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

[Anonymous]

Anonymous wrote:

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?

They have a local relative running the operation for family members who live abroad.

[Anonymous]

https://nypost.com/2022/07/20/chinese-buyers-spent-record-6-1b-on-us-real-estate-in-2021/amp/

Tons of articles about this if you google.

I’m curious who will champion this cause in the US?

Here’s the thing: it should be the Dems in terms of their concern about affordable housing. But I think they’ve steered clear of this issue because of the xenophobia spin.

[Anonymous]

That train left the station a long time ago OP. Now the only thing for the government to do is to impose taxes on extra properties.

[Anonymous]

Anonymous wrote:

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

Too late, DC has already banned it.

[Anonymous]

That would bankrupt Trump and many other developers of buildings designed for money launderers.

[Anonymous]

https://www.newsweek.com/russian-oligarchs-hide-money-plain-sight-luxury-new-york-city-condos-1687503?amp=1

Russian oligarchs hide money in plain sight in luxury nyc condos.

And why are we allowing this?

[Anonymous]

Anonymous wrote:https://www.newsweek.com/russian-oligarchs-hide-money-plain-sight-luxury-new-york-city-condos-1687503?amp=1

Russian oligarchs hide money in plain sight in luxury nyc condos.

And why are we allowing this?

We allow it because Americans do control the real estate industry in this country.

The local governments don’t mind it because it keeps values high which lead to increased property tax intake.

Frankly, local government could go very hard after non-primary home owners. Just increase property taxes by 5x or 10x relative to a primary residence owner occupier. But this would lead to fire sales by the investors.

No one wants a fire sale.

[Anonymous]

Anonymous wrote: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.

CNN with no paywall https://www.cnn.com/2023/01/01/business/canada-bans-home-purchases-foreigners/index.html
The only problem with this is the Canadian snow birds - Canada has no Florida so they do own properties in our mild winter climate areas. The USA should have similar legislation with an exception for Canadians that purchase 1 property in snow bird warm USA destinations for personal use . Ratio of personal to Vrbo or rent out?

REIT and domestic and foreign investors with bulk property? Accelerated depreciation needs to be severely curtailed. NYC, SF, Miami, UK-London, Paris. Some cities loaded with foreign property owners.

How would the USA deal with EB5 visa holders? About 1m investment and 10 jobs created? Foreign national buys real estate plus they get birther status.

[Anonymous]

I thought Canada was more hospitable to immigrants?

This is bizarre. I don’t know what to make of this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

They have a local relative running the operation for family members who live abroad.

did you know that US citizens can live abroad even as they own properties in the US?

[Anonymous]

Anonymous wrote:I thought Canada was more hospitable to immigrants?

This is bizarre. I don’t know what to make of this.

???

They are trying to address a housing crisis. Nothing bizarre about it. Foreign nationals aren’t entitled to homes.

[Anonymous]

Anonymous wrote:I thought Canada was more hospitable to immigrants?

This is bizarre. I don’t know what to make of this.

Canada is a socialist country, according to some on DCUM. The US is a beacon of capitalism, and we shouldn't do follow Canada's socialist model, according to some.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

CNN with no paywall https://www.cnn.com/2023/01/01/business/canada-bans-home-purchases-foreigners/index.html
The only problem with this is the Canadian snow birds - Canada has no Florida so they do own properties in our mild winter climate areas. The USA should have similar legislation with an exception for Canadians that purchase 1 property in snow bird warm USA destinations for personal use . Ratio of personal to Vrbo or rent out?

REIT and domestic and foreign investors with bulk property? Accelerated depreciation needs to be severely curtailed. NYC, SF, Miami, UK-London, Paris. Some cities loaded with foreign property owners.

How would the USA deal with EB5 visa holders? About 1m investment and 10 jobs created? Foreign national buys real estate plus they get birther status.

I'd actually allow people from any nation own a home in the US if they spent 3 months a year physically living in it. I'd also put a huge tax on people who hold homes vacant as an investment (several in my neighborhood). I'd also take under eminent domain any commercial property that has no tenant for a year.

But many state politicians are landlords. they will never go for this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

CNN with no paywall https://www.cnn.com/2023/01/01/business/canada-bans-home-purchases-foreigners/index.html
The only problem with this is the Canadian snow birds - Canada has no Florida so they do own properties in our mild winter climate areas. The USA should have similar legislation with an exception for Canadians that purchase 1 property in snow bird warm USA destinations for personal use . Ratio of personal to Vrbo or rent out?

REIT and domestic and foreign investors with bulk property? Accelerated depreciation needs to be severely curtailed. NYC, SF, Miami, UK-London, Paris. Some cities loaded with foreign property owners.

How would the USA deal with EB5 visa holders? About 1m investment and 10 jobs created? Foreign national buys real estate plus they get birther status.

I'd actually allow people from any nation own a home in the US if they spent 3 months a year physically living in it. I'd also put a huge tax on people who hold homes vacant as an investment (several in my neighborhood). I'd also take under eminent domain any commercial property that has no tenant for a year.

But many state politicians are landlords. they will never go for this.

The R party also relies on rich foreign money. They'd never go for it.

[Anonymous]

Anonymous wrote:

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?

Sounds like you aren't aware of how much capital Chinese are trying to take out of their country due to various issues of how the money was gained. The Chinese government has been trying to put a stop to it.