New Zealand’s restriction on foreign home buyers…not coming to America any time soon.

 

New Zealand’s hot new Prime Minister, Jacinda Ardern, has taken her sex appeal to a whole new level.

 

 

 

Who says teeth aren’t sexy?

 

 

 

Not only is she a female political head of state who you’d love to “F” (PMILF?), but she actually cares about her country and is willing to exploit a little common sense in defiance of easy cash inflow.

 

 

 

Remember that first thrill of a Labour government arriving in office, armed with radical policies that eons of Conservative governments had always labelled impossible?

 

Jacinda Ardern, New Zealand’s new prime minister, has just announced a ban on selling properties to foreigners. New Zealand has become a safe haven for the world’s hyper-rich, scared that Donald Trump will start Armageddon. Buying a bolthole safe from doomsday has become the fashion in Silicon Valley, as well as among global oligarchs. New Zealand house prices shot up by 10.4% last year.

 

 

Who is buying? Gulf states, Hong Kong, Russia, Iran, Pakistan: “Most of them already have several homes,” says the [Britain’s Versace] tower’s agent.

 

Imagine instead a government arriving in office determined to chill the market and stop house prices rising above inflation. Any rise would be reported as a Treasury target failure – not, as now, another gleeful bonanza for homeowners. Charge capital gains tax on any above-inflation rice rise and people would stop regarding their homes as one-way-bet casinos.

 

 

 

I would love to see a similar policy in place in the United States, especially here in SoCal where it seems every other house is paid for with cash by Chinese nationals. The housing market here has ballooned again and very few people are able to legitimately afford a new house without becoming tragically house poor.

 

But this is the United States, and making money is as American as apple pie, regardless of the price America citizens are forced to pay to accommodate such wayward capitalism.