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Thread: Foreigners face ban on buying homes in New Zealand

  1. #1

    Foreigners face ban on buying homes in New Zealand

    https://www.telegraph.co.uk/news/201...ypse-bolthole/

    Foreigners face ban on buying homes in New Zealand after apocalypse bolthole fad hikes prices

    Foreigners are to be banned from buying homes in New Zealand after a spate of millionaires seeking luxury doomsday boltholes has apparently crowded out local buyers and pushed up property prices.
    Following purchases by rich expats, including tech billionaire Peter Thiel - PayPal founder and early Facebook investor - and disgraced former NBC host Matt Lauer, who lost his job after allegations of sexual misconduct - the New Zealand government is preparing to crack down on the trend.
    New Zealand's allure for the mega-rich planning a safe space to ride out the apocalypse has become almost a cliche in recent years. LinkedIn co-founder Reid Hoffman told The New Yorker last year: "Saying you're buying a house in New Zealand is kind of a wink, wink, say no more."
    But the country's centre-left government, led by Prime Minister Jacinda Ardern, is blaming the apocalypse preppers for a major housing crisis in the country, with rates of homelessness among the highest in the developed world.
    Ms Ardern’s Labour party is adamant that a law change banning foreigners from buying most types of homes in the country - due to pass in parliament next week - will help damp down property prices, along with their plans to build 100,000 affordable housing units in a decade, resolve New Zealand’s zoning and infrastructure woes, and bolster its ailing construction industry.


    The bill banning foreign buyers has been reeled in from an earlier, stricter, version, and will now allow foreigners to buy new apartments in large developments and multi-storey blocks. Existing homes remain off limits to non-residents, but people from Australia and Singapore will be exempt from the ban, due to free trade rules.




    David Parker, Minister for Trade and Economic Development, who is responsible for the bill, said it wasn’t just about house prices.
    “In this world of concentrating wealth, we don’t want this coterie of ultra-wealthy people overseas being able to outbid successful New Zealanders for what is our birthright, not theirs,” he said.
    Some economists, along with the International Monetary Fund, question whether that is actually happening in New Zealand. Official figures released in June showed just 3.3 percent of properties that changed hands in the first three months of the year were bought by foreigners.
    But in central parts of Auckland, New Zealand’s largest city - which regularly features on Demographia International’s list of least affordable places to live - international buyers made up 18.7 percent of purchases. And around Queenstown, a glamorous South Island resort town, 9.7 of properties changing hands went to foreigners.
    “But house prices have increased everywhere,” said Shamubeel Eaqub, a housing economist with Auckland consultancy Sense Partners.


    He agreed there could be some kind of cascading effect from the new law, as removing buyers from the most lavish end of the market freed up properties further down the chain, “but it’s a question of whether you think it’s big enough to move the dial on house prices,” he said. “I struggle with it.”





    Chinese residents are the most common property-buying foreigners, followed by those from Australia, Britain, and Hong Kong. But since US President Donald Trump’s election, it has increasingly been wealthy Americans buying up doomsday boltholes in New Zealand who have made international headlines.
    Graham Wall, an Auckland-based real estate broker whose clients have included the Sultan of Brunei and Mr Thiel - who was controversially given citizenship after spending just 12 days in the country - said the wealthy foreigners he deals with are skittish about the new law.
    "People are surprised and bemused, having been so welcome here, and they cannot understand the new hostility," he said.
    Rich foreign landowners had created thousands of jobs for New Zealanders and generated billions of dollars of tourism spending, said Mr. Wall, who added that they also donated to local schools and community events.
    Many of the rich-listers whose names are mentioned in such conversations own property in or near idyllic Queenstown in New Zealand’s South Island, where middle- class people struggle to afford housing.
    Pfizer Macht Frei!

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  3. #2
    Quote Originally Posted by Danke View Post
    But in central parts of Auckland, New Zealand’s largest city - which regularly features on Demographia International’s list of least affordable places to live - international buyers made up 18.7 percent of purchases.
    Rumor has it, via someone who works in the title industry, that 80% of purchases in the San Francisco-San Jose region are by foriegn nationals.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

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    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  4. #3
    There was a radio show on today, or better described as an hour long infommercial for real estate. It’s called “Real Estate Today”, and features a lot of “content” from the national association of realtors.

