To continue: It would be interesting to calculate the total subsidy to NZ's landlord class, if we assume that the market has been distorted not just in favour of all homeowners but the active investors, some ten per cent or so. It wouldn't surprise me if every dollar made by investors who haven't actually built is not only taken from the community as Henry George would say, but is actually accompanied by another dollar of actual social harm or lost productivity., profits taken out of the country by the Australian-owned banks that lend to the investors, and so on.