New Zealand Bans Home Sales To Most Foreigners: 'It's Not A Right, It's A Privilege'
Squeezed by high prices and low homeownership, the country's housing market has become a big concern for New Zealanders. As part of their solution, lawmakers took aim at buyers beyond their borders.
Determined to combat New Zealand's lofty housing prices, the country's lawmakers have trained their aim at a distant target: the buyers beyond their borders. By a close vote Wednesday, the Parliament passed a law banning most nonresident foreigners from purchasing existing homes or residential land.
The goal is simple, according to the bill's backers: to correct a domestic housing market that
