New Zealand's housing minister says the country will drastically ease restrictions on land use in a bid to “flood the market” with land for homes and override the powers of local councils to curb developmentFILE - A house is for sale in Christchurch, New Zealand, Aug. 13, 2018.
Councils will also be barred from imposing urban limits on cities and forced to permit mixed-use development, with an end to rules mandating balconies and minimum sizes for apartments, in a suite of changes widely endorsed by analysts. The proportion of income spent on rent was higher in New Zealand than in any other country, Bishop said Thursday, citing research by the Organization for Economic Cooperation and Development, a grouping of mostly developed Western nations.
“At one point in time, it would be, ‘I want house prices to be affordable for my children, but I don’t want my house price to fall,’” said Shamubeel Eaqub, an independent economist who specializes in housing. “But I think there is a general recognition that things have gotten so far out of kilter that something has to change.”
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