    They went on for quite a while about foreign investment in US residential real estate. They said that the largest group (majority?) of home buyers in the US today are Chinese nationals. They were celebrating this fact, because it will serve to further inflate the real estate bubble.They were even more happy to say that the Chinese real estate bubble is still bigger and more expensive in China, thus houses in the US are cheap to them.

    Nothing like a good bubble. Buy now!
    Last edited by Brian4Liberty; 08-11-2018 at 04:23 PM.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  5. #4
    Quote Originally Posted by Brian4Liberty View Post
    Nothing like a good bubble. Buy now!
    We always get 6%, no matter how ridiculous the price.

  6. #5


    Just watched this like two days ago. Basically, their economy shifted from cooperative to competitive shortly after Nixon took us off the gold standard and their own banks were deregulated, allowing investors to come in and make money off their stock market instead of by creating jobs, which drove housing prices thru the roof.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  7. #6
    Quote Originally Posted by Brian4Liberty View Post
    There was a radio show on today, or better described as an hour long infommercial for real estate. It’s called “Real Estate Today”, and features a lot of “content” from the national association of realtors.

    They went on for quite a while about foreign investment in US residential real estate. They said that the largest group (majority?) of home buyers in the US today are Chinese nationals. They were celebrating this fact, because it will serve to further inflate the real estate bubble.They were even more happy to say that the Chinese real estate bubble is still bigger and more expensive in China, thus houses in the US are cheap to them.

    Nothing like a good bubble. Buy now!
    The largest group of FOREIGN buyers are Chinese. Foreign buyers only bought 8% of US real estate (in dollar terms). They tend to buy more expensive properties. China bought about one quarter of the foreign purchased homes (which would be about two percent of all US homes sold in that time period).

    http://themreport.com/daily-dose/07-...housing-market

    Foreign Investments and the U.S. Housing Market

    The effects of rising home prices and low inventory in the U.S. housing market are not only being felt domestically. The National Association of Realtors' (NAR’s) annual “Profile of International Transactions in U.S. Residential Real Estate” report found that those same nagging market conditions led to a 21 percent decline in foreign home purchases in the United States this spring, compared to a year earlier.

    According to the survey, foreign buyers and recent immigrants accounted for 8 percent of the $1.6 trillion existing home sales in March. That's down from 10 percent over the 12-month period that ended March 2017.

    The data, however, may need a grain or two of salt. Lawrence Yun, Chief Economist at NAR, said that after a surge in 2017, the market steered closer to levels seen in 2016.

    “Inventory shortages continue to drive up prices and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes,” Yun said.

    Five countries accounted for half the international dollars pumped into U.S. purchases. More than half of those dollars came from China, which spent $30 billion on U.S. real estate in March, according to NAR. Canada, India, Mexico, and the United Kingdom combined spent just over $29 billion on U.S. properties.

    Chinese buyers purchased the most expensive properties, with a median price of $439,100, according to the report. But foreign buyers do tend to veer towards more expensive tastes. The median price for a foreign buyer was $292,400, compared to the median price for all existing homes, which was $249,300, the report stated.
    Last edited by Zippyjuan; 08-12-2018 at 02:08 PM.

  8. #7
    So what Zippy says is it just fine for 1% to own 80% of the wealth. Its okay because its not 80% but only 9%, even though the bottom 50% own nothing.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  9. #8
    I really have no idea why new zealand would be thought to be the place to be to weather a storm.
    Do something Danke



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  11. #9
    Quote Originally Posted by oyarde View Post
    I really have no idea why new zealand would be thought to be the place to be to weather a storm.
    I think it has to do with theoretical Nuclear Fallout patterns.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #10
    Quote Originally Posted by DamianTV View Post
    So what Zippy says is it just fine for 1% to own 80% of the wealth. Its okay because its not 80% but only 9%, even though the bottom 50% own nothing.
    Maybe the government should do something about that. Redistribute wealth more evenly?

  13. #11
    Quote Originally Posted by Zippyjuan View Post
    Maybe the government should do something about that. Redistribute wealth more evenly?
    If they just stopped helping the .01% steal from everyone else things would work out on their own comrade.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #12
    Quote Originally Posted by oyarde View Post
    I really have no idea why new zealand would be thought to be the place to be to weather a storm.
    https://www.heritage.org/index/ranking

    Number 3 behind Hong Kong and Singapore in economic freedom. I think they let you buy citizenship too.

