Corporate racket

KiwiBuild was turning into a corporate welfare racket according to the New Zealand Taxpayers’ Union, after news that none of the seven KiwiBuild homes marketed in Christchurch had sold, meaning the government was likely to pay out the private developers for the guaranteed sale price. Spokesman Louis Houlbrooke said KiwiBuild was looking more and more like a convoluted way of putting taxpayer money into the pockets of “fat cat” developers. “Once upon a time developers would have been punished by the market for building in areas of low demand. Now they’re getting paid out by the taxpayer for it,” he said. “Phil Twyford should put KiwiBuild out of its misery now, before this little monster grows up and does taxpayers more serious damage.”