Right now the only response to the crisis from the major parties seems to be thinking slowing down would be a good idea. We are long past the point where a slowdown is adequate and significant devaluation is needed. This will require a multipronged approach as the housing crisis is anything but simple and the finger cannot be pointed at just immigrants, just residential investors or just Auckland. Geoff Simmons wrote an excellent article on this not long ago and support for effective policies to be enacted will hopefully be a cornerstone of policy.