The Herald belatedly recognises the the other real driver behind housing unaffordability. The know alls laughed when Adolf pointed this out many months ago. It is the same driver, by the way, which has pushed up farm prices to levels which bear no relationship whatever to economic worth.
Adolf is close to two people who are still waiting to receive their interest arrears from BlueChip. When you talk to them you find that they bought their properties primarily to (a) avoid paying tax NOW by offsetting paper losses from the investment against their current tax liabilities and (b) to reap a tax free windfall upon retirement.
'The other real driver?' I hear you ask? Yes, the first one is Helen Clark's low wage, high tax economy.