Canada now bans foreigners from buying houses- should we do the same?

[Anonymous]

Canada just passed a law barring foreigners from owning houses.
https://www.nytimes.com/2022/12/29/realestate/canada-bans-foreign-buyers.html

Housing prices are so expensive which makes it difficult to enter the housing market. A substantial number of houses are bought with cash only. Many of those sales are from foreign buyers. Would housing be slightly more affordable if foreign buyers are barred from buying houses?

[Anonymous]

What we need to ban are Air BnBs, short term rentals, home flipping, and corporations from owning homes.

[Anonymous]

Anonymous wrote:What we need to ban are Air BnBs, short term rentals, home flipping, and corporations from owning homes.

Yes. And in addition, ban foreigners from buying homes. Green card holders should be allowed. There should also be a provision in low down payment FHA loans that when sold, the sellers must accept FHA financing. Something like 83% of homeowners got their first mortgage through FHA. We need a new emphasis on home ownership. It provides stability and helps Americans build wealth. By the time I bought my second home I had enough equity to go conventional with 20% down. I hope it works that way for most. I keep an eye out for starter homes in my area since I have three young adult children. There are definitely investment corporations that snap up the good deals and pay cash. The homes disappear from the MLS within a week.

[Anonymous]

Yep.

Ban foreign nationals as well as investors (including Americans). It’s not just airbnbs; regular joes have amassed huge portfolios of housing they rent out, driving rentals as well as purchase price up.

We should have addressed this issue during the early 2000s housing bubble. It’s a little late now, but still worth a shot.

People should only be allowed to own 3 homes; that gives wiggle room to own a vacation home and rental property. And no loopholes for corporations.

The SF Bay Area prices were driven up by foreign investors. Ditto for countless other cities. It’s a crisis.

[Anonymous]

Was talking to a trucker the other day who’s a foreigner. You’d be surprised at the amount of help the government gives immigrants regarding funding, credit scores, etc. More than our own citizens.

[Anonymous]

Anonymous wrote:What we need to ban are Air BnBs, short term rentals, home flipping, and corporations from owning homes.

No to banning airbnb or short term rentals.

[Anonymous]

foreigners and corporations. Corporations can own apartment buildings, not single family homes, townhomes, or condos.

[Anonymous]

Anonymous wrote:Was talking to a trucker the other day who’s a foreigner. You’d be surprised at the amount of help the government gives immigrants regarding funding, credit scores, etc. More than our own citizens.

Cool story bro

[Anonymous]

How about huge taxes on corporations/firms that buy housing stock as investments? Tax the hell out of them to make it leas lucrative, and cap rents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What we need to ban are Air BnBs, short term rentals, home flipping, and corporations from owning homes.

No to banning airbnb or short term rentals.

Why?

It’s a huge problem in terms of people buying investment properties and driving up rent as well as purchase price.

I spoke at a conference in Portugal and the locals told me that entire areas were purchased by foreign investors (primarily Asians as well as Europeans). They sit vacant or are rented as airbnbs. Meanwhile, locals struggle to remain housed.

[Anonymous]

AirBNB should be owner occupied as well. Definitely not in favor of owners with multiple properties or operating them as hotels.

[Anonymous]

I met a guy (covered in tats and didn’t look like he had any money) on a flight from DC to Dallas. He was flying to Dallas to check on his rental properties. He owns 40+ properties, essentially controlling the FMR in one neighborhood.

I was staying in a nice suburb in Dallas and my friend who was hosting me told me the bulk of the SFH neighborhood was owned by a few Asian families who rent out the properties. Rents have jumped dramatically and they quickly purchase any homes that go on the market.

This is a problem.

[Anonymous]

I'd be okay with that -- all you have to do is watch those million dollar real estate shows to realize that the majority of high end real estate in this country is being bought by people who live outside the country and are not American citizens.

I also support the other measures listed in this thread, it's never going to happen though as it will cause home values to decrease. People like when their home values are soaring.

[Anonymous]

Anonymous wrote:I met a guy (covered in tats and didn’t look like he had any money) on a flight from DC to Dallas. He was flying to Dallas to check on his rental properties. He owns 40+ properties, essentially controlling the FMR in one neighborhood.

I was staying in a nice suburb in Dallas and my friend who was hosting me told me the bulk of the SFH neighborhood was owned by a few Asian families who rent out the properties. Rents have jumped dramatically and they quickly purchase any homes that go on the market.

This is a problem.

capitalism at its finest. Also, how do you know if the "Asian" families aren't Asian Americans? Because they have accents?

[Anonymous]

The wealthy Rs would never go for this. Think about all the rich Russians, Saudis, Chinese that some Rs get money from. Trump owes money to foreign nationals/banks from all 3 of those countries. Those rich people all own property in the US.