Are they failures though? I'm sure Labour carefully considered the impacts of net migration and their rental policies on supply before legislating.
Meanwhile, Christchurch tenants are in trouble, see link. A property manager there said ''... the situation was caused by more landlords selling up. “They’ve had two years of extra tax and compliance costs, and with real estate prices high their property is worth more. We’ve had a lot of landlords sell up and pick up the capital gain.”
True enough but most of the cause is government policies. Certainly a noticeable upward shift in properties for sale, though to be fair 2021 was pretty weird.
https://www.stuff.co.nz/business/pro...t-higher-rents