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Too Many Costly Homes

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Aotearoa New Zealand is building more homes now than it has in the last 45 years.

This is critical to make up the housing supply deficit of recent years. While more new houses are going up, they’re not necessarily ones that middle and low-income New Zealanders can afford, leaving the housing affordability crisis unresolved.

It is well established that New Zealand’s building industry has been moving upmarket with higher and higher proportions of dwellings built in the top 25% of house values. That rush to building high-value housing rather than low-cost housing has been particularly pronounced since the 1990s. By 2014, almost 58% of house new builds were in the highest quarter of house prices. The housing crisis partly reflects that reduction in low-cost housing production.

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