Labour to defy TPP on property ownership?

• notices and features
• 9 years ago
• Categories: Globalisation, grant robertson, housing, labour, leadership, trade
• Tags: foreign ownership, housing, sovereignty, tpp, TPPA

If this report is accurate it opens an interesting can of worms!

Labour threatens to defy TPP property provision

The Labour Party is threatening to defy a key provision of the Trans-Pacific Partnership (TPP) if it becomes the next government.

The agreement prohibits current and future governments from blocking foreign investment in most forms of property.

But under Labour Party policy, people from overseas should be allowed to buy property only if they plan to live here permanently, or build a new house rather than buy an old one.

At present, foreigners can buy any property in New Zealand unless it is sensitive land or some other category that comes under the control of the Overseas Investment Office. The TPP would cement this open-door policy for property buyers from signatory nations.

Labour Party finance spokesman Grant Robertson said he would not be bound by this provision. “We want to reserve the right to legislate in the best interests of New Zealanders,” he said. “We think it is in the best interests of New Zealanders to give all of us a fair go at buying our own home and if that requires passing legislation to limit overseas buyers from purchasing land and housing, then we want to be able to go ahead.”

…

“There are consequences if we make a law, if that goes against the agreement. We have to look at all those and balance them up.”