Quote Originally Posted by belgarion View Post
The Elephant in the room is in fact the absence of a Capital Gains Tax to stop "investors" driving up Auckland house prices. ... Alas the RB of NZ can not introduce such a change. Only our short sighted government can do that. The "provinces" should rise up and biff this short-sighted, extremely mediocre National govt out of office.
Capital gains tax has not stopped property prices going to all time highs in Sydney, Melbourne, London etc etc.

The real answer is supply - and that is where central and local governments are absolutely useless with their myriad of rules, regulations and bureaucrats.

In fact, they hinder development and the supply.