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"Tenants on our own land" ; New Zealand bans sales of homes to foreigners

By MoneySheep following x   2018 Aug 15, 10:24am 382 views   20 comments   watch   sfw   quote     share    


This makes a lot of sense. US, particularly, California should do the same.

Do you believe affordable housing is a human right? Yes, if it strictly means the human right for its own citizens.affordably buy housing within its own country.

New Zealand's Trade and Economic Development Minister David Parker described the passage of the bill as a "significant milestone".

"This government believes that New Zealanders should not be outbid by wealthier foreign buyers," he said.

https://www.wsj.com/articles/new-zealand-bans-foreigners-from-buying-existing-homes-1534318118
1   DASKAA   ignore (3)   2018 Aug 15, 10:26am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Good idea. But only AFTER I get $3M for my shack.
2   Ceffer   ignore (1)   2018 Aug 15, 10:37am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Finally, a Crap Shack Bill Of Rights!
3   NuttBoxer   ignore (2)   2018 Aug 15, 12:41pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying.
4   bob2356   ignore (1)   2018 Aug 15, 2:03pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

NuttBoxer says
Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying


You got the decimal place wrong and you are confusing residency with citizenship. It's a 2 million usd investment plus proven business experience to apply for the NZ investor visa. After 4 years you get NZ permanent residency. After 5 years of permanent residency you can apply for citizenship. So you need to keep 2 million usd invested plus 9 years living in NZ to get to citizenship. If you have 6.5 million usd you can cut a year off of that. There are a LOT better deals out there than that for a second passport.
5   DASKAA   ignore (3)   2018 Aug 15, 2:19pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

bob2356 says
NuttBoxer says
Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying


NZ


I think he meant US.
6   bob2356   ignore (1)   2018 Aug 15, 2:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

DASKAA says
bob2356 says
NuttBoxer says
Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying


NZ


I think he meant US.


That makes no sense. There is no restrictions on foreigners buying houses in the US.
7   DASKAA   ignore (3)   2018 Aug 15, 2:39pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

bob2356 says
DASKAA says
bob2356 says
NuttBoxer says
Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying


NZ


I think he meant US.


That makes no sense. There is no restrictions on foreigners buying houses in the US.


First sentence in the OP: "This makes a lot of sense. US, particularly, California should do the same."
8   Tenpoundbass   ignore (11)   2018 Aug 15, 3:42pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Trump affect!
9   curious2   ignore (0)   2018 Aug 15, 4:01pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

MoneySheep says
affordably buy housing


In the USA, elevated prices result from (a) local zoning&planning restrictions that limit construction, and (b) federal policies designed deliberately to increase prices. We have such vast amounts of land and resources that we could build a billion affordable housing units if we had demand for that many. We need exports to balance trade, so if foreign buyers want to buy a billion housing units here, say yes. The problem is, each of those units will cost much more than necessary due primarily to Realtors(TM) and other industry lobbyists and NIMBYs twisting public policy to serve their own special interests.
10   HEYYOU   ignore (17)   2018 Aug 15, 4:20pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

No American should own a home or rent if they pay more than 10% of asking price.
All others are just stupid over payers!
11   Patrick   ignore (0)   2018 Aug 15, 7:48pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

I like the idea of restricting American land ownership to Americans, but I'm afraid such a law would just lead to sham buyers working for foreigners to get around it, and nothing would really change.
12   curious2   ignore (0)   2018 Aug 15, 8:04pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Patrick says
American land ownership


...remains legally a "tenancy" subject to the obligation to pay property tax. The voters control the amount of the tax.

If you consider the investment from a foreigner's POV, the foreigner is committing to an investment in a place where he cannot even vote, and is technically prohibited from financing campaigns. The USA has high credibility, and Prop 13 provides considerable stability, so foreigners do invest here, but the land remains ultimately subject to American control.

BTW, I think Prop 13 should be reformed but not abandoned, e.g. limit to the buyers' lifetimes or 40 years if a corporation. Stability encourages investment, but excessive stability results in distortion and malinvestment. Even iwog said he could buy a bigger place elsewhere, but chose to stay put due to Prop 13, and that's very common: people don't want to sell if it means giving up Prop 13, so supply remains restricted for that reason among others.
13   bob2356   ignore (1)   2018 Aug 15, 9:53pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

DASKAA says
bob2356 says
DASKAA says
bob2356 says
NuttBoxer says
Good idea, but if they're still allowing people to buy citizenship at $250k a pop, it's only going to stop regular foreigners from buying


NZ


I think he meant US.


That makes no sense. There is no restrictions on foreigners buying houses in the US.


First sentence in the OP: "This makes a lot of sense. US, particularly, California should do the same."


So where does 250k come in then? E5 visa is 1 million or 500k in designated high unemployment areas. Again that's just a visa, not citizenship. It's still 5 years to citizenship.
15   DASKAA   ignore (3)   2018 Aug 16, 12:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

bob2356 says
So where does 250k come in then?


NFI
16   bob2356   ignore (1)   2018 Aug 16, 1:54pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

NuttBoxer says
This is what I was referring to, but I remembered a lower number
https://www.telegraph.co.uk/expat/expatlife/6515584/Buy-your-way-into-New-Zealand-for-658000.html


The article is almost 10 years old. The laws have changed. NZ upped the amounts and days in country since then.
17   MisterLefty   ignore (0)   2018 Aug 16, 3:02pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MoneySheep says
Yes, if it strictly means the human right for its own citizens.
But not illegals.
18   AntiOcasioCortez   ignore (0)   2018 Aug 16, 3:19pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Love the argument over California should do this.

California can not do this. Not w/o approval from Congress. Levying such a tax is a federal matter, not state. Canadian provinces, on the other hand, can do this. Such is one of the differences between US and Canadian federalism.
19   NuttBoxer   ignore (2)   2018 Aug 17, 11:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

AntiOcasioCortez says
Such is one of the differences between US and Canadian federalism.


Wasn't so different at our country's founding. Civil War put an end to States first.
20   AntiOcasioCortez   ignore (0)   2018 Aug 17, 11:46am   ↑ like (1)   ↓ dislike (0)   quote   flag        

NuttBoxer says
Civil War put an end to States first.


Even before the Civil War they couldn't do it. The Constitution has been quite clear starting on Day One on who regulates international commerce and immigrants.

This was one of the big changes between the Constitution and the Articles of Confederation before it.




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