The Chávez government has had since 1999 several times the amount of petrodollars the governments between 1987 and 1998 had at their disposal. Still, it has proven to be a complete failure when it comes to social housing. Rory Carroll from The Guardian wrote an excellent article on that.
Now Chávez realises this can become an issue for his next re-election in 2012. The military caudillo is thus promising a new housing programme that will deliver what the IV Republic/the Spaniards/the Welser was suppose to provide.
Below you can see the houses the government has built on Q1 of this year and how many houses it has to build in the next quarters and years in order to fulfill its plan. As you see, it really has to speed up.
Chavista deputies at the National Assembly are saying Venezuela would need more than $150 for each oil barrel in order to "solve its problems" (not "to develop", this seems to be a very complex concept). Because the oil barrel is "only" at $110 they are going to make Venezuela incur into more debt. The repercussions will only be felt after 2016, of course.