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New Zealand did that a couple of years ago. House prices continued to skyrocket as if nothing had happened. It's local people who keep buying them and paying th
by exporectomy 5y ago
New Zealand did that a couple of years ago. House prices continued to skyrocket as if nothing had happened. It's local people who keep buying them and paying through the nose.
- catmanjan 5y agoImagine if a rich king comes to a small village and insists on buying a loaf of bread from the baker for $100 rather than a penny Now the butcher knows the baker is hungry and has $100, so he ups his prices to get the most value But the butcher needs knives and the blacksmith knows he can afford more now too The kings left town but the damage has been done, will probably take some time for things to go sane again
- xenadu02 5y agoAFAIK they left a huge loophole: an NZ company can buy all the property it wants and foreigners can start or buy stakes in these companies.