Where Housing Prices Have Crashed and Billions in Wealth Have Vanished

New Zealand, which has traditionally had high housing prices and low supply, is seeing wild fluctuations in prices that wiped out a total of $6 billion in household wealth. A big factor, according to the article: “Since the early 1980s, building in New Zealand has not kept pace with population growth, after new restrictive zoning laws and high construction prices limited development.” Willy-nilly mortgage rates are also to blame, but even renters are hit hard. A 2021 law to build denser infill in cities and tamp down sprawl could be disregarded in favor of more homes being built on farmland at the edge of urban areas.

Source: https://www.nytimes.com/2023/06/19/business/new-zealand-housing-prices.html?searchResultPosition=1