New Zealand’s restrictions on ownership are worth considering here if the housing market is to be reformed
Last week, New Zealand banned non-resident buyers from purchasing existing homes, to make housing more affordable for its citizens. It joins Switzerland, which has also banned non-residents from outside the EU from buying property. Several other jurisdictions around the world, including Hong Kong, Singapore and British Columbia in Canada impose restrictions or surcharges. Political interest is growing in these sorts of measures here: in its 2017 manifesto, the Labour party pledged to give local people “first dibs” on new homes in their area.
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