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re: New Zealand bans foreigners from buying homes in the country...decent policy imo
Posted on 9/10/18 at 10:39 pm to HailHailtoMichigan!
Posted on 9/10/18 at 10:39 pm to HailHailtoMichigan!
Applying standards of such a small nation with little international presence is flawed logically.. This isn’t progressive though, this is a conservative, keep things the same approach where property is valued at the local and then default government level in the realm of keeping things the same.. people are upset because foreigners buy/lease property from the government and close that off to the public use..
0
Posted on 9/10/18 at 10:45 pm to lsufan1971
quote:
You really think foreign rich people are causing housing price issues for Joe Schmo homebuyer?
They prevent upward mobility. It’s a massive issue for my clients in Miami.
Posted on 9/10/18 at 10:49 pm to lsufan1971
quote:
You really think foreign rich people are causing housing price issues for Joe Schmo homebuyer?
Yes. Vancouver, BC has the highest real estate prices in North America due to the Chinese. They don't have the industry to support it, so all of the people who grew up there are getting run out of the area. The Chinese just let the houses sit empty a lot of times too. California got jacked up from foreign investment as well. Recently it has hit the Seattle area hard too. That's just the west coast. I'm not familiar with other parts of the country, but it wouldn't shock me if it happened elsewhere.
Most of these cities are beyond saving, but I think the large majority of Americans would support a rule like this, especially people in the hard hit areas.
This post was edited on 9/10/18 at 10:51 pm
Posted on 9/11/18 at 1:40 am to TDawg1313
City of New Orleans needs to implement this...
Posted on 9/11/18 at 2:18 am to HailHailtoMichigan!
Looks like New Zealand is getting gentrified
Posted on 9/11/18 at 4:48 am to TDawg1313
Vancouver is fricked in terms of buying a house, so is toronto-my little starter home bought in 1998 for 170k just sold for 850k-Italian section of toronto it’s essentially a row house without neighbors. All because of real estate speculation fueled by Chinese money. Toronto house prices in former immigrant neighborhoods like cabbage town(Irish then Slav) are beyond the reach financially of any new Canadians let alone kids trying to buy their first house...we saved for 8 months to get down payment back in 1998-to save for a down payment now is 18 years!!!
Posted on 9/11/18 at 4:58 am to DavidTheGnome
quote:
It discourages foreign investment. If home prices are soaring build more.
quote:
Although the ban applies to existing homes, foreign buyers can still purchase property in new block housing developments.
Posted on 9/11/18 at 7:19 am to LSUCanFAN
quote:
Vancouver is fricked in terms of buying a house, so is toronto-my little starter home bought in 1998 for 170k just sold for 850k-Italian section of toronto it’s essentially a row house without neighbors
Again, you are acting like no locals are benefiting from this except the foreigners which is simply far from true. Learn to play the game, the cities can adjust. Locals benefit from higher prices, more home sales, higher taxes, closing costs, etc.
Like everything in life, you are much better off learning to play the game then complaining about the rules.
Posted on 9/11/18 at 7:23 am to HailHailtoMichigan!
I've been there twice.
Magnificent country. Esthetically gorgeous with very strong indigenous culture / traditions.
I will retire there or Toronto.
Magnificent country. Esthetically gorgeous with very strong indigenous culture / traditions.
I will retire there or Toronto.
Posted on 9/11/18 at 7:29 am to beerJeep
quote:
Isn’t New Zealand hard up for white collar and skilled workers?
Posted on 9/11/18 at 7:35 am to PrivatePublic
quote:
New Zealand is a little too small to adopt that policy.
There size makes them have to look at options like this.
Homelessness of naturally born citizens is being caused by this. it's a tough situation, and it's good to se a country is willing to make this kind of move. Stifle negative or positive foreign investment or do something or nothing about a homeless epidemic that has been identified as correlated to each other.
It'll be interesting and think we need to look at this as well. Especially with countries that dont allow it in return.
Posted on 9/11/18 at 7:37 am to HailHailtoMichigan!
Well, I guess no more house hunters international episodes from New Zealand. Well maybe renters. "It's $25 a month over the budget!"
Posted on 9/11/18 at 7:43 am to lsufan1971
quote:
You really think foreign rich people are causing housing price issues for Joe Schmo homebuyer?
Lulz, small-time Louisiana mindset.
Posted on 9/11/18 at 7:44 am to HailHailtoMichigan!
quote:
I really have a problem with American home ownership being at such low levels among millenials and other groups, yet seeing chinese, russian, iranian tycoons coming here and gobbling up all this residential property and leaving them vacant because they are simply used as vacation homes or "income" property. California home prices would be so so so much lower if chinese cronies were banned from buying them.
Correlation doesn't always mean causation. There are a lot of other reasons (especially in CA) as to why home ownership is expensive. Cali has oppressive regulations on new construction, zoning. it's hard to build affordable housing when you have to pay a pile of fees
quote:
I can't think of any negative ramifications of this policy,
really? globalization has improved our quality of life.
Posted on 9/11/18 at 7:47 am to HailHailtoMichigan!
Same as Thailand.
There, you can own a condo, but cannot own land. You have to setup an arrangement with a native (give them a 1% interest and pay them some money each month) in order to buy land.
There, you can own a condo, but cannot own land. You have to setup an arrangement with a native (give them a 1% interest and pay them some money each month) in order to buy land.
Posted on 9/11/18 at 7:52 am to HailHailtoMichigan!
They should give foreign investors citizenship for investing in real estate like we do
Posted on 9/11/18 at 7:54 am to HailHailtoMichigan!
quote:
This would be such a great financial relief for many americans who no longer have to bid up their offers for housing to outcompete some foreign tycoon.
This law wouldn't change anything other than removing competition for American investors.
Posted on 9/11/18 at 7:55 am to HailHailtoMichigan!
Let them buy it at overvalued prices. It ain’t like they can take it with them.
Posted on 9/11/18 at 8:04 am to TOSOV
quote:
Homelessness of naturally born citizens is being caused by this.
Lol, bull freaking shite. I’m moderate but that’s such a liberal viewpoint it’s freaking laughable.
They are a small country with a landscape many foreigners want, so I understand taking measures to help locals. But going so far as to say foreign investment is making locals homeless is absurd.
Austria for example does not allow foreigners to sell within 10 years and then they have a high tax rate. Measures like this help the economy but help to prevent bubbles.
Additionally, business men are not dumb. As said, plenty of them find a local to form a company with to instead purchase the properties. There are always some sort of way around it. You can’t as a local simply cry for government help instead of deciding to play the game yourself.
Posted on 9/11/18 at 8:07 am to lsufan1971
quote:
You really think foreign rich people are causing housing price issues for Joe Schmo homebuyer?
uh, frick yes
even places like Nola are facing significant housing price issues due to "foreign investment"
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