NZ government is targeting super profits from land banking to improve house affordability

Wed, 12 Jun 2013

By Tina Morrison June 12 (BusinessDesk) – New Zealand’s government wants to trim “super profits” from land banking which it says is the biggest impediment to housing affordability in Auckland. New Zealand’s Reserve Bank is concerned rising house prices where supply is failing to meet demand, particularly in Auckland, is threatening financial stability. Housing Minister Nick Smith is relying on an accord with Auckland City Council to free up the consenting of land and housing development to remove the incentive for investors to hold land for...

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