It's one of many factors. NZ already becoming unattractive partly due to expensive housing and somewhat low wages - immigration is slowing down. Also new law allows import of foreign-certified building materials so that might help too.

Thing with politicians is (depending on party) something like 90-100% of them are property owners and 30-70% are also property investors [0] so I just can't see how they would be willingly taking a haircut.

(Cherry on top - most of them couldn't even afford to buy their homes now on MP salary)

0: https://www.newshub.co.nz/home/politics/2021/12/the-full-lis...