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NZ ruling party says to lift barriers for home building, promises cheap housing

WELLINGTON, Oct 2 (Reuters) - New Zealand’s ruling Labour Party promised to deliver more homes and replace a 30-year-old law blamed for high housing costs and impeding urban development, if it is returned to power in the Oct. 17 election.

Labour would “repeal and replace” the Resource Management Act (RMA), and continue its plan to deliver more than 18,000 public houses by 2024, party leader Jacinda Ardern said in a policy announcement on Friday, a day before early voting begins.

Ardern also said the party would support first home buyers with loans and introduce regulations for property management services.

Reporting by Praveen Menon; Editing by Tom Hogue