Maybe some public servants wanting the govt to look bad but IRD on the case.

https://www.newstalkzb.co.nz/news/bu...rial-property/

Depreciation denial on commercial buildings not a good idea according to IRD.

It said even under the status quo, where 2 per cent depreciation deductions are allowed, New Zealand is likely to be the least attractive country in the OECD to invest in commercial and industrial buildings.

“Denying depreciation deductions will drive up these hurdle rates of return even higher and make New Zealand a less attractive location for investment,” Inland Revenue said

Obviously Chris Luxon does not own a lot of commercial property. Maybe just residential like his voter base.