  15. #13
    Quote Originally Posted by Swordsmyth View Post
    If they just stopped helping the .01% steal from everyone else things would work out on their own comrade.
    Trump will take care of that. He loaded up on billionaires when he set up his cabinet and most of his tax cuts go to the wealthy. Because he cares about the little guys- eh, Komrade?

    https://www.newsweek.com/2017/04/14/...on-579084.html
    Last edited by Zippyjuan; 08-13-2018 at 03:28 PM.

  16. #14
    Quote Originally Posted by Swordsmyth View Post
    I think it has to do with theoretical Nuclear Fallout patterns.
    They will have to eat tainted fish .
    Do something Danke

  17. #15
    Quote Originally Posted by Zippyjuan View Post
    Trump will take care of that. He loaded up on billionaires when he set up his cabinet and most of his tax cuts go to the wealthy. Because he cares about the little guys- eh, Komrade?

    https://www.newsweek.com/2017/04/14/...on-579084.html
    The little guy doesn't pay taxes. Any tax cut will go mostly to the wealthy

  18. #16
    New Zealand, like the other very few top places around the world ranked as the best to live, have not lost their collective minds, yet.

    They realize that opening the door to billionaire autocrats is just as damaging to the health and culture of a unique and small environment, as it is allowing massive migrations of hostile and radically different aliens.

    Wish we could learn that lesson.



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  20. #17
    I think we can see the problem:

    "Auckland boasts more boats per capita than anywhere else in the world."
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


    Quiz: Test Your "Income" Tax IQ!

    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  21. #18
    Quote Originally Posted by Danke View Post
    I think we can see the problem:

    "Auckland boasts more boats per capita than anywhere else in the world."
    So , just a bunch of rich pirates ? Maybe you should secure us a vacation spot there and I can teach them to play poker .
    Do something Danke

  22. #19
    Quote Originally Posted by Swordsmyth View Post
    If they just stopped helping the .01% steal from everyone else things would work out on their own comrade.
    That's not the problem. The problem is the 90% stealing from the 10%. Just look at the tax code and the federal budget for proof.

    The banking system is another story.

  23. #20
    Quote Originally Posted by Zippyjuan View Post
    Maybe the government should do something about that. Redistribute wealth more evenly?
    First of all most of the government wealth redistribution is from the rich to the poor. Second, government's job should be to protect its citizens from theft, not engage in it.

  24. #21
    Quote Originally Posted by oyarde View Post
    They will have to eat tainted fish .
    Nah they'll just have to learn to eat mutton.

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  25. #22
    "Lies, damned lies, and statistics."

    The data on foreign buyers is weak. And likely underplays their influence.

    Back in 2006, about 10 percent of California single-family homes were purchased in all-cash transactions, according to the real estate data firm ATTOM Data Solutions. A decade later, it’s nearly 25 percent. That means a quarter of California’s extremely tight housing inventory is unlikely to go to households like the Rothenbergs—moderate-income families who need a mortgage to buy a home.
    ...
    “My guess would be that it’s flipped and that foreign buyers are now having a bigger impact than institutional investors,” said Daren Blomquist, senior vice president at ATTOM.
    ...
    Let’s start with this major caveat: Foreign buyer real estate data is not good. California sales deeds don’t require a buyer or seller to disclose citizenship or residency status. So analysts rely on rough proxies for foreign ownership.

    ...data relies on a survey of realtors, and could be undercounting.

    “For one thing, the survey is conducted in English,” said Oscar Wei, senior economist for the California Association of Realtors. “So if you have Chinese buyers and Chinese agents, they may not necessarily want to participate in a survey written in English.”

    Wei also acknowledges that Realtors may not always know the citizenship status of their clients, and that the timing of the survey could bias the overall results towards domestic buyers.
    ...
    The housing market in Vancouver, Canada resembles many California cities. Costs for single-family homes and condos have skyrocketed, making the city and its surrounding suburbs among the priciest places to live in North America.

    Vancouver homes have also been a favored destination of overseas investment, primarily from China. Many residents fretted about the influence of foreign dollars on the city’s limited housing stock, but although good data was scarce, experts figured foreign buyers accounted for about 5 percent of home purchases.

