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Reply to "Canada now bans foreigners from buying houses- should we do the same?"
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[quote=Anonymous][quote=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? [/quote] 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.[/quote]
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