Update

As predicted "every New Zealander will pay".

Seeing, a bit too late, that the housing market has reached saturation, real estate agents have started the ball rolling by taking" the first loss" by selling an overpriced property and way below its purchase price.
The happy smiling couple don't realise that what they paid is still more than it is worth.
Real estate agents cross their fingers that this sale will be a trend setter and others desperate for either the money or a shift in location will do the same. Like with the pyramid schemes there are losers, fools and their money are soon parted the old saying goes.

"They" (*referring to those conspirators in positions of power or influence) attempted to con people into keeping the already extortionately overpriced housing market afloat by offering shared equity to people foolish enough to follow the trends.

Here is their next move, it has been announced that due to global warming, insurance companies will not insure coastal properties! (of course they won't "not insure" they will merely bump the cost up)
Of course we all know what normally happens to a property if it cannot be insured or is deemed to be of risk! Yes indeed the value goes theoretically goes down and insurance cost goes up leaving coastal property owners first in line to foot the bill of unopposed inflation.

Is the coastal property owner likely to sell at a loss? I doubt it, so this move is highly unlikely to do anything to reduce inflatory effects of the unregulated housing market barring what is recovered by way of insurance cost increases.
2003 saw the americas cup come to NZ and that is when it all began to escalate, big money coming in and buying up land without regard for the local economy, paying over priced but bargain basement prices due to the exchange rate. There will be few of them who have not already sold up, made a profit and moved on taking their profit offshore where it is no longer any use to the New Zealand economy.

The housing market was spurred on by the greed of real estate agents who inflated the prices of all housing not just prime coastal.

Now that it has reached saturation point, almost all properties over-valued, "they" are looking for a way out but will there be a fair or equitable way out, or will every New Zealander will pay for the short sighted gold fever attitudes, caused by overseas speculators, that were left unchecked by politicians who don't appear to have the best interests of New Zealanders' as their first priority? Then "they" have the audacity to blame the average person for over commitment by borrowing off the unregulated overseas owned banks who do nothing but add to the problem, when the average person is forced to buy into the madness in order to have a roof over their head.
Once again we have been "sold out" my friends!

Update: By increasing interest rates? that might put the brakes on sales of high end housing for a while but the problem still remains, inflated prices, and it won't stop those with plenty of money buying up large and sitting on them, plus the added disadvantage to those trying to save having to cope with higher interest payments on loans they already have.
It is not a tax and won't go back into the community (not that much tax is going there anyway) the banks make more money, oh, how convenient! more bullshit economics.

What kind of person is it who, on leaving this place leaves it not a better place to live?

*Conspirators -those people who conspire and profit by changing the conditions under which we all live.

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