Chinese spent $6.1B on US real estate last year

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[–]chottohen 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

In most E. Asian countries a foreigner cannot buy real estate unless he has a citizen partner. This situation leads to quite a few swindles.

[–]Aurelius 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

They also don't allow dual citizenship in government which prevents outside infiltration, inline in the US.

[–]Insider 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (5 children)

Housing should be for living, not investment, but I guess affordable housing means communism. Better to be homeless than a commie.

[–]NuclearBadger 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

The only rules for a house should be that it's built for purpose and not dangerous.

If I want to buy a shed and live in it for 2k why the fuck can I not?

I mean the banks wouldn't get any mortgage payments.

[–]SoCo 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

I'd rather not tell people what to do with their property.

You can't force housing to be cheaper. Regulation can only make housing more expensive, not less expensive. It will also create more unfair semi-monopolies.

Housing costs are mostly based on supply and demand, making urban cities, with limited housing, extremely expensive. Materials costs are a big factor too, which do impact existing housing values. Building materials have been sky high for a decade and WW3 along with 2021 Covid-economic mismanagement have only made this worse. Regulatory costs also cause an impact. Of course, lots of feelings based market sentiment impact value too. things such as economy outlook, if an area is regarded as crime-ridden, over-populated, having lots of job opportunity, having good schools, and the such.

[–]Insider 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Not so much telling ppl what to do with their property, but I draw the line when rich people buy a hundred homes as an investment opportunity to up the price and resell to the middle class.

[–]H3v8 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Affordable housing under communism means that the Party confiscates your 3 bedroom house, brings in 3 full families to live in and survive eating boiled cabbage, and Party members live in dachas eating all kinds of delicacies.

[–]Insider 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Sounds like capitalism too. The oligarchs got yachts and airplanes. The middle class struggle for a comfortable life. The poor and exploited get worse conditions than you described. And the exploitation expands to billions of people in other countries.

A lot of capitalist countries also move towards affordable housing by implementing socialist programs

[–]Ehhhhhh 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

Why is this legal?

[–]Insider 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (3 children)

Why is it legal for foreigners to purchase property? Private capital inflow is good for the economy. Not so good if it's affecting real estate prices of regular citizens.

Increasing real estate prices are due to a number of reasons, foreign ownership is a relatively minuscule problem. One major reason is multiple home owners of rich ppl looking to grow their money.

Imo, foreigners should have to pay much higher taxes. Multiple home owners should also need to pay much higher taxes. Then that extra money should go back to low-income citizens and citizens who don't own homes.

[–]LtGreenCo 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

I don't know if this is so good for the economy. I mean China wouldn't be buying these properties if they didn't expect a positive return on investment. Assuming everything goes as they planned, then this money coming in means eventually more going out.

But for me it's less about the economic effects and more about the principle of it. I think the land resources of a country should be prioritized to the citizens of said country who will either live on it, or use the land to provide services to its other citizens.

[–]Ehhhhhh 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

With territory comes power and influence. Why fight a war with a country when you can just buy them?

[–]Ehhhhhh 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Capital shouldn't come from land. With land, they gain control and influence. We have housing crisis in Many places, some artificially created.

Perhaps think on why some countries already prohibit land sale to foreigners..

[–][deleted] 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

Divershitty is our strength.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Meh, the US gov't has seized foreign owned assets before.

[–]chottohen 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

After Biden, no more politicians. Let Anarchy rule. It just means communities will rule themselves—no big goverment.

[–]IkeConn 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

That is a fart in a whirlwind. It's what like 2 or 3 condo buildings. Big whoop.