Foreigners are to be banned from buying homes in New Zealand after a spate of millionaires seeking luxury doomsday boltholes has apparently crowded out local buyers and pushed up property prices.

Following purchases by rich expats, including tech billionaire Peter Thiel - PayPal founder and early Facebook investor - and disgraced former NBC host Matt Lauer, who lost his job after allegations of sexual misconduct - the New Zealand government is preparing to crack down on the trend. 

New Zealand's allure for the mega-rich planning a safe space to ride out the apocalypse has become almost a cliche in recent years. LinkedIn co-founder Reid Hoffman told The New Yorker last year: "Saying you're buying a house in New Zealand is kind of a wink, wink, say no more." 

But the country's centre-left government, led by Prime Minister Jacinda Ardern, is blaming the apocalypse preppers for a major housing crisis in the country, with rates of homelessness among the highest in the developed world.

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