New Zealand is a difficult economy to manage and has suffered from housing shortages of varying degrees since WW2 ended and certainly since 1964 when I arrived (in the middle of a great shortage). In 1985 I was very pleased to work on a housing research project for the Housing Commission (since defunct) which concluded that NZ had a strong tendency for sharp changes in housing demand and very sluggish housing supply response. Nothing was done then nor since to change the dynamics on either supply or demand schedules. External factors are hugely influential - when the world is in trouble NZ attracts people in and fewer people leave (GFC, trade wars, pandemic) - when NZ is in more trouble than the world then the reverse operates (1974/75). External factors are compounded by poor internal policies concerning savings, retirement income, financial illiteracy, and zero capital gains tax on the house you live in. This latest episode will simply ensure that the status quo is concreted in. When we stop blaming other things one day (Chinese, speculators, foreigners, immigrants, RBNZ) we will look in the mirror.