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There has also been some work showing that housing prices in Auckland have declined relative to other places in NZ that weren't rezoned. If it was purely the NZ economy that was the reason then that shouldn't happen

quite a few first home buyers lost their deposit and ended up in negative equity, so yes.

Good. Breaking a cartel means that the cartel's members become less wealthy.

What can you do with high property values? Sell your house and become a rich homeless person?

That's a wild oversimplification. The direct lesson is that a person needs housing can get it for less. That happened sometimes. But many of the newer units are smaller than older ones so we'd expect an average price drop, even if no new homeowners lost any wealth.

right now the strategy seems to be moving to australia for higher wages

We've managed to make our housing cheaper in London without building, we found a novel solution: nuke the economy

Need this in Austin pls

I'm sure there's a correlation here somewhere but I doubt European politicians would be able to find it.

Just wondering where the data might be.

Oh that’s helpful! Thanks!

Anybody interested in what has gone on in Auckland might be interested in this. pod.co/50-shades-of...

It would be really interesting to see how the value of pre-existing residences changes after the reform, based on whether their land was upzoned or remained low density.

onefinaleffort.com/blog/watch-a...

Here is a blog to follow with all the information you could dream of @greaterauckland.bsky.social

"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.

Auckland has generally very low density. A lot of development has been focused on creating denser low to medium rise housing along public transit corridors.