Image: Jorge Royan [CC BY-SA 3.0], via Wikimedia Commons
Auckland’s housing market is locked into a cycle of speculation and has become “a casino” with investors betting on capital gains, a New Zealand business academic has said.
Michael Rehm, a lecturer on housing markets and trends at the University of Auckland, says the city needs “an effective anti-speculation housing policy”.
“Contrary to views expressed by politicians and pundits, the main driving force behind unaffordable housing is not a mismatch between housing supply and the need for shelter but the financialisation of housing,” he writes in an editorial published by the university.
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