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I think people have the causality the wrong way around, the immigration is to prop up the economy. Price is set at the margins and even relatively small amounts

I think people have the causality the wrong way around, the immigration is to prop up the economy. Price is set at the margins and even relatively small amounts of new immigration keeps pushing the margins up. Any successful attempts to fix the housing market, by reducing immigration or any other means, will implode the Ponzi economy. Absolutely no politician is going going to do that - you might as well hand them a grenade at ask them to pull the pin. It's my view that this implosion will happen, just later, with less control and with more devastation.

dzhiurgis 2y ago
It's one of many factors. NZ already becoming unattractive partly due to expensive housing and somewhat low wages - immigration is slowing down. Also new law allows import of foreign-certified building materials so that might help too. Thing with politicians is (depending on party) something like 90-100% of them are property owners and 30-70% are also property investors [0] so I just can't see how they would be willingly taking a haircut. (Cherry on top - most of them couldn't even afford to buy their homes now on MP salary) 0: https://www.newshub.co.nz/home/politics/2021/12/the-full-list-of-how-many-properties-new-zealand-mps-own.html https://www.newshub.co.nz/home/politics/2021/12/the-full-lis...