New Zealand is building its way out of its housing crisis. A few years ago, the island nation was synonymous with unaffordability. Auckland, its largest city with approximately 1.7 million people—about a third of New Zealand’s population—routinely ranked among the most expensive housing markets in the world. But something remarkable is happening. New housing consents have hit forty-five-year highs. Apartment construction is booming. In Auckland, rents are falling in real terms, even though they are still soaring elsewhere.
