This month’s big housing story was not the Reserve Bank’s rate rise, whatever the media coverage suggested. Mortgage rate rises, the effect on house prices, whether the spring market will stall – all of it was reported, correctly, as housing news.
But the bigger housing story occurred last week, when Parliament agreed to something no country has previously tried. As my colleague Oliver Hartwich
explained earlier this month, Chris Bishop’s new Planning and Natural Environment Acts, replacing the Resource Management Act, do not merely name housing affordability as a goal. Under the new laws councils will have a duty to keep enough land available that its price stops carrying a scarcity premium. An independent umpire will judge whether they have.