During the Covid fall in in interest rates, Certainly Labour could have put a cap on residential mortgage lending and the LTV easing should not have gone ahead. In NZ especially that was an invitation for a residential land price bubble and hey presto! It happened. From April - December 2020 LTV restrictions were lifted. The RBNZ/Government waited too long before tightening LTV.
https://www.rbnz.govt.nz/regulation-...o-restrictions