    Two years ago, under intense pressure from Vancouver residents, the British Columbia provincial government began mandating that homebuyers disclose citizenship on sales documents. The data revealed that in fact, 10 to 15 percent of houses were going to neither Canadian citizens nor permanent residents.
    ...
    https://calmatters.org/articles/data...-neighborhood/
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  26. #23
    Quote Originally Posted by Anti Federalist View Post
    New Zealand, like the other very few top places around the world ranked as the best to live, have not lost their collective minds, yet.

    They realize that opening the door to billionaire autocrats is just as damaging to the health and culture of a unique and small environment, as it is allowing massive migrations of hostile and radically different aliens.

    Wish we could learn that lesson.
    I don't know. Seems like most of America is full of nationalist police state loving Federalists such as yourself. Your delusion is fairly common. Though it would probably be more accurately called brainwashing, but if you cared about facts you wouldn't love the jackboots and hate free market capitalism.

  27. #24
    Quote Originally Posted by Madison320 View Post
    First of all most of the government wealth redistribution is from the rich to the poor. Second, government's job should be to protect its citizens from theft, not engage in it.
    Government cannot exist without theft. All forms of taxation are theft and extortion.



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  29. #25
    Quote Originally Posted by PierzStyx View Post
    Government cannot exist without theft. All forms of taxation are theft and extortion.
    True but governments will always exist in some form everywhere. Therefore the best thing to do is try to keep them small.

  30. #26
    Quote Originally Posted by Madison320 View Post
    That's not the problem. The problem is the 90% stealing from the 10%. Just look at the tax code and the federal budget for proof.

    The banking system is another story.
    But the .01% profit off the programs that let the poor steal from everyone else, if they didn't those programs would be over faster than you could blink even if it took a military coup to pull it off, welfare voters are a problem but the oligarchs are always the root problem.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  31. #27
    Quote Originally Posted by PierzStyx View Post
    I don't know. Seems like most of America is full of nationalist police state loving Federalists such as yourself. Your delusion is fairly common. Though it would probably be more accurately called brainwashing, but if you cared about facts you wouldn't love the jackboots and hate free market capitalism.
    Freedom can't exist without cooperation and defense against outsiders who do not believe in it.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  32. #28
    Quote Originally Posted by Swordsmyth View Post
    But the .01% profit off the programs that let the poor steal from everyone else, if they didn't those programs would be over faster than you could blink even if it took a military coup to pull it off, welfare voters are a problem but the oligarchs are always the root problem.
    I think it's the other way around. I think the welfare voters are the root problem. Welfare voting leads to socialism. Socialism leads to a small minority getting wealthy from political connections (the .01% you're talking about).

    If I'm right the cure is to deny welfare recipients the right to vote. If you're right what would be the cure? The problem I have with your theory is that many people like Zippy and TheCount think that welfare voting is necessary to "balance the power" that you're talking about. If anything they seem to think the cure is to get even more of the dependent class to vote.

  33. #29
    Quote Originally Posted by Madison320 View Post
    I think it's the other way around. I think the welfare voters are the root problem. Welfare voting leads to socialism. Socialism leads to a small minority getting wealthy from political connections (the .01% you're talking about).

    If I'm right the cure is to deny welfare recipients the right to vote. If you're right what would be the cure? The problem I have with your theory is that many people like Zippy and TheCount think that welfare voting is necessary to "balance the power" that you're talking about. If anything they seem to think the cure is to get even more of the dependent class to vote.
    The welfare voters didn't exist until the oligarchs created them as a tool, we must deny them the vote in order to take that tool from the oligarchs, we must also then guard against the oligarchs other tools and methods which they would resort to such as neo-fuedalism, I believe that that they are preparing to blame all the problems in the world on "democracy" and create a neo-fuedal "New World Order" after having used "democracy" for all they could get out of it.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  34. #30
    Quote Originally Posted by Swordsmyth View Post
    The welfare voters didn't exist until the oligarchs created them as a tool, we must deny them the vote in order to take that tool from the oligarchs, we must also then guard against the oligarchs other tools and methods which they would resort to such as neo-fuedalism, I believe that that they are preparing to blame all the problems in the world on "democracy" and create a neo-fuedal "New World Order" after having used "democracy" for all they could get out of it.
    At least we agree on the cure.

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