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Auckland’s housing crisis produces some strange side effects. One of them is that the word ‘boarding school’ might acquire a new meaning. Read more
In the mid-2000s, when inflation was running hot and the Reserve Bank was having a tough time keeping things under control, the former Business Roundtable’s Roger Kerr warned that monetary policy needed mates. Government made the Reserve Bank’s job even harder by running expansionary fiscal policy when labour markets were tight and inflation was a problem. Read more
Wellington (2 June 2016): The government’s draft national policy statement (NPS) on urban development, while a step in the right direction, will not fix Auckland’s housing crisis because it ignores infrastructure, according to The New Zealand Initiative. Building and Housing Minister Nick Smith today launched draft policy guidance under the Resource Management Act, which looks to force councils to zone more land for development when house prices breach a certain affordability threshold. Read more
Last week saw a rare conjunction. Almost all the political parties agreed that Auckland’s artificial rural urban boundary had to be lifted to free up land for housing development. Read more
Amid the rancorous debate about whether a land tax should be imposed on non-resident property buyers it is vital to remember what caused New Zealand’s housing crisis in the first place: a sustained lack of land supply. Far too often in the discussion on how to cool Auckland’s white-hot housing market the focus strays from this fundamental fact, and falls on demand-side factors. Read more
Wellington (18 May 2016): The New Zealand Initiative has welcomed calls to scrap Auckland’s urban growth boundary, saying the evidence unambiguously shows that these sorts of policies artificially push the costs of housing up. This comes after Labour Housing Spokesman Phil Twyford today said his party would abolish Auckland’s city limits should it be voted into government. Read more
Replace the word London for Auckland and you could be forgiven for thinking that The Economist was writing a lament about housing affordability in New Zealand’s biggest city. In an article titled “Little London”, the magazine notes that soaring property prices are dragging on the city’s economy. Read more
Nothing is worse than politicians running out of ideas. Or to say it in the famous words of Abraham Maslow, “I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail.” In the case of politicians, the hammer is the power to tax and the nails are all the problems that are coming their way. Read more
With Auckland’s housing crisis now a permanent feature on the Herald’s front page, it is worth restating how this problem started: not enough homes were built to keep up with natural demand. When too many buyers chase too few goods, prices have to rise. Read more