Hon. Bill English, Deputy Prime Minister of New Zealand writes in the Introduction that Land has been made artificially scarce by regulation that locks up land for development. This regulation has made land supply unresponsive to demand. When demand shocks occur, as they did in the mid-2000s in New Zealand and around the world, much of that shock translates to higher prices rather than more houses. This summarizes how urban containment policies ("smart growth" or "urban consolidation") raises house prices, reduces discretionary incomes and impedes the quality of life (while increasing poverty). The 9th Annual Survey chronicles the imperative for restoring housing affordability.
9th Annual Demographia International Housing Affordability Survey
HOUSING AFFORDABILITY: KEY TO ECONOMIC AND SOCIAL SUSTAINABILITY
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