Chinese own tons of California. Buying real estate should be for citizens only. Magically, Saudi princes, Russian Oligarchs & the Chinese communists wouldn't be able to launder their money through our real estate markets and homes would be more affordable.
I agree with you, and the Chinese real estate takeover is really bad in Australia as well.https://twitter.com/DiariesPolar/status/1095002714084233216 …
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The thing is no one wants to go to China. If you think they bought everything in Australia come to NY. They bought everything in sight. They offer cash money and have driven up real estate where Americans can’t afford.
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The Chinese are in many cases backed by their government who finance citizens to emigrate apparently including criminals who are told not to return. Africa is being flooded by them .
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In the US, the issue becomes most pronounced when you differentiate between foreigners who are permanent residents and non-resident foreigner purchases. In 2017 alone non-resident Chinese purchased 40,572 properties. That’s only Chinese and specifically non-resident Chinese.
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I don't have the stats, but it feels like non-resident Chinese probably bought just as many properties in Metro Vancouver in 2017 as they did in the entire Continental USA! We are a MUCH smaller market so their impact is felt much more significantly here. Ongoing since Expo 86
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I have no doubt. Ofc those tens of thousands of properties were not bought ubiquitously across the US either. Such a great deal: endure a large trade deficit with a country dominated by SOEs, AND housing is less affordable in the very cities where decent pay still exists.
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They will default or fire sell just like the Japanese did a few decades ago, creating new opportunities for others...
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We've been waiting our whole lives for that to happen! The damage is done. Vancouver is degraded. Most of the good people have left already. It's a tragedy that I have watched unfold for decades with little sympathy or understanding from either right or left in Canada and abroad.
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It's horrible in Australia. Because of the Chinese buying out so much property, house prices have soared. Technically it's illegal. The government requires vote from the country to sell land to foreign ownership. Of course there has been not one vote though...
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Unfortunately, our govt is too corrupt to do that. Leftist voters tend to see it as racist and rightwing voters tend to see it as socialist. Only thing mainstream Left and Right agree on in Canada is the imperative to sell out their own citizens to China!!
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Quid Pro Quit It
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It's better to let the Chinese buy all the real estate then be called racist.
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It’s happened massively in the U K, and they don’t live in any of them.
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UK at least has a public housing system that native-born citizens can access. We have none of that here in Canada. We pay thousands of dollars to rent moldy basement suites from our PRC state Chinese overlords! (A bit of an exaggeration, but not much!)
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You agree with a socialist policy?
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