New Zealand First Welcomes First Step in Addressing Foreign Ownership Issues

New Zealand First is pleased that legislation banning foreign ownership of homes in this country has passed its third and final reading in Parliament.

Strengthening the Overseas Investment Act was a priority in New Zealand First’s coalition agreement with Labour. The passing into law of the Overseas Investment Act Amendment Bill yesterday is a first step in addressing this.

“We have long been concerned with the sell-off of our land and housing stock to foreign nationals. Home ownership in New Zealand has been on the decline as first-home buyers are outbid by overseas speculators who have no ties to New Zealand, and who pay no tax. New Zealanders should be able to buy their own homes rather than being tenants in their own country,” says party leader Winston Peters.

“The passing of this Act is an important milestone in securing New Zealanders’ birthright, and we are pleased Hon David Parker has moved swiftly on this issue. New Zealand should belong to New Zealanders.”

“New Zealand First looks forward to working with our partners in Government to build a comprehensive registry of foreign-owned land and housing. Accurate data is necessary to determine our next steps.”
ENDS

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