March 7, 2018 10:00am by David Farrar

Mike Hosking on the foreign buyers ban

Mike Hosking writes:

So the question now is, how many objectors does it take? How many rational, professional, successful, influential players in the market does it take for the Government to wake up and realise ideology is not a blue print for sensible policy?

The committee hearing submissions on the Government’s foreign housing ban has been hearing day after day the various reasons as to why what they’re doing is wrong.

The latest is a bloke called Ric Kayne. He’s an American billionaire, but a New Zealand resident. He’s developed a golf course, Tara Iti, which is widely regarded as one of the best in the world, and is part of our ever growing portfolio of places and facilities that attract the world’s wealthy to come here, holiday and spend money, create jobs and drive the economy. Ric says if this ban goes ahead, his expansion plans are over.

Note that Ric Kayne is a NZ resident. But the Government’s proposed law would require him to be treated as a foreigner.

They join Northland and Central Otago, who pleaded over the economic advantages brought by major international players and the multi million dollar mansion market, and Fletchers, which argued for all possible avenues financing wise.

In other words, foreign money to remain open so companies like theirs can build the homes we so desperately need to address the shortage. All these people cannot be wrong. In fact, anyone with a brain knows all these people aren’t wrong.

The Government says their ban will make housing more affordable. It is more likely to just lead to fewer houses being built.

That’s not likely to happen, but let’s hope at least a decent chunk of this information is listened to and acted upon, because this is the danger of this Government. Ideology will kill them.

They have no experience in the real world, only five of them have ever been in a Cabinet. From the Labour point of view, I can’t think of any of them that have ever actually done anything in the private sector. Owned a business, employed people? You know, dealt with the real world?

The front bench is almost devoid of people who have done anything except politics or public sector work. In order they are: