America, take note: New Zealand has figured out a simple way to lower home prices
A case study in New Zealand proves what many housing advocates, including the Arizona Multihousing Association, have been saying: Upzoning increases housing supply and decreases costs. Between 2009 and 2016, home prices doubled in Auckland, and the surge soon spread countrywide. In response, Auckland began allowing duplexes, triplexes and townhomes on single-family lots, which led to a boom in new housing permits. Since those reforms, incomes and inflation have grown faster than rents, and while the nation still faces tough economic times, some say it’d be worse without the new housing. This could be a model for American cities, including Phoenix, to add denser housing in existing neighborhoods rather than relying on sprawl.
