this post was submitted on 25 Jan 2025
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That sounds similar to things here in the US, especially housing and costs of living, though I expect those to be exacerbated by NZ being an island.
I've been trying to get an idea of NZ politics and have noticed the rightward shift, but it seems that overall the political climate is a fair bit more leftward. Also proportional government sounds like a dream compared to the shit show we have over here.
NZ being an island definitely makes a lot of stuff expensive, but housing is a whole other kettle of fish. We have no capital gains taxes*, and due to high immigration and very low interest rates housing has been seen as a can't lose investment because you buy, hold for 3-4 years and in the best periods of the boom would double your money. That basically triggered a bit of a doom spiral where because people need houses they had to buy at highly inflated prices triggered by those buying them for investments.
*Sort of, there are some exceptions where they apply, but mostly no.
The problem is that nobody trusts the equity market or businesses in NZ enough to invest in them. High profile fraud and collapses of marque NZ companies has spooked the population into investing in real estate which is a sure thing.
I used to say our right is more left than your left but I don't think that's true anymore. Our right is pretty right these days.