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A weak Affordable Housing Finance Corporation won’t do the trick

Media Release
Lee Rhiannon 10 Mar 2017
The Australian Greens have commented on the Coalition government’s consideration of an Affordable Housing Finance Corporation, which appears to be similar to the policy the Greens took to the last two elections. 
 
Greens housing spokesperson Senator Lee Rhiannon said, “This sounds like a weak version of the Greens’ $2 billion proposal for an Affordable Housing Finance Corporation.
 
“With 657,000 low income households in rental stress according to the ABS, we need thousands of affordable properties, not hundreds.
 
“The bond aggregator should not be an excuse to abolish direct funding through a national agreement. The National Affordable Housing Agreement should be reformed and complement the aggregator if the government is serious about housing affordability and security.
 
Greens Treasury spokesperson Senator Whish-Wilson said that “rather than going to the UK, Scott Morrison should have taken a trip in Africa to learn what an elephant looks like. He’s got two of them sitting in the room and he can’t see either of them.
 
“Until negative gearing and capital gains tax concessions are removed, other measures designed to address housing affordability will struggle or, worse still, increase the problem by further fuelling the property boom.
 
“The root cause of Australia’s housing affordability crisis is the tax-payer funded advantage given to investors. Putting home buyers at a competitive disadvantage forces them to bid higher and to take on ever greater mortgages.
 
“Dr John Hewson correctly identified today the enormity of this problem in suggesting that this was a bigger than the GFC to the Australian economy. The longer the government fails to act on this greater the risk and the greater the prospect of a hard landing.”
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