blackNmild
155593
1890
30
According to the National Association of Realtors.
Jul 23, 2022 1:45 PM
blackNmild
155593
1890
30
According to the National Association of Realtors.
NotThatPrivate
no one should be allowed to hoard homes until everyone has one
AHundredBillionBottles
We used to worry the Saudis were doing this. Before them the Japanese. If you go back far enough it was the English, French, Dutch & Spanish
BisquiteenTrisket
Canada also. Making it impossible for Canadians to buy a house. Still not even a high priority for any of our parties.
TheWarHymn
Seems whenever Americans have problems, the first group they blame are foreigners.
1966flodur
This is the right wing excuse alway blame the foreigners thats also the same world wide. But the rich are the real problem
Ifacatsbuttholeisonly2inchesoffthegroundwhyisitalwaysateyelevel
It's no lie, fuckers gobbled up a ton of real estate in the Bay Area
koflan
Don't worry, the free market will save us any day now!
thevortexmaster
insertwittyjoke
I'm renting a place in BC owned by people living in Asia. Every place in the area is valued at over 2 million dollars. Locals are fucked
PenguinNamedWobbles
A while back, maybe 4 or 5 years, a Chinese crime ring bought a few hundred houses and made them growing houses for weed. The power use gave
PenguinNamedWobbles
Them away. The federal government captured over 100 homes in one operation. Maybe home prices should be like out of state tuition.
arthurvanhoudt
Vancouver also seems to be a hot spot for Chinese buyers.
CausticLemonEnema
Where are these houses? I hear theres a squatter problem lol
Like2Fox
Wealthy Chinese are hiding money from the government in any way they can, including this. They break real estate markets across the globe
TheWarHymn
Instead of blaming foreign buyers, maybe it's more of local regulation issue?
whitewater0034
Ironically China is the only Govt that is taking on the Billionairres.
IncompetentCrab
While homelessness exists, foreign entities shouldn't be allowed to buy properties
Skywatcher16
corporate entities either. now residential property anyway
Skywatcher16
*not. fucking autofill....
Raptorrat
They have been doing that for years now. To a certain extend in anticipation of the collapse of the Chinese government.
TongueTiedLabourerfromtheLandoftheLittlePeople
extent*
Cheomesh
Ugh that'll be rough
HeShallKnowYourWaysAsIfBornToThem
Chinese citizens should not be able to own property outside of China.
AtypicalMammal
Now change this to "mexican citizens should not be able to own property outside of mexico". Sounds kinds racist. No?
drcookieninja
But Chinese are the new boogeyman. Literally it says Chinese instead of 'Chinese investors' or 'chinese billionaires '
Neuroticmama91
Is there anyway to crash the housing market so these hedgefund fuckers suffer without hurting regular homeowners? Asking for everyone
sumelar
Largely or mainly. Not both.
TongueTiedLabourerfromtheLandoftheLittlePeople
How to Squat in Abandoned Property Wikihow, 14 steps with pictures./
brjdrb
What are they planning to do with the 10 houses they bought?
Aslandus
Probably sell them later when they're worth $61 billion, or when they need the money enough that they're willing to sell at a loss.
groupwrct
Rent them out to pregnant women so they can have their babies in America and become citizens. /1
groupwrct
No I am not a repub. https://www.cnn.com/2015/08/26/politics/asian-anchor-babies-jeb-bush/index.html
groupwrct
Also... https://www.justice.gov/usao-cdca/pr/chinese-national-pleads-guilty-running-birth-tourism-scheme-helped-aliens-give-birth-us
flacoloco
In certain countries only a Citizens can purchase property in that country. we should start looking at that. rental property money 1/-
1966flodur
Try to buy any real estate in China
flacoloco
should stay in the US, not leave abroad 2/2
AtypicalMammal
What happens if an immigrant wants to buy a house before they had a chance to get citizenship (which takes over 5 years)?
flacoloco
gotta wait. just like voting, jury duty etc, etc.
Svartsinn
The problem is housing speculation. _Who_ is doing the speculation isn't as important as that it's legal market manipulation.
ActionJohnnie
I remember Japan doing the same in the 80’s. A lot of Hawaii.
Adenocarcinoma
Wow they were also headed straight for land in Hawaii in 1941 too
Greenwaxy
In California and Florida as sea levels rise and wildfires increase. A++ investment strategy.
dennydorko
They will know to sell before that.
kanemano
if you invest a 1.8 million $ in the US you can get a green card, coincidentally 1.8 Million will soon be the average price of a US house
flyingmonsters
Seems like a gross overstatement
mrfourpointo
Misteree8
The fact this is zeroing in on wealthy chinese individuals is tinged in racism literally every wealthy individual world over buys property
Misteree8
2/to invest. In the 00s you had mike moore do this with arab corps buying hotels in the US. This only fuels republican fear mongering of
Misteree8
3/foreigners taking over.
insertwittyjoke
I know the demographics I can see with my own eyes.
