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

[Anonymous]

Yes! We definitely need to implement something like this. Why aren't the Democrats championing this cause?

Oh wait, nevermind. The Democrats really don't care about the middle-class.

[Anonymous]

Anonymous wrote:Yes! We definitely need to implement something like this. Why aren't the Democrats championing this cause?

Oh wait, nevermind. The Democrats really don't care about the middle-class.

snort... like Rs do. They take foreign money. You think they'll make those wealthy foreigners mad?

If Dems did this, Rs would call them soclialists, and their gullible base would agree. Their base largely doesn't care because the places that are desirable and snapped up by foreign investors aren't in deep red areas. They are in wealthy blue areas.

[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?

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.

Sounds like you are still making assumptions about a nonwhite person's status in this country.

Can the ^PP be certain that the Asian families in Dallas that are buying up sfh are not Americans?

When you see a latino, do you automatically assume "illegal"?

When you see a black person, do you automatically assume "criminal"?

[Anonymous]

It’s about housing being bought up by people from elsewhere pricing the locals out. It’s not new. Bermuda charges foreigners a large premium to buy. Breckinridge has no housing for people who work there so now newly purchased homes cannot be rented on a short term basis for 5 years. Oahu is pushing for minimum rentals if 90 days. These ARE the result of corporate owners and AirBNB empires pushing up the prices and literally buying out inventory to the pint that locals cannot afford to live there. It’s a natural outflow if airbnb enabling easy rental of homes. It vastly increases the tourism without the same evaluation that a large hotel or resort must undergo. Amsterdam is drowning in people because of AirBnB type arrangements and the city is struggling to figure out how to fix it.

[Anonymous]

No, but I wouldn't mind something like a reciprocity agreement with countries that allow our citizens to buy.

[Anonymous]

In Denmark, non-residents are not allowed to purchase real estate property. Foreign nationals who are EU citizens can purchase property only if they will use that property as their main residence or as the headquarters for their sole proprietorship.

This has saved Denmark from having its islands and coastal communities full of 2nd homes of Germans and other Europeans.

[Anonymous]

Anonymous wrote: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?

The high end market would crash. Buying high end American property is a way to launder money for oligarchies and their hanger ons.

[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.

Really? I would like to know about all these amazing sources of funding. My spouse and I bought a home while we were on work visas and it looks like the government aid ship sailed by us.

[Anonymous]

Anonymous wrote:In Denmark, non-residents are not allowed to purchase real estate property. Foreign nationals who are EU citizens can purchase property only if they will use that property as their main residence or as the headquarters for their sole proprietorship.

This has saved Denmark from having its islands and coastal communities full of 2nd homes of Germans and other Europeans.

but according to some, Denmark is a socialist country, and we don't want to follow their model. Capitalism is where it's at.

[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.

Really? I would like to know about all these amazing sources of funding. My spouse and I bought a home while we were on work visas and it looks like the government aid ship sailed by us.

Same here! Clearly I’m a ‘not so smart’ foreigner if I missed this boat!

[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.

Really? I would like to know about all these amazing sources of funding. My spouse and I bought a home while we were on work visas and it looks like the government aid ship sailed by us.

The truck driver was a foreigner? Are you aware that immigrants can have green cards and even, gasp, citizenship? Maybe they are entitled to the same amount of help as anyone else. I am a foreigner and have lived here for 12 years. There was zero help and few financial institutions were interested in providing us with a mortgage. So no special treatment here!

[Anonymous]

Anonymous wrote:

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?

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.

Sounds like you are still making assumptions about a nonwhite person's status in this country.

Can the ^PP be certain that the Asian families in Dallas that are buying up sfh are not Americans?

When you see a latino, do you automatically assume "illegal"?

When you see a black person, do you automatically assume "criminal"?

I'm Chinese. There's a ton of people who are doing exactly what I said or have family members providing funds that will be out of CCP reach.

And to answer your question yes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

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.

Sounds like you are still making assumptions about a nonwhite person's status in this country.

Can the ^PP be certain that the Asian families in Dallas that are buying up sfh are not Americans?

When you see a latino, do you automatically assume "illegal"?

When you see a black person, do you automatically assume "criminal"?

I'm Chinese. There's a ton of people who are doing exactly what I said or have family members providing funds that will be out of CCP reach.

And to answer your question yes.

Yes, you know definitely those families are not American citizens or permanent residents?
Yes , you assume every latino is illegal?
Yes, you assume every black person is a criminal?

yes, I know foreigners do this. My question is how do you know those particular people are "foreigners" and not residents or citizens.

My parents are Asian Americans. They don't speak much English. They own property. One day, they are thinking of going back to their home country to live and renting out their place. I suppose you'd assume my parents were "foreigners" buying up property and renting it out.

[Anonymous]

Suspect the move by the Canadian government will actually have minimal impact. Anyone seen any stats about the actual number of properties owned by overseas buyers?

Canada's population grew by 1.8 million in the 5 years to 2021. It's probably easier to blame overseas buyers for rising house prices rather than admit that new construction simply hasn't kept up with the influx of immigrants. Governments are pretty bad at planning for population growth. Couple that with the impact of Airbnb, lack of suitable space (no building on flood plains please!), regulations, NIMBYism and the difficulty of dislodging aging babyboomers from their big 4 bedroom homes to make way for families.

[Anonymous]

Too little, too late!

-Vancouver citizen