Mike Hosking: Government's ban on foreign house buyers hopelessly wrong

So the question now is, how many objectors does it take? How many rational, professional, successful, influential players in the market does it take for the Government to wake up and realise ideology is not a blue print for sensible policy?

The committee hearing submissions on the Government's foreign housing ban has been hearing day after day the various reasons as to why what they're doing is wrong.

The latest is a bloke called Ric Kayne. He's an American billionaire, but a New Zealand resident. He's developed a golf course, Tara Iti, which is widely regarded as one of the best in the world, and is part of our ever growing portfolio of places and facilities that attract the world's wealthy to come here, holiday and spend money, create jobs and drive the economy. Ric says if this ban goes ahead, his expansion plans are over.

He joins a couple of retirement industry heavyweights who, because they're publicly listed, will require Overseas Investment Office clearance every time they do something.

They join Northland and Central Otago, who pleaded over the economic advantages brought by major international players and the multi million dollar mansion market, and Fletchers, which argued for all possible avenues financing wise.

In other words, foreign money to remain open so companies like theirs can build the homes we so desperately need to address the shortage. All these people cannot be wrong. In fact, anyone with a brain knows all these people aren't wrong.

Now here's the test for the Government: will it listen? And it's a real test for the so-called democratic process of select committees.

Select committees are designed to take a broad piece of legislation and refine it in areas that are shown to be flawed. Ideally, the flaw would be shown to be the entire idea.

That's not likely to happen, but let's hope at least a decent chunk of this information is listened to and acted upon, because this is the danger of this Government. Ideology will kill them.

They have no experience in the real world, only five of them have ever been in a Cabinet. From the Labour point of view, I can't think of any of them that have ever actually done anything in the private sector. Owned a business, employed people? You know, dealt with the real world?

And given that surely they can't be so arrogant as to ignore the many who have and do - and have lined up to tell them this idea is nuts. Between this and their education reforms, they run the country not on proof or outcomes or experience or fact, but on theory, ideology, stuff you read in a book in a lecture theatre.

Having foreign money in the housing or construction market isn't bad news. Having foreigners set up shop here brings money and experience we will never replicate locally.

The same way we need free trade, we need the free flow of money. And the big money is out in the world - not sitting here under mattresses. This isn't complicated, and yet it's being made that way.

This is a mistake, and will harm the country. How long do you want that line of people all telling the Government the same thing?