John Laurent sits in his Auckland apartment in 2007. He had bought it a few years earlier as a second home. His situation was not unusual – many apartment owners live outside the city and stay in their apartment when visiting. A large proportion of inner-city apartments are owned by investors seeking rental income. In the recession of 2008–9 many investors got burnt when real-estate prices plummeted.
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New Zealand Herald
Photograph by Sylvie Whinray
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