AtypicalMammal
Yeah I noticed that too. But it's rich foreigners so it's OK! /s
Misteree8
Its neither good nor bad.not like poors are missing out on buying that multumullion dollar building. Its the fact they are putting in a
Misteree8
2/demographic as if its just them. Its has a clickbait fear mongering title
Rowsus
They're doing it the world over. Been happening in Australia with not only houses, but also farms, for years!
Nomestoo
Most of them are dual citizens which is strange since China doesn't allow dual citizens.
AfterTheRainComesTheRainbow
If I recall we put a stop to that thankfully
FiftyShadesOfCauliflower
They've bought a lot of properties in austerity-stricken Greece too. Including most of Greece’s Piraeus port, the main port of the country.
nipplepanties
Some countries are smart where you can't buy property without being a citizen. Other countries need to follow suit.
GeForcen
Ironically China has this rule. So they get the benefit of buying other country's properties, not many can buy theirs.
kaarbaakimgr
Seems a little xenophobic, no? Sounds like a Trump-era proposal.
Solo761
Actually no, thing is not every country is equal. If average paycheck is $600, someone from rich country can buy a lot of realestate and 1/2
Solo761
2/2 inflate prices so native citizens can't get any.
The2ndman
house prices have doubled in the past 5 years in my area. Houses should be for residents, not investments. I have no issue 1/2
The2ndman
With foreigners buying houses as long as theyre residing in them. This applies to corporations too, they're not fucking investment tools.
siyuri1641
Many businesses will be 5 acres and put cattle on it so they can use the lower livestock tax on all their property
69thStPepper
Foreign investors you say, buying up real estate? Money laundering
Tumescentpie
For the last few hundred years.
Wordsmeannothing
Worse, the economy is wholly dependent on people buying houses and borrowing money to do so.
69thStPepper
While you make a valid observation, the two are neither directly connected nor mutually exclusive, and both are pretty equally terrible
beezzarro
(see: Canada)
LaffertyDanie1
Property ownership is a cultural thing in China, they view it as a store of value since they distrust domestic capital markets.
sambaah05
Not exactly. The money is already in the system. For Russians and Chinese, its to protect their assets from their governments reach and to
pjm82
Can confirm. My father was a banker hus whole career and we talked about this. He felt like they were desperately trying to get their money1
pjm82
Out of China and beyond the ccp. No product or price was too high.
mls68
Water rights too. Saudis buy farms and ship clean water back home
Filanwizard
water rights are as big of a thing in the USA, Basically anyone can sink a well in this country just need to get the related building permit
Filanwizard
In other places however people do own the ground water the same as one could buy mineral or hydrocarbon resources. Ex Nestle in Africa&water
sambaah05
Diversify against issues in their home countries. They also typically have limited investment options in their home countries as well.
ThisIsAWasteOfMyTime
Also, real estate is culturally something that the Chinese like to invest in, as it's been one of the very few allowed investments in China
sambaah05
Across the world most people make their biggest investment in real estate. Not sure what point you are making there. You are correct though
sambaah05
In noting in China their primary investment vehicle is real estate due to government restrictions. But that's only for within China.
ThisIsAWasteOfMyTime
I don't understand what was unclear about my point. Unlike in the west, it was de facto literally the only allowed investment option there.
feren
Now let's talk about https://www.nbcnews.com/business/real-estate/who-s-outbidding-you-tens-thousands-dollars-house-hedge-fund-n1274597
catsandcoke
They should both be illegal.
Greenwaxy
It’s almost like there should be laws to regulate markets in place or something.
CandleMuffin
Why not talk about both?
ShadyPines12
Don't even get me started on Phoenix
SpikedDoggos
Yeah, a few national rental companies are buying up new construction like mad in the Seattle region, it's nuts
SerialChickenLover
Why build your own own development when you can just buy an entire neighborhood?
[deleted]
[deleted]
Hereagain
Nowhere. They're fucking parasites taking homes from the hands of hard working Americans.
feren
How does that CEO boot polish taste while you're locked out from the "American Dream" our parents and their parents were able to achieve?
BearRidingATrex
The precious stock market is not making any money? Really? None?
zerovanity59
Even recession proof investments are losing money right now.
DMSledge
Nope, none. Please stop looking for the profits. /s
zarook
Vancouver BC put a foreign buyer tax in place cuz so many houses sat empty, as they were just money shelters for ppl who live in China
HarryBi
It the amount of the tax effective?
zarook
Dunno, I moved right before it went in place
beezzarro
It did fuck all. They needed to hardline them and say you aren't allowed to buy if you aren't a citizen, like in new Zealand
nicelyvillainous
Nah, it SHOUlD be ok to have a tax on foreign owned vacant property, if it’s used to build high density apartments in good areas.
