New Zealand Parliament has passed a law to ban many non-resident foreigners from buying existing homes, completing the Labour-led government's election campaign pledge, reports Otago Daily Times (15 August 2018). Prime Minister Jacinda Ardern campaigned before the election in September last year on a promise to clamp down on house price growth and reduce high rates of homelessness, in part by banning foreign buyers. Foreign ownership has attracted criticism in recent years as New Zealand grapples with a housing crunch that has seen average prices in the largest city, Auckland, almost double in the past decade and rise more than 60% nationwide. House price growth has tapered off in the past year in part due to restrictions imposed on lending by the central bank, which was becoming alarmed at the potential financial stability risk of an overheated market.