes, as well as higher rates in decades to come.”
“Too often development contributions are misused by Auckland Council. The Council say they are needed to build new infrastructure, but they conveniently don’t acknowledge that for every new house built the council gets a new ratepayer - effectively a risk free annuity income for the Council. The double charging serves to make it harder for first home owners, and adds fuel to the fire of our City’s housing crisis.”
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