Isiel89
Permanent resident who actually lives in Canada. Saying only citizens can buy property does nothing as it only takes 5 years to be a citizen
nicelyvillainous
No it does. The problem a lot of high value cities are dealing with is Chinese and Russian oligarchs buying housing through shell companies,
nicelyvillainous
Just as a way to have a “bank account” that can’t be frozen if they have to flee for political reasons. It’s a LOT safer than trying to
CuddlyPervert
This seems like a food first step.
CuddlyPervert
Good damn it xD
Frederf
Don't apologize. It was delicious.
MiloBloomm
Very food.
MarkedHitman
I'm food with that.
IMainReinhardt
So im ethically obligated to either move in homeless people or Molotov the empty real estate?
DancesWMonsters
That'll just pay out a higher rate of return in insurance claims.
zarook
Did I say that? No. It was a deterrent so they would stop artificially inflating the market, pricing out locals. Entire buildings were empty
IMainReinhardt
If entire buildings are empty my previous point still stands. Homes for everyone or Molotovs for everyone.
zarook
I think I’m not understanding if you support moving ppl in or riot, or if you are implying you’re against it, cuz text doesn’t have tone
IMainReinhardt
Im saying these buildings should not be empty while people are homeless. And if people are going to deny the needy get homes while the house
Grimmy32
Yes because it's somewhere to hold their money - real estate is a pretty good place to store money normally.
ShamanOfHigh
Bank accounts can also do this thing of 'storing money'
GeForcen
Money slowly loses it's value over time if your amount stays the same. The theory of buying assets like property, gold, etc is to beat that.
ligmabolz
If you maintain it, it is
shyasen
"There's always money in the banana stand, I mean, the houses I bought." - Chinese "investors"
Ionlyhirethebrestpeople
Yes and companies like this typically invested in large multi family and commercial properties. Not competing with individual homeowners.
BitchButcher
What happened to the good old vault?
jj86
Florida, you say? Let's see how well that underwater real estate holds its value.
Dasnekones
Better than the Chinese housing market and stock market combined in all likelihood
Decoyape11
Yeah let’s have the country that steals intellectual property, with inflated currency, continue to inflate a foreign market…..
imakethepunsrealgood
The Chinese also have little else to invest in. I forget why but for some reason normal Chinese people don't have access to stocks.
ILeftMyUsernameInMyOtherPants
They're not as equal as some of the others.
SploogeMcDuck316
Their stock market can be manipulated by the gov and basically the only "stable" investment for them is real estate
imakethepunsrealgood
Thank you for explaining
saturatedcottonballs
And there should changes to prevent this. If not home ownership will become more impossible for citizens
SecretCookies
Agreed. No corporation needs hundreds of single family homes. Outlaw it and force them to sell. More inventory=lower prices
beezzarro
Already in full steam in Canada. We're a tax haven and a great place to launder money with real estate
Aslandus
And cities should be on board. It's in their interest to sell homes to people who will live there, not to leave them empty as "investments".
barnwolf
So you're saying China's laws preventing foreign majority ownership of Chinese businesses was a good idea?
antasma5006
Yes.
BearRidingATrex
From the amount of information provided, yes.
rossimus
Yes but have you considered the feelings of the rich people who want to be more rich? No, of course you haven't.
AngryGraphicDesigner
lurkerthatoccationallywantstocomment
The wealthy don't care, they can ride out the storm, and pick up a few cheap properties along the way
Hyndisfox
Its because its safe from the CCP. They can't confiscate foreign assets if you offend the wrong government official.
SirBonSama
and if they piss off the wrong official, they can easily run away and have a place to go to
SmokyDoggg
The last time it popped because it was the poors holding the properties, this time it's corporations. See the diff?
Aslandus
For anyone who thinks Smoky's just being cheeky, keep in mind that investors only liquidate at a loss if they desperately need the money.
Cwellan
Ya. It will prolly drop a bit as supply catches up but I don’t think it’s going to pop. Also Gen X is really small, Mills and Z are HUGE.
Cwellan
Demand is only going to go up as Mills move more into their 40s and Gen Z into their 30s.
Northwindlowlander
When capitalism gets weird- if enough investors have enough money they can exert a huge amount of control on the market. So hedge funds can
Northwindlowlander
do things that ought to be risky but with so much clout that they can basically control what side the coin falls. And housing investors can
Northwindlowlander
buy so much real state that the market rises even when the real economy tanks
Northwindlowlander
People think they need actual homeowners as customers but that's false- they can be their own customers. There are huge numbers of homes in