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Also, it appears that residents of New Zealand (who may be foreigners) can buy existing homes [1]. So apparently it would still work if you can move there and establish residency, but not for buying a second home while living elsewhere.

Seems pretty sensible?

[1] "The country’s proposed ban on foreign buyers, which would only apply to non-domiciles" https://www.theguardian.com/world/2017/oct/25/new-zealand-to...

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No, it seems toothless, with obvious loopholes. A sane housing market is way more important than allowing temporary residents to buy a home. They can rent until they either leave or become permanent residents.

Just look at Vancouver where incomeless foreign students are buying supermansions.

Yeah, if they're planning on allowing those with only temporary residence rights to continue to buy then the policy is useless.

It doesn't matter who's buying supermansions. Most people aren't looking to buy supermansions.

Obviously they're buying other houses as well, and not only students but other foreigners as well. This example is just a good illustration of toothlessness.

Also obvious is that increasing demand on one type of housing puts upwards pressure on the prices of other types of housing because they are (in part) substitute goods.

everything in vancouver is priced as a supermansion.

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