New Zealand MPs pass law to ban many non-resident foreigners from buying existing homes

New Zealand’s parliament passed a law on Wednesday to ban many non-resident foreigners from buying existing homes, completing the Labor-led government’s election campaign pledge. Prime Minister Jacinda Ardern campaigned before September’s election on a promise to clamp down on house price growth and reduce high rates of homelessness, in part by banning foreign buyers. Foreign ownership has attracted criticism in recent years as New Zealand grapples with a housing crunch that has seen average prices in the largest city, Auckland, almost double in the past decade and rise more than 60 percent nationwide, Reuters reports. The government slightly relaxed the proposed ban in June so that non-residents could still own up to 60 percent of units in large, newly built apartment buildings but would no longer be able to buy existing homes.