Ted Manson, leading property developer, began his benevolent project of building 500 social rental homes in Auckland.

Manson is the managing director of Mansons TCLM. At a housing summit in Auckland, he announced his charitable endeavor.

“My parents lived in a very small one-bedroom apartment before the state house, to which I moved when I was five, so I’m doing this for philanthropic reasons because I’ve done very well in my life and been quite successful and realise that life’s not fair for one.”

He explained that work has commenced on apartment buildings in Liverpool Street as well as the suburb of Glen Eden. 163 out of the 240 apartments will be leased by the Ted Manson Foundation to Compass as state-funded social rentals. The unique combination of funding and long-term maintenance is what sets the venture apart.

“We’re building very robust properties, to Homestar 6 standard, out of concrete and robust joiner so not cheap,” Manson said.

“It’s just about impossible for any normal person to do this unless they’ve got a lot of money and their own construction company.”

According to Manson, Auckland’s soaring house prices is attributed to government policies, notably tax breaks for residential property investors.

“Negative gearing has to be stopped. This will slow down property investors from buying so much, and therefore stop property prices increasing so much.”

He urged to halt home sales to non-residents, and to sell publicly-owned land to community housing providers at low prices.