New Zealand Councils and the Government's Response to Leaky Building

New Zealand has seen a big drop-off in demand for new houses through the late 1990s. The dark green line, which is supply, actually shows a continued increase in the amount of supply of new housing. There was also a relaxation of building standards that led to an entire generation of housing being affected by leaky building. Councils have become quite risk adverse around this and we saw following that very much tightening in the terms of compliance with construction materials.