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

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

Asian here (as in, born in Asia, grew up here, have US citizenship).  Whether 'Asian' or 'Asian Americans', real estate is a time honored investment vehicle for Chinese and Koreans.  I think the Chinese Communists had a deep complex with the 'landlord' class.  (Not the clergy, the nobility, the aristocracy - the classic villians for Marx).  In feudal Asian society, there were only two classes - the peasants and the landlords.  Can't be a landlord in China so do it here in North America.[/quote]
PP here.. I'm Korean American.

My parents don't speak much English.  They are looking at moving back to Korea for retirement and renting their place out here.

If someone like the "those foreigners are purchasing homes in our country" poster didn't know my parents, they would assume, just like the ^^PP assumed that they were Chinese who are buying up property in the US.

My spouse and I are thinking of doing something similar when we retire.   We are also both immigrants, and American citizens.   I'm sure people like the ^^PP would assume we are also "Chinese foreigners buying up property".

Once again, you have no idea if those people are foreigners or American citizens who live abroad.[/quote]

We’re talking about the government in particular. The actual governments of China and Saudi Arabia are buying property. It’s a documented problem. Along with AirBnBs and corporations buying up homes.

Some of us have nowhere else to flee to when America goes full on Lorax  and we’re all paying rent to foreign countries. We’d like it to be addressed. [/quote]

This!

But it’s not just the Chinese government. Chinese foreign nationals are buying significant amounts of US real estate. This isn’t an opinion; google it. The data indicates that Chinese citizens are purchasing real estate—not Chinese Americans.

The pp who keeps calling out racism or misinformation should google and educate herself. [/quote]
Again, I never said it doesn't happen. What I replied to was people who kept saying, "Oh, there are Asian people in that neighborhood who own the properties and rent them out.."  My response was, "How do you know if those Asian people aren't legal residents/US citizens".    People seem to be assuming that just because those people are Asian and may have an accent, that they are "foreigners". So yes, that is indeed racist.

Reading comprehension is very important.[/quote]

There has been a lot of reporting about this in the media. Chinese nationals buying up property in places like San Francisco Bay Area. They don’t even rent the properties out much of the time, just park their money there. Maybe to keep it out of the hands of their socialist government? Not sure why but you can read for yourself that it happens. (I’m not the PP btw and this is based on data and statistics, not someone having an accent which is quite a ridiculous statement actually.)

[/quote]
Repeat:

I never said it doesn't happen. What I replied to was people who kept saying, "Oh, there are Asian people in that neighborhood who own the properties and rent them out.."  My response was, "How do you know if those Asian people aren't legal residents/US citizens".    People seem to be assuming that just because those people are Asian and may have an accent, that they are "foreigners". So yes, that is indeed racist.

There are thousands of expat Americans living abroad. Some probably own property in the US and rent them out. Some of them are probably not white.   So, in a particular neighborhood, if you see a non white person with a funny accent who rents out the property, don't assume that they are those foreigners.  They may or may not be foreigners, but if you stereotype "those" people, it's no different than stereotyping a Hispanic person you see on the street as "oh, he must be illegal", or a black person in a store: "oh, he's going to steal something".

That is the point.  Yes, corporations, foreign nationals buy up US property, but if you see a non white person with a funny accent renting out a property in your neighborhood, try not to jump to your stereotype: "they must be Chinese foreigners".[/quote]

Stop assuming that everyone is too clueless to do their homework or know what is happening.

If we live in the area and know which foreign corporation or family LLC is contracting with the property management (oftentimes with ties to the foreign country themselves), rest assured we know what's going on.

Bonus points for those of us whose day jobs focus on US housing issues.

Bottom line: far too many people and corporations are skewing the housing market (including the rental market), and that's not cool.[/quote]
so these must be public records. Can you provide examples of entire blocks being owned by foreign corporations?

Are there foreign corporations that own apartment blocks? Yes. That happens.  But, like I said, people should not assume anything just because they see a "foreign" looking person owning property and renting it out.

But nothing will change because Rs won't let it.  Which R do you honestly think would prevent rich foreigners/corporations from buying up US property?[/quote]

Here is a sample from 2014. In my childhood neighborhood where my family lives the homes are seriously worth about $10k. My uncle's place sold for $6k.

https://www.nbcnews.com/news/china/chinese-investors-snap-property-bankrupt-detroit-n253186[/quote]

Here is another story: https://www.forbes.com/sites/gordonchang/2013/12/08/chinas-newest-city-we-call-it-detroit/?sh=7a787b17246f[/quote]

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