SoylentNews is people
SoylentNews
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: 2) by JoeMerchant on Friday August 17 2018, @05:29PM
Property tax is an awesome method of wealth extraction... just look at all the empty beachfront mansions in Florida - it's a huge income base for the counties, and nearly 100% of that money is coming into the county from the outside. Not only do they pay property taxes, but they also don't "tax" the infrastructure since they're rarely, if ever, there - no additional traffic on the roads, especially no additional children in the public schools, etc.
Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/