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2018.09.25
5.7 Deputy M. Tadier of the Chief Minister regarding rental housing affordability in the private sector: [OQ.132/2018]
Is it the Chief Minister's assessment that the level of support for the recent e-petition on rental price caps highlights the critical nature of housing affordability in the private sector; and will he give an undertaking that all options, including various forms of rent control, will be explored in the work of the future Affordable Housing Policy Development Board?
[10:30]
Senator J.A.N. Le Fondré (The Chief Minister):
The cost of housing, as we know, is one of the main issues facing Islanders and the petition clearly reflects this. That is why we will be evaluating options to improve the affordability of housing, as has recently been stated. Now, one of those options could be rental caps. I will say, in my view, they do not tend to work in many other jurisdictions where they have been attempted so we really do need to look elsewhere. For me, that is limiting migration, taking the heat out of the local property market, delivering more supply. But the new policy board that is in the process of being established will consider all these issues.
5.7.1 Deputy M. Tadier :
I appreciate that answer, it was perhaps not revolutionary but that was to be expected. We often hear talk about supply but is there any way to control demand?
Senator J.A.N. Le Fondré:
Evolution rather than revolution, thank you. I think the issues around demand have to form part of the review; they have got to, and that goes into whether it is dovetailing and overlapping with the migration side of things, whether it is looking at, what I call, external buy-to-lets, in other words effectively unqualified persons being able to access new developments, that is a demand side as well. So I think there are facets of the demand side that could be looked at. Thank you.