Ted Manson, one of Auckland’s leading property developers is to build 500 social rentals as a part of his philanthropic activities.

Ted Manson, who is the managing director of family-firm Mansons TCLM, revealed this ambitious project of his charitable foundation at a housing summit in Auckland.

He says that his views on the need for stable and affordable homes are influenced by personal experience living in a state house as a child. “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 realize that life’s not fair for one,” he says.

Mr. Manson has already broken ground on construction of what he hopes in the next seven years will become 500 social rental homes in Auckland, including apartment buildings in Liverpool Street in central Auckland, and in the west Auckland suburb of Glen Eden.

The deal also includes apartment maintenance, which he says, makes the venture unique.

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

His family firm Mansons TCLM has been behind prominent commercial buildings such as the new Spark headquarters to name a few. Moreover, the Ted Manson Foundation is leasing 163 of the 240 apartments to Compass, social housing provider, as state-funded social rentals.

Ted Manson hopes to end tax breaks

Ted Manson philanthropic act is motivated by his desire to end to tax breaks for residential property investor as he blames them and other government policies for Auckland’s rapidly increasing house prices.

“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 called for an end to sales of existing homes to non-residents, and for publicly-owned land to be sold cheaply to community housing providers.