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by h12nz
751 days ago
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It is primarily restrictive zoning. When Auckland up-zoned there was a clear relative decrease in prices. You can also see it in the massive price discontinuity on the city’s rural-urban boundary. It’s a pretty simple problem: existing owners have an interest in restricting new supply, and there aren’t many costs associated with being a nimby. Housing stops being a good investment when supply is responsive. |
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