Chinese spent $6.1B on US real estate last year

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[–]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..