Flexible funding a Christmas bonus for landlords 23 Nov 2009
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Meanwhile the taxpayer plays Santa in this pre-Christmas season of giving, by upping the Christmas budget that is seeing an escalation in the government funded insulation of privately held rental Ho – Ho – Homes so that landlords get a double dose of Christmas cheer.
In early September Government Energy Minister Gerry Brownlee promised “a new network of providers will be signed up to install the insulation from 1 October…This will mean even more suppliers on the ground to deliver the scheme, which will mean more jobs, as well as more homes insulated.”
Unfortunately for Mr Brownlee the statistics show the opposite has occurred. The total number of homes insulated in October is lower than the September total as the government has taken some service providers out of the scheme and the benefits of the government expenditure have been more finely focused.
As the economy stutters towards a tentative recovery, landlords are the real pre-Christmas winners as Ho – Ho – Home Is are insulated in the run up to Christmas.
Low-income landlords have seen their allocation of government subsidies increase in October by almost 70% while low-income home owners, the kiwi battlers on struggle street have seen their October allocation reduce by 10% on September volumes.
For general income families the results show the same trend with landlord installations up 6% while homeowner installations are down 30%.
This reflects the economic realities of stark pre-Christmas spending choices for kiwi home owners in a recession that the Minister of Finance openly admits will effect the New Zealand economy for the next twenty years. Many of these home owners are suffering because they rejected speculative residential housing investment in favour of the ‘safer’ investments promised by finance companies that have since succumbed to the global financial crisis.
Source: Poly Palace
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