New Zealand bans sales of homes to foreigners
New Zealand's parliament has banned many foreigners from buying existing homes in the country - a move aimed at making properties more affordable. The ban only applies to non-residents. Australians and Singaporeans are exempt because of free-trade deals.
New Zealand is facing a housing affordability crisis which has left home ownership out of reach for many. Low interest rates, limited housing stock and immigration have driven up prices in recent years.
[...] [Foreigners] are now banned from purchasing most types of homes - but they will be able to make limited investments in new apartments in large developments.
[...] Chinese investors have been among the biggest and most active offshore buyers of property in the New Zealand market. Also, some wealthy Americans - like Silicon Valley tech billionaire Peter Thiel - have become New Zealand citizens or have bought property in the country. Average prices in New Zealand have risen more than 60% in the past 10 years, while in Auckland - the country's largest city - they have almost doubled.
(Score: 0, Flamebait) by Anonymous Coward on Friday August 17 2018, @12:11AM (1 child)
Again with the stupid. Give it a rest already.
(Score: 0) by Anonymous Coward on Friday August 17 2018, @06:08AM
He's proposing using real estate sales on a free market to achieve one-time wealth redistribution.
Your only problem with it is that it's anti-capitalist/globalist, i.e. your 1%er masters will be indirectly harmed by a handful of proles rising above their station in life.