Plans to tackle Queenstown's lack of affordable housing have been partially scuppered by possible changes to the Overseas Investment Act. Queenstown Lakes Community Housing Trust executive officer Julie Scott confirmed one foreign investor, who was prepared to finance 50 new apartments in Frankton, has pulled the pin on the transaction. ``However, about three weeks ago the investor behind that product told us it was no longer available because of the proposed offshore buyers legislation. Changes proposed in the Overseas Investment Amendment Bill would mean only citizens and permanent residents would be able to buy property without being screened by the Overseas Investment Office. ``Government is setting out to assist with affordable housing but at the same time they are pushing forward legislation that is actually harming our ability to do something about affordable housing.

Source: Otago Daily Times March 26, 2018 15:56 UTC