Politics

Chinese buyers expand their reach in the US housing market as the middle class gets in on the act

Google gt6N14
Jan 9

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  • Intel smarmy
    We should place heavy taxes on foreign nationals buying properties in the US unless they plan to reside in them full time.
    Jan 99
    • Salesforce TeaSea
      Like super heavy
      Jan 9
    • Microsoft seniorthis
      Heavy! Like 80%
      Jan 9
    • New HBhogle
      Haha like they are gonna do that

      Deal give me Citizenship when I buy the house
      Jan 9
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
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      DoTheNeedymore
      Why is that? They are helping pump up house prices. We would give tax discounts to foreign nationals.
      Jan 9
    • Intel smarmy
      Pumping up and pricing out the citizens who live there. It’s unnatural. If Americans can buy property in China, it would be different. Not even Chinese can buy property in china.
      Jan 9
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
      Facebook
      DoTheNeedymore
      But it benefits citizens who already own. Only hurts people who moved here recently.

      I'm guessing it benefits me and hurts you, so I'm guessing you want the laws changes to benefit you (just like I want laws to benefit me). You're not so concerned about citizens.
      Jan 9
    • Intel smarmy
      I own a house. I bought 2 months ago. It would hurt me for sure long term but would be better for my friends, future generations, and my other citizens.
      Jan 9
    • Apple fu manchu
      I agree with this too and I recently bought as well. I’d take a hit, but it’s better for citizens in the long run to not have foreign money Parkers overinflated the housing market. Most of them don’t even live in the homes. There’s a beach I go to back home in OC that has a new luxury development that’s over 1/2 owned by wealthy Chinese money parkers who don’t even live there. The homes cost around 20 million and are completely empty. Not even furniture in them. HOA comes by to do the landscaping and that’s it.

      Toronto did the right thing by taxing foreign buyers. Housing was unbelievably overpriced. It now is reflecting actual supply and demand of the local population, which is how it should be.
      Jan 9
    • Intel UGeJ58
      I agree with a tax. Very opinion based, but I read recently that some overseas drug rings are using US property as a way to launder money.

      I'm not ultra-paranoid about that, but it does make sense given the purchases of the highest American property values
      Jan 9
  • Microsoft / Eng
    MP3

    MicrosoftEng

    BIO
    Troll living under the I-5 overpass
    MP3more
    On my street in Seattle every house that went up for sale in the last 5 years was bought by an Asian family.
    Jan 93
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
      Facebook
      DoTheNeedymore
      So your street is a lot safer now!
      Jan 9
    • Microsoft / Eng
      MP3

      MicrosoftEng

      BIO
      Troll living under the I-5 overpass
      MP3more
      We had an armed robbery nearby recently as well as car break-ins, one right in front of my house. Had packages stolen from the front porch. It is a very quiet street with little traffic and otherwise (used to be?) safe neighborhood.

      And for the record, it is Asian families with kids who are living in all those sold houses.
      Jan 9
    • Microsoft / EngTc292k
      So? The only problem is see is that you're racist bozo.
      Jan 10
  • Microsoft seniorthis
    How the hell is this legal!? We’re being infiltrated by these people and fucking up our housing market!
    Jan 99
    • Facebook public2
      Why would it be illegal? You want to tell free Americans what they can and cannot do with their property? Good luck
      Jan 9
    • Indeed lissomjust
      Ultraliberal public2 pretends they like freedom and shows typical ignorance about how something works in the rest of the world.
      Jan 9
    • Intel UGeJ58
      The other countries are protecting themselves from the same problem. Americans would come into poor and rural Mexican communities buying vacation homes along the coast. It will boom and surge property value making areas of Mexico American havens where English is required to have a service industry job. On top of that, the only property left to those workers is a slum apartment because they can't afford land and a modest home. Commodities(toothpaste, food, clothes) in their community are now so expensive, that they travel 20-30 miles inland for cheaper goods and services. Those poor Mexican families are likely on land that has been owned by their families for 2-3+ generations and are now edged out of their communities due to the influx of foreign money that surges local pricing, but not necessarily wages.
      Jan 9
    • Facebook public2
      Americans do buy large houses in expat communities in mexico. Rosario is almost exclusively rich Californians.
      Jan 9
    • Facebook public2
      Please enlighten is indeed! Tell us how taking away freedom makes us more free.
      Jan 9
    • Microsoft seniorthis
      Public2 - we’re talking about foreign interests buying property. Not Americans buying property.
      Jan 9
    • Apple hMWF54
      It is called free market
      Jan 10
    • Facebook public2
      So you want to close the market senior?
      Jan 10
    • Microsoft / EngTc292k
      Just like Trump buys property in Russia right seniorthis?
      Jan 10
  • Microsoft seniorthis
    Owning property used to be a right as a citizen. Now any fucker can just pop over here and buy? Wtf? No other country is that lax....

    🤦🏻‍♂️
    Jan 94
    • Microsoft pJcW86
      Owning property is a right? Oh where is that in the Constitution? I want to claim my right!
      Jan 9
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
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      DoTheNeedymore
      You're getting it wrong. If you owned property, you were considered a citizen and allowed to vote.

      We could go can to those "good times" and offer citizenship to all the foreign buyers.
      Jan 9
    • Microsoft pJcW86
      Except this isn't Roman or Greece
      Jan 9
    • Microsoft / EngTc292k
      Lolol. Seniorthis, you idiot, educate yourself. Did you not hear about Trump buying property in Russia and Saudi Arabia?
      Jan 10
  • Microsoft UMbR31
    Oracle 'Alive' failed to spook them via his Blind posts
    Jan 91
  • Just a warning, this happened in Canada and Australia but after the Chinese government started cracking down on cash flows out of the country and those respective countries added a small tax on foreign investment to counter increased cost of living for locals, the overall market dropped in response.

    TL;DR upward price pressure is not long term and property is usually a long term investment.
    Jan 90
  • Intuit . 🤖
    Our low interests rates have had far more influence on our housing market than foreign buyers.

    This is picking a needle out of a haystack.
    Jan 95
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
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      DoTheNeedymore
      Are you crazy? If we don't blame to the poor or the foreigners, we'd have to take responsibility for our own problems.
      Jan 9
    • Intuit . 🤖
      You’re underestimating how happy I’d be to blame the fed because I honestly think it’s their fault.
      Jan 9
    • Intuit . 🤖
      We’re pretty debt saturated at this point so buyer demand will drop off.
      Jan 9
    • Cisco / Eng
      DoTheNeedy

      CiscoEng

      PRE
      Facebook
      DoTheNeedymore
      The fed is American. The best way to get back at it is to drive ourselves into a recession.
      Jan 9
    • Indeed lissomjust
      It would help you if you weren't so wrong.
      Jan 9
  • Microsoft TheNoid
    Seems risky as a foreigner to buy property in the US with Trump in the White House, any act of “war” and he could have foreign owned property seized without payment.
    Jan 91
    • Lol that's stupid, USA is currently already at war in about 7 countries.

      Nice fear mongering though.
      Jan 9
  • Veritas Khiar
    Let me see. You are complaining about foreign investment in housing sector in the US. Don’t forget that this would create jobs, brings capital to the US, lowers the cost of money, improves trade in balance .....

    Most countries are giving incentives for foreign investments.

    Like any business transactions, there are winners and losers.

    Again, these people are bringing money to the US and you are complaining?
    Jan 91
    • Google gt6N14
      OP
      That's because housing isn't just an investment vehicle, it's a necessity to human life like food. A massive spike of speculator money like this will just make Americans' lives harder and set up the market for another bubble and end up costing the country in the long run. Many countries limit foreign ownership of real estate for this very reason.

      The world doesn't work like a spreadsheet or Sim City.
      Jan 10
  • Facebook public2
    Real estate to the moon! Also this sometimes works to buyers advantages, there is a lot of racist sellers out there.
    Jan 92
    • Indeed lissomjust
      You mean like Chinese sellers only selling to Chinese, which as an American of Southeast Asian descent I have experienced personally?
      Jan 9
    • Facebook public2
      My experience was older white sellers specifically not selling to asian buyers but suppose that has also happened too.
      Jan 9
  • Uber / EngnYf6sJ
    If not houses, what else do you have to sell them to balance the trade?
    US spends big money, US dollars, on made in China goods.
    Now these US dollars coming back to buy houses how should you say "no you can't"?
    Jan 92
    • Microsoft / Eng
      MP3

      MicrosoftEng

      BIO
      Troll living under the I-5 overpass
      MP3more
      Windows 10 licenses, freedom. Freedom ain’t free.
      Jan 9
    • Uber / EngnYf6sJ
      Why would they buy freedom from US? They have missiles themselves
      Jan 9
  • Lyft swetool
    It’s true, try to do the same in China see how that goes
    Jan 90
  • Yelp bigfang
    Still?
    Jan 90

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