> Curious about what the case might be in New Zealand Bad. It's a system trap, where everyone wrings their hands but no-one actually wants to do anything about

> Curious about what the case might be in New Zealand Bad. It's a system trap, where everyone wrings their hands but no-one actually wants to do anything about the problem - in fact, the reverse.[1] I worry about Stein's Law: "If it cannot go on, it will stop." I.e., there will be a correction some day. The question is, do we want a slow, controlled correction, or an uncontrolled one? Edit: The linked opinion piece doesn't speak directly to vacancy rates, but there's a lot of that. As you say, it's due to the fact that real estate was favoured over every other kind of investment for the last 50 years at least, and successive governments resolutely turning a blind eye to the obstacles that local authorities put in the way of new development. Oh, and not requiring business migrants to build new. 1. https://www.stuff.co.nz/business/opinion-analysis/300168640/heres-why-you-shouldnt-believe-what-youre-told-about-the-housing-market https://www.stuff.co.nz/business/opinion-analysis/300168640/...