New Zealand government replaces First Home Grant with funding for 1500 social housing places.

The New Zealand Government will scrap the First Home Grant, a subsidy of up to $10,000 for first-time home buyers, in favor of funding 1500 new social housing places through Community Housing Providers (CHPs). The decision is expected to save $245 million over a four-year forecast period and "has a minimal effect on home ownership rates." Funding for the social housing places will be rolled out starting from July 2025.