Chinese buyers expand their reach in the US housing market as the middle class gets in on the actJan 9
- Intel smarmyWe should place heavy taxes on foreign nationals buying properties in the US unless they plan to reside in them full time.
- Apple fu manchuI 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 94
- On my street in Seattle every house that went up for sale in the last 5 years was bought by an Asian family.
- 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.
- How the hell is this legal!? We’re being infiltrated by these people and fucking up our housing market!
- 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.
- 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....
- 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.
- 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.
- Microsoft TheNoidSeems 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.
- Veritas KhiarLet 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?
- 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.
- Real estate to the moon! Also this sometimes works to buyers advantages, there is a lot of racist sellers out there.
- 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"?