I thought this paragraph was really interesting: Another factor promoting the building of new homes is tax: the valuation of land and buildings for property

I thought this paragraph was really interesting: Another factor promoting the building of new homes is tax: the valuation of land and buildings for property taxes, or rates, paid to local councils declines over time, which increases the incentive for the councils to approve new houses to get their rates back up. The New Zealand section is a bit outdated: 1: Christchurch gone gangbusters with new homes after the earthquake 2: Wellington is completely fucked New Zealand has 30% population of immigrants so there is an immense pressure on housing supply.