Over the last couple of years, a once well-kept secret began to gain traction in New York media outlets: wealthy American investors, including VCs and hedge fund managers, had begun snapping up tracts of land in New Zealand, largely out of fear that a Trump administration could have a destabilizing effect on an already polarized United States but also owing to growing concerns about climate change and other impending disaster scenarios.

Now, facing a growing backlash over rising housing prices, New Zealand’s parliament has banned non-residents from purchasing most types of homes, aside from new apartments in large developments.

(Australians and Singaporeans are exempt because of free-trade deals.)

The bill, passed narrowly yesterday, was reportedly heralded by New Zealand’s Trade and Economic Development Minister David Parker as a “significant milestone.”

Said Parker, “This government believes that New Zealanders should not be outbid by wealthier foreign buyers .

Whether it’s a beautiful lakeside or ocean-front estate, or a modest suburban house, this law ensures that the market for our homes is set in New Zealand, not on the international market.”