Listened to Larry Williams interview Maryan Street on the way home tonight.
Street was buzzing about her latest effort to spend government money.
Funny, but I always thought it was tax payers money she gets to spend.
But she must be a property expert as she said she has been looking at real estate adverts in the local papers and is thinks "now is a good time to buy".
Will the scheme work?
Well it will certainly get some people into the market but One Way was bit light on future details.
There are a few potholes.
When the property is eventually sold, who will benefit from the improvements made, but not contibuted to by the government. Kiwi's love the "Do up" and will be painting, gardening etc adding value.
Who will pay for all the bureaucrats to go around inspecting, reporting, recording all the work so the new owners won't get screwed some day in the future when the gummint claims capital gains based on the improvements they haven't contributed to.
Maybe unemployed Labour MP's could be given contracts next year to do the governments share.
Not to mention the subprime people who will give up on the payments and force mortgagee sales. The taxpayer will take the bath because the banks won't.
Will this scheme artifically hold up prices which would otherwise be falling?
So many questions, so few answers.
More policy on the hoof .
Must be election year.
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