Seems the evidence is inconclusive on whether buildings lose value in
NZ <https://www.nzherald.co.nz/business/inland-revenue-scathing-of-plan-to-disallow-depreciation-deductions-for-commercial-and-industrial-property/667KWK5PAFDCROPLQQFQNMCCUY/>:

Treasury analysis done in 2010 found on average, buildings in New
Zealand hadn’t depreciated in market value between 1994 and 2008.
However, international evidence strongly suggests buildings do
depreciate.

So the upshot was that John Key’s government said businesses could not depreciate their buildings, and Ardern’s government reversed this. And
now Luxon wants to reverse it again.

So which should it be? Should businesses be allowed to depreciate
buildings, or not?

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