what might be some second order effects of banning citizens of economically illiberal nations like china from buying property in the US as a store of value?
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More work for accountants and lawyers to get around the restrictions. More houses owned in the names of people's kids. More demand to make sure their kids get citizenship in an economically liberal country. Less privacy as the government will need transparency from everyone.
these all sound like extremely useful barriers of entry for (increasingly) the chinese middle class, which is now competing with our own middle class for affordable homes in florida, texas, georgia
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It would be better to make housing a mediocre store of value by building way more of it. People panicked over the Japanese buying landmark real estate in the 90s, but in the end they sold a much of it for a loss. Let's do the same thing this time.
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One way to do this before building: Let's get rid of 1031 exchanges. People can't roll over gains from one startup into others without paying cap gains. It's insane that we do this for real estate when high real estate prices are a negative for the next generation.
End of conversation
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