NG debate, page-5

It's not how many homes are built per capita that's important, it's the number of homes built compared to population growth.
You can have a high level per capita built but still have an annual shortfall if you have high levels of migration & thus high population growth.

Restricting NG to new builds only going forward isn't going to solve the housing crisis if the number of homes built doesn't increase.
In fact changing NG without increasing supplies of inputs will just increase demand for labour & materials & further push up the price of housing.

The migration stream needs to be tailored specifically to increase the number of construction workers first (& reduce overall migration), then change NG to only to new builds.
That will increase the supply of housing & improve affordability.