Finance Minister Bill English has announced that 2800 properties in Tāmaki would be transferred to the Tāmaki Redevelopment Company, a joint venture between the Government and the Auckland Council.

Yeah sure Bill, like Auckland Council and the Central govt are just the kind of people to run a free enterprise company. Can you imagine what a disastrous bureaucratic train wreck this outfit will be?

And who is going to bail it out when it fails readers? Not John Key or Bill English, but you and me, Joe endless sinkhole of cash Public.

English said the company planned to replace 2500 homes over the next 10 to 15 years with about 7500 new ones.

“Over half of the new houses will be sold to help offset construction costs, and the remainder will be retained as social housing. Our bottom line is that there will be at least as many social houses in Tāmaki as the 2800 there now.”

The Cabinet has approved a $200 million loan facility for the company to speed up the regeneration work at Tāmaki.

The loan facility is to be made available ahead of the transfer of the homes in order to allow the company to progress its own development and planning.

What real security was there for this loan and what is the interest rate?

Housing Minister Nick Smith- “A business case is being developed by the Government, Auckland Council and TRC in the next few months that will look at how future developments will be best undertaken.”

WTF?? So all this has been planned and executed without any pre-prepared business case? Any board of any private company would be fired for this kind of arse backwards negligence.

Just more big government, more cronyism, more taxpayer funds down the drain and more crippling of real private enterprise.

Just sell the damn houses Bill, end of story.