Homebuyers hope new law will allow market to cool, helping those consigned to a life of insecurity

At 55, Gem Pritchard has given up on the dream of ever buying a home for his family. The single father’s decades of work in the construction industry have essentially come to nothing.

According to statistics New Zealand, home ownership is at the lowest point in 66 years, and on Wednesday the government passed a ban on foreign home buyers, part of a suite of measures aimed at addressing the housing and homelessness crisis.

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Read More ‘Stress is just huge’: New Zealand’s foreign buyers ban brings home scale of crisis

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