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its happening all over, its just nz is leading the way. small market makes it easier to do.but its certainly govts fault, after all they let the investors do what they want. at least here they dropped the housing controls back in the late 70's, then put restrictions on land etc late 80's (so those in the know can dictate what gets done where). so big decline in houses being built, which ups the price of existing homes.add in that its all tax free which makes it super appealing to everyone, so everyone is now an investor (if they like it or not). only added a limited tax in more recent years which only applies to a minority.they knew 40 years ago what would happen and have lined their pockets every since. this is why they won't fix it, to many people still expect to get rich off housing.
its happening all over, its just nz is leading the way. small market makes it easier to do.
but its certainly govts fault, after all they let the investors do what they want. at least here they dropped the housing controls back in the late 70's, then put restrictions on land etc late 80's (so those in the know can dictate what gets done where). so big decline in houses being built, which ups the price of existing homes.
add in that its all tax free which makes it super appealing to everyone, so everyone is now an investor (if they like it or not). only added a limited tax in more recent years which only applies to a minority.
they knew 40 years ago what would happen and have lined their pockets every since. this is why they won't fix it, to many people still expect to get rich off housing.
