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Posted on 9/11/18 at 8:11 am to baldona
quote:
Locals benefit from higher prices, more home sales, higher taxes, closing costs, etc.
well they get one generation of this and then it negatively affects the locals
this isn't like the issues facing my home town right now (LC) where the housing is going up rapidly but there will be a bust and the trigger for the increase is short-term ownership. LC people selling their houses to outsiders, who then leave and will sell back to LC people for a loss, is a net gain. in Vancouver, the locals are selling to outsiders and the outsiders aren't leaving, which means the locals can't buy another house anytime soon
Posted on 9/11/18 at 8:13 am to HailHailtoMichigan!
Curtailing foreign investment in your country? Yeah. Let me know how that works out for you. Not sure why anyone wants the gov't trying to control markets in this way. The negative consequences always out weight any benefits and they NEVER reach their intended outcome.
Posted on 9/11/18 at 8:15 am to celltech1981
quote:which has nothing to do for homes built in the 70s going for a million dollars
Cali has oppressive regulations on new construction, zoning. it's hard to build affordable housing when you have to pay a pile of fees
Posted on 9/11/18 at 8:20 am to Aubie Spr96
quote:sounds like you know more than the policy makers in NZ. Congrats on your brilliance
The negative consequences always out weight any benefits and they NEVER reach their intended outcome.
Posted on 9/11/18 at 8:27 am to HailHailtoMichigan!
The realtor union will fight this (I have no idea if there is even such a group),
Posted on 9/11/18 at 8:31 am to Pilot Tiger
quote:
Congrats on your brilliance
Let's just for argument sake, say that it works. The gov't interference actually manages to stabilize or lower housing prices. So, your local consumer benefits right? Possibly. But at the expense of building supply companies, building contractors, real estate agents, lawyers, etc, etc, etc.
Real estate is in high demand. Prices have increased because the markets will bear it. Let the market play itself out. Equilibrium can only be reached without manipulation.
Again, gov't price controls have never worked. Not sure why they think it will work here. Guessing the Trumpkins and their xenophobia are at play in this thread.
Posted on 9/11/18 at 9:08 am to SlowFlowPro
quote:
well they get one generation of this and then it negatively affects the locals
Um no. Foreign investors are simply there to stash their money on a better investment than they can find elsewhere. You are forgetting the few people that can’t afford a house are far outweigh’d by the many that can and receive inflated values.
Show me a neighborhood that’s empty, and we can talk. One of 20-50 houses owned by a foreigner is not a good example. Again there are 49 people benefitting, boo freaking hoo for the 1 that is not.
Finally, there are tons of examples of this domestically anyway. Any big city, any beach town, and any tourist area all have outside resources investing. Should we not allow Vacation homes now? Nola has plenty of people from out of town that own 2nd homes there. How about our gulf coast?
One home or bust.
Posted on 9/11/18 at 9:11 am to Pilot Tiger
quote:
which has nothing to do for homes built in the 70s going for a million dollars
suppressing supply makes these homes more valuable
the SV/SF area had insane demand but the regs prevent real development from occurring, causing the housing in the burbs to legit explode
Posted on 9/11/18 at 9:20 am to Mo Jeaux
quote:
We don’t want your investments here making things better and shite!
You think all investment makes things better?
How about if I invest in some section 8 housing next door to you?
Posted on 9/11/18 at 12:54 pm to dawgfan24348
quote:just rent over there...or build a new home.
Well there goes my plans to move to NZ if this country ever goes to shite
this ban is just for buying existing homes.
Posted on 9/11/18 at 12:57 pm to Pilot Tiger
quote:
sounds like you know more than the policy makers in NZ. Congrats on your brilliance
Are you saying all government policies are for the best?
Posted on 9/11/18 at 1:13 pm to HailHailtoMichigan!
In Belize, you can only own the home, if a foreigner, the mineral rights are owned by the government, which means if the right dictator comes in, ur home is not your home no more.
Posted on 9/11/18 at 1:32 pm to baldona
quote:
Show me a neighborhood that’s empty, and we can talk. One of 20-50 houses owned by a foreigner is not a good example. Again there are 49 people benefitting, boo freaking hoo for the 1 that is not.
There are plenty of examples in Vancouver, BC and the Seattle area that I've seen where almost half of the homes in the neighborhood are empty due to foreign owners. It's hard to believe, but it's true. Vancouver implemented an "Empty House Tax" to combat this. It's a major issue. People are now charged an average of about $30K/year if their home is left empty. If they lie about it, they are charged $10K/day. There was a census done in Vancouver earlier this year that shows that there are about 25K empty houses within the city limits.
Posted on 9/11/18 at 2:19 pm to TDawg1313
Vancouver is impossible. Goes way beyond when back in the 90s and early 2000s when rich Chinese people were allowed citizenship in exchange for creating “businesses” and around a million dollar contribution to CCRA or Canada’s version of the IRS, it was obvious what was going to happen but Chrétiens liberals didn’t gaf...people began to refer to it as Hong Couver.
Posted on 9/11/18 at 2:23 pm to TDawg1313
quote:
There are plenty of examples in Vancouver, BC and the Seattle area that I've seen where almost half of the homes in the neighborhood are empty due to foreign owners. It's hard to believe, but it's true. Vancouver implemented an "Empty House Tax" to combat this. It's a major issue. People are now charged an average of about $30K/year if their home is left empty. If they lie about it, they are charged $10K/day. There was a census done in Vancouver earlier this year that shows that there are about 25K empty houses within the city limits.
Good for Vancouver. So that's a worthwhile example.
I live in the Destin area, I'm used to seeing empty neighborhoods certain times of year and a lot of outside investment.
Measures like you stated are perfectly fine. Much better than simply stating "no outside investment" and we should all be socialists and live in the same size and price homes. My only point is straight up refusing outside money is generally doing more harm than good for the local areas.
ETA: Again though, I'll argue for those 50% or more than do live in the neighborhood what's so terribly bad about having fewer neighbors? Schools should be better, less students and more taxes. Sure, you push more people to other areas, but I've never understood why the government needs to be involved in housing prices. The market will balance itself. People can create HOA's in private neighborhoods that require someone live there.
This post was edited on 9/11/18 at 2:27 pm
Posted on 9/11/18 at 3:09 pm to HailHailtoMichigan!
That’s a preemptive move to keep the Chinese out of NZ
Posted on 9/11/18 at 3:14 pm to HailHailtoMichigan!
quote:
I can't think of any negative ramifications of this policy, except for the moral argument that it is cruel to prevent foreigners from being able to own homes here.
This statement is asinine. I disagree with the policy to begin with, but any time you have people with money willing to purchase something and tell them no, there will be negative ramifications.
Posted on 9/11/18 at 3:14 pm to Celery
quote:
That’s a preemptive move to keep the Chinese out of NZ
:bravo:
Posted on 9/11/18 at 3:28 pm to SlowFlowPro
quote:
even places like Nola are facing significant housing price issues due to "foreign investment"
I guess you are referring to the out of state guys buying up properties in 7th ward for turning them into Airbnb’s
I know of an Indian family that buy up a lot of real estate downtown and in the quarter but they are 2nd or 3rd generation...
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