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re: Would you support a ban on foreigners purchasing residential US real estate?
Posted on 3/6/23 at 3:44 pm to cubsfan5150
Posted on 3/6/23 at 3:44 pm to cubsfan5150
Yes. Absolutely. I'd also develop a ban on corporations purchasing homes and turning them into rentals and I'd severely limit AirBnb's. We have zoning laws, we can address this stuff. You should be able to prove that you are a resident before you can buy residential property and you could even go one further that you can't purchase homes to rent that you haven't lived in for a year. Something along those lines. Housing prices are being driven up by corporations and foreign investors gauging American citizens.
If Trump or Desantis came out with something along those lines, that would be a true "America First" policy that I would support.
If Trump or Desantis came out with something along those lines, that would be a true "America First" policy that I would support.
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Posted on 3/6/23 at 3:47 pm to cubsfan5150
Foreigners no because every other country in the world would retaliate by not allowing US citizens from buying real estate in their countries.
Investment groups like Black Rock, maybe.
Investment groups like Black Rock, maybe.
Posted on 3/6/23 at 3:53 pm to cubsfan5150
No. I can and have purchased property in Mexico. Why would I be a hypocrite about that?
Posted on 3/6/23 at 3:55 pm to AwgustaDawg
quote:
Owning a piece of property limits opportunities and while many think it is a good investment with maintenance costs and mortgage interest it ain't that great. Owning anything is a burden...real estate is not exempt from this. Unless a person is dead set on staying in an area for more than 5 years or so renting is far more beneficial. The opportunity to advance careers is severely limited by owning a home.
I couldn’t disagree more. IMO, home ownership is the base of wealth building. Not owning a home has to be major reason why people have to work until they die. Rents go up but your mortgage stays the same. The govt makes owning a home and investment properties so beneficial when it comes to tax time. If you have a hefty salary and paying a lot of income taxes then rental homes are a great way to get much of that back. Having a mortgage or many mortgages is great.
Posted on 3/6/23 at 4:19 pm to AwgustaDawg
quote:
VERY simple way to make them less attractive to investors, but that would require investors to pay taxes like working people do. That ain't going to happen because you can't tax businesses lest you dampen the mythical trickle down effect.....make real estate investment unattractive from a tax POV and all of a sudden no investors other than people actually living in a house would be interested. Of course that ain't gonna happen because it would mean some regulation of investment and you can't have that....
The only glimmer of wisdom in this communist manifesto is an inference to tax law changes, the only one of which would make sense, is to stop allowing companies to write off depreciation unless they've actually taken a loss to depreciation, as in, if they bought a property 10 years ago for a million, then sold it for only 900,000 ten years later because of actual depreciation, then a $100k loss is a legitimate write off that tax year.
This post was edited on 3/7/23 at 12:55 pm
Posted on 3/6/23 at 5:18 pm to cubsfan5150
quote:
Would you support a ban on foreigners purchasing residential US real estate?
That's not very free market of you.
Posted on 3/6/23 at 6:39 pm to cubsfan5150
quote:
Spoken like a 14 year old. If everyone had a “better paying job” then real estate would just be even more expensive.
So everyone doesn’t have the right to buy property?
Posted on 3/6/23 at 6:41 pm to cubsfan5150
1,000,000%
Posted on 3/7/23 at 5:52 am to Motownsix
quote:
I couldn’t disagree more. IMO, home ownership is the base of wealth building. Not owning a home has to be major reason why people have to work until they die. Rents go up but your mortgage stays the same. The govt makes owning a home and investment properties so beneficial when it comes to tax time. If you have a hefty salary and paying a lot of income taxes then rental homes are a great way to get much of that back. Having a mortgage or many mortgages is great.
Rental properties are totally different from an investment POV than owning a home to live in is. If you are in the business of real estate investing with just one rental property or a thousand it can be one of the best investments there is in the US. Owning a home as a residence is not the same....the tax advantages are almost negated today with limits on what can be written off as far as mortgage interest and property taxes goes...according to IRS data only about 10% of individual filers itemize deductions since 2018 tax reform doubled the standard deduction. Most people do not pay enough in mortgage interest and property taxes to itemize any longer or the difference is so insignificant that the risks associated with itemizing, small as they are, is often not worth the effort.
The main advantage to owning a home is having place to live...its not a great investment as far as investments go because they require a constant outflow of cash for maintenance, taxes and mortgage interest. Traditionally they appreciate which makes it advantageous but they can also lose value a a good many people learned about 15 years ago. Even when the appreciate the amount of money paid in maintenance, taxes and mortgage interest is usually at best slightly less than the increase in value over time adjusted for inflation....at best it is a savings account that pays about the same as a passbook savings account with infinitely more risk.
Given the mobile nature of our lifestyle owning a home can also be a HUGE anchor which prevents career growth and taking advantage of opportunities. At best, if you paid realtor fees...and you most likely did, it is usually a bad idea to buy and sell within 60 months. My wife and I have moved overseas and across the country several times in our careers and each time one of both of our new employers reimbursed us for moving and realty expenses....but those employers are getting fewer and further between. The DoD almost NEVER offers PCS moves to civillians any longer and most federal agencies have cut way back on it...and many private sector employers have followed suit because they are all competing for the same candidates. If you are young and plan to advance your career removing the ability to relocate due to owning a home you'd have to pay out of pocket to sell is a bad idea. If you have no plans to relocate that ain't a problem but it is a good way to advance your career.
Thoreau said it best...you do not own a farm, a farm owns you. The same is true for a house...its only marginally better than renting and then only when one is intent on staying in the same area a long time. In the military it is common for unaccompanied service members to do a "2 bag drag" and relocate across the globe. It is hard to be freer than a person who pick up their entire life's possessions, put them in a duffel bag and start life anew.
Posted on 3/7/23 at 6:03 am to deeprig9
quote:
The only glimmer is wisdom in this communist manifesto is an inference to tax law changes, the only one of which would make sense, is to stop allowing companies to write off depreciation unless they've actually taken a loss to depreciation, as in, if they bought a property 10 years ago for a million, then sold it for only 900,000 ten years later because of actual depreciation, then a $100k loss is a legitimate write off that tax year.
Personally I am of the opinion that corporate taxes should be 0% across the board because at the end of the day consumers pay 100