New Zealand is suffering from house price inflation to which foreign buyers contribute. So it will ban sales of houses to foreigners unless they are going to live in those houses.

Rather than banning foreigners entirely from buying housing, why not tax them 10% of the assessed value each year? Most foreigners seek investment value, and this will eliminate that, so they won't buy.

A few rich people may buy property anyway, just to have another home, but they won't be numerous enough to drive up the prices that citizens must pay.

Cambridge, Massachusetts is starting to have the same problem.