March 22, 2016
Profit motive behind state house bids
The State Housing Network says Maori trusts are being used to provide political cover for money-hungry corporates wanting the profit from the privatisation of social housing.
Nga Potiki a Tamapahore Trust and Tapuika Iwi Authority Trust are part of a consortium bidding to take over more than 1000 state houses in Tauranga.
The network says the shortlist is dominated by profit-driven companies including Pinnacle Group, owned by Hong Kong property billionaire Henry Cheng Kar-Shun, John Laing Infrastructure Fund and Morrison and Company.
The not-for profits includes Trust House Limited, which makes money from pokie machines in clubs and pub as well as managing 500 houses in the Wairarapa.
It says New Zealand is in the middle of a housing crisis for low and middle income people and only the government has the resources and the capacity to provide the large number of quality, affordable housing that are needed.
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