No room at end of the world
FOREIGNERS face a ban on buying homes in New Zealand after a spending splurge by millionaires seeking doomsday boltholes crowded out buyers and pushed up property prices.
Home purchases by tycoons such as tech billionaire Peter Thiel, the PayPal founder, and Matt Lauer, the former NBC host who lost his job after allegations of sexual misconduct, led the NZ Government to crack down on the trend.
The country’s allure for the mega-rich planning a safe space to ride out the apocalypse has become almost a cliche in recent years. Reid Hoffman, LinkedIn co-founder, 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 Labour Government, led by Jacinda Ardern, is blaming the apocalypse preppers for a major housing crisis, with rates of homelessness among the highest in the developed world.
The legislation banning foreigners from buying most types of homes in the country is due to pass through parliament next week.