New Zealand Bans Sale of Homes to Foreigners
(WorldNews New Zealand)

New Zealand`s Parliament voted on Wednesday to take a large step to fight against the expensive housing market across the country by banning most non-resident foreigners from purchasing existing homes or residential land, according to National Public Radio. The bill`s supporters said the measure was needed to correct the domestic housing market which has seen house prices skyrocket along with rents as home ownership fell dramatically across the last decade. The lawmakers said by reducing the number of potential buyers, they would help ease the property shortage across the country. `If you`ve got the right to live in New Zealand permanently, you`ve got the right to buy here. But otherwise...