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

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[quote=Anonymous][quote=Anonymous]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. [/quote]

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. [/quote]

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