The Huddle: Spotify Wrapped day - who made our lists?

Tonight on The Huddle, Infrastructure NZ head Nick Leggett and Tim Wilson from Maxim Institute joined in on a discussion about the following issues of the day - and more!  

New research has revealed the Bank of Mum and Dad has helped a significant percentage of millennial and Gen Z Kiwis into their first home. What does this say about the state of the economy?

It's Spotify Wrapped day - who made our lists?

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Episode Transcript

Speaker 1 (00:00):
The Huddle with New Zealand Southerby's International Realty, local and
global exposure like no other.

Speaker 2 (00:06):
Nick Leggett from Infrastructure in New Zealand and Tim Wilson
from the Maximine Institute, Welcome to the program, gentlemen, good evening,
Hello Nick Legett. The Bank of Mum and Dad? Are
you one or did you use one?

Speaker 1 (00:19):
Well?

Speaker 3 (00:20):
I think probably a bit like Tim, my kids are
a bit young at this point. But yeah, look, I
actually I bought a house with my parents jointly when
I was in my late twenties, and it was it
had a tenant in it for three or four years,
and then I brought them out and I moved into it.
So that if that's you know, I didn't borrow any

(00:41):
money from them, but we bought something jointly and that
helped me get into the housing market. And yes, I
would do it for my children because I'm a view
I'm of the view that a property owning democracy is
what New Zealand should continue to aim for. We should
also develop other types of housing use. Not everybody everybody

(01:03):
can nine a house, those who choose to should be
able to.

Speaker 2 (01:06):
But when the Bank of Mom and Dad ended up
taking over sixty five percent of all the property transactions.
You know, it's a very unbalanced economy, don't you think totally?

Speaker 1 (01:14):
That's right?

Speaker 3 (01:15):
And the question is how do we get how do
we get to a balance point where we know people
can can get into the housing market themselves, that their
incomes can you know, in some way give them an
ability to service a mortgage without resorting to the bank
of mom and dad.

Speaker 4 (01:33):
It's an affordability It's an affordability issue, isn't it. I mean,
that's check key here. We're actually at maxim We've just
produced a research paper on this. Free We need to
free up the land that we have to actually at
lower the expensive building. And one thing that happens in
Houston is they let streets determine their own zoning, so
you just take a vote, it's like what the density like,

(01:54):
and there's much there's much more flexibility within the unitary plan.

Speaker 5 (01:58):
We don't have that.

Speaker 4 (01:59):
We've got to blow away some of this some of
this administrative hurdles that contribute to the high cost of housing.

Speaker 2 (02:05):
Well, that's what mister Seymore is doing, is is that
what his new Bureau of Regulatory Reform is going to
be or whatever he's going in the ministry.

Speaker 5 (02:13):
I'm not aware, but I'd be more than happy to
remit this paper to him.

Speaker 3 (02:17):
This is I mean this, this what we're talking about
here is more going to be covered in the reforms
to the Resource Management Act. So this is about, you know,
the sort of central control of district plans for councils
we do require. You know, regional deals that the government
is talking about are going to be really important here

(02:37):
because they could partnerships between local and central government really
unlock these big areas of land funder the infrastructure both
under the ground and above the ground, have good links,
transport links and critically moving quickly so you don't have
these massive upticks in value that effectively shut people out.

Speaker 5 (02:59):
And also, if it all works, I won't have to
buy the kids any houses.

Speaker 4 (03:02):
Four boys, four houses. Forget about it. They're not getting it.

Speaker 2 (03:06):
Yes, A going to say, of course, yeah, and Tim
should have thought about that earlier. If I think we
might have actually told you that earlier, Tim, are you
sure you're happy with all this? That's a lot of kids,
that's a lot of.

Speaker 4 (03:17):
Nonsense, nonsense. It's not even a large Protestant family, much
less Catholic one good stuff.

Speaker 2 (03:22):
Have you guys done your wrap your Spotify rapped? If so,
we'll find out after the break. All right, Nick Leggot
and sim Wilson, have you got your Spotify rap lists? Yes, gentlemen, Yes, yes, yes,
good good? Who's that? That's Nick? Tim? You've got a
musician in the family. What's yours?

Speaker 4 (03:39):
Yeah? Well, actually I do have a musician in the family.

Speaker 5 (03:42):
What might go to has been David allen Coe's you
don't have to call me Darlin Darlin, which is the
probably the quintessential country and Western song because it's got
a verse that's that goes I was.

Speaker 4 (03:54):
Drunk the day my mom got out of prison.

Speaker 2 (04:01):
There's a beautiful there's a bit of us on. But
because your partner does sort of more transcendent, semi slowed
sotoon dance stuff, doesn't she triplep?

Speaker 4 (04:12):
Well no, no, Rachel, Rachel actually does some some wonderful,
wonderful songs are Rachel Wilson. Yeah, in my name? Look
it up on Spotify.

Speaker 1 (04:19):
Ha.

Speaker 2 (04:19):
There we go. And Nick, do I believe that you
don't have a Spotify rapped?

Speaker 3 (04:25):
That's exactly right.

Speaker 2 (04:26):
I don't.

Speaker 3 (04:26):
My wife does.

Speaker 2 (04:27):
I listened to.

Speaker 3 (04:30):
It's because I don't want people knowing what I listened to.
But I did nominate a song that if I did
have one, it would have print up the top because
we have a three year old who loved it.

Speaker 2 (04:38):
Oh okay, and there it is club Look at that magic. Gentlemen,
thank you so much for your time today. All the
best make Leggan's favorite song three minutes to six, It's
good to come.

Speaker 1 (04:56):
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