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“After an intense building flurry, Auckland’s housing stock is now 618,849 units, which is 101,000 more than a decade ago…Meanwhile Auckland house prices, with a median value of just over NZ$1mn (US$587,000), have lost a quarter of their value in that timeframe.” giftarticle.ft.com/giftarticle/...

Where precisely were these residences built? Were single-family houses torn down? Is there good transit to these new residences?

In other words, folks want to live where transit is better. Thus, instead of bulldozing what I presume are many charming & modest older houses, Auckland needs to ensure that these new dwellings become transit-rich.

"Charming and modest" is how the NIMBY boomers, who bought old working class villas cheap in the 1970s, defend their 2000% capital gains and protect anyone else from living there. I don't want to live in museum.