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

[Anonymous]

Anonymous wrote:I mean this has been done in other countries too. For example if you are a foreigner Singapore will slap a hefty tax making the house even more expensive. There’s also a tax on a second home and investments. I am all for making housing affordable for younger people.

This makes more sense than banning

[Anonymous]

Anonymous wrote:

Anonymous wrote:I mean this has been done in other countries too. For example if you are a foreigner Singapore will slap a hefty tax making the house even more expensive. There’s also a tax on a second home and investments. I am all for making housing affordable for younger people.

This makes more sense than banning

Lol.

A hefty tax on the super wealthy foreigners buying real estate in the US won’t fix the problem. Chinese buyers alone spent $6B in housing purchases in 2022 with an average purchase price of $1M.

[Anonymous]

Anonymous wrote:

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.

Banning foreigners won’t solve the housing crisis but I like the FHA financing proposal.

We also need
Much more affordable housing in general
Limits on all cash purchases and investment corporations buying houses
More tax assistance to first home buyers who live in the homes
Rental protections for long term low income renters

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

No one lives there. It’s a huge country and has less people than California.

Try buying a house in Vancouver or Toronto

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Banning foreigners won’t solve the housing crisis but I like the FHA financing proposal.

We also need
Much more affordable housing in general
Limits on all cash purchases and investment corporations buying houses
More tax assistance to first home buyers who live in the homes
Rental protections for long term low income renters

Let’s hope this hill passes but doubtful the chaotic House will get it done …

https://www.merkley.senate.gov/news/press-releases/senator-merkley-introduces-legislation-to-ban-hedge-fund-ownership-of-residential-housing

Oregon’s U.S. Senator Jeff Merkley introduced the End Hedge Fund Control of American Homes Act, a piece of legislation aimed at ending Wall Street ownership of residential housing.

Wall Street control of large portions of housing markets across America drives up rents, limits homeownership opportunities

A 2018 study of foreclosed homes in Atlanta found that hedge funds and investors were 68 percent more likely than small landlords to file for evictions, even after controlling for property, tenant, and neighborhood characteristics.

recent House Financial Services Committee report found that predatory hedge fund investors targeted homes in neighborhoods with significantly larger Black populations and approximately 30% more single mothers than the national average, with 12.9% of households headed by single women with children under 18.
In order to meet Americans’ housing needs and root out systemic inequities in the housing market, the End Hedge Fund Control of American Homes Act bans hedge funds and private equity investors from owning large numbers of homes by establishing a $20,000 federal tax penalty for each single family home owned by a single company and its affiliates over 100 homes. The bill allows companies with large portfolios to sell homes over several years to come into compliance so there’s an orderly exit, and includes incentives to make sure buyers of divested homes are ordinary people who will live in the home. The tax penalties collected will be used to provide down payment assistance to homebuyers.

[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?

YES YES YES YES YES

[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.

Exactly this. People who live and work here can’t compete with foreign money. And if nothing changes, Americans will be sending rent payments to China. It’s the biggest crisis that gets ignored.

Oh, that’s happening now! Our office is in a mixed use building that is owned by China!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

In our language, people who aren't Chinese are 外国人 which means they are foreigners.

So yes, they are foreigners. Living in America, we call you Americans 外国人 as well.
So the answer remains, yes.

None the less, you don't seem to want to acknowledge the point raised that there are a lot of Chinese who are converting cash to physical assets overseas. There is an additional issue that many of these properties are not maintained, but it is largely done to shield improperly gained funds. CCP has a habit of siezing funds as well. Look at Jack Ma of Alibaba.

I did acknowledge it. Read the bolded in my previous response.

you don't want to seem to acknowledge that you don't who is or who is not an American or legal resident here just by the way they look or their accent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

In our language, people who aren't Chinese are 外国人 which means they are foreigners.

So yes, they are foreigners. Living in America, we call you Americans 外国人 as well.
So the answer remains, yes.

None the less, you don't seem to want to acknowledge the point raised that there are a lot of Chinese who are converting cash to physical assets overseas. There is an additional issue that many of these properties are not maintained, but it is largely done to shield improperly gained funds. CCP has a habit of siezing funds as well. Look at Jack Ma of Alibaba.

I did acknowledge it. Read the bolded in my previous response.

you don't want to seem to acknowledge that you don't who is or who is not an American or legal resident here just by the way they look or their accent.

If you google, you’ll pull up plenty of recent articles pointing to data of foreign nationals buying real estate here. They specifically note Chinese purchasers—to the tune of $6B last year alone. These aren’t Chinese-Americans; these are foreigners who are parking money in American real estate as an investment.

[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? Your neighbors (who don't airbnb) don't want your nonsense where they live.

[Anonymous]

Anonymous wrote: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.

+1

BINGO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

In our language, people who aren't Chinese are 外国人 which means they are foreigners.

So yes, they are foreigners. Living in America, we call you Americans 外国人 as well.
So the answer remains, yes.

None the less, you don't seem to want to acknowledge the point raised that there are a lot of Chinese who are converting cash to physical assets overseas. There is an additional issue that many of these properties are not maintained, but it is largely done to shield improperly gained funds. CCP has a habit of siezing funds as well. Look at Jack Ma of Alibaba.

I did acknowledge it. Read the bolded in my previous response.

you don't want to seem to acknowledge that you don't who is or who is not an American or legal resident here just by the way they look or their accent.

If you google, you’ll pull up plenty of recent articles pointing to data of foreign nationals buying real estate here. They specifically note Chinese purchasers—to the tune of $6B last year alone. These aren’t Chinese-Americans; these are foreigners who are parking money in American real estate as an investment.

+1

[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?

Why would you want to ban those millions of immigrants who crossed the border from buying housing? This is very discriminatory. These people work in US, pay taxes in US, they should be allowed to buy the house to raise their families.

[Anonymous]

Anonymous wrote:

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?

Why would you want to ban those millions of immigrants who crossed the border from buying housing? This is very discriminatory. These people work in US, pay taxes in US, they should be allowed to buy the house to raise their families.

If you read the article you would see they aren’t targeting immigrants. If you want to immigrate, settle down and live in Canada you can buy a house. They don’t want foreigners who don’t live in Canada to buy property. Big difference between immigrant and foreigner

[Anonymous]

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

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

Most countries are much more strict when it comes to immigration compared to the US.
People try to spin this narrative that it is a moral failing that is uniquely America to want to protect our borders or to not accept everyone with open arms no questions asked and no hoops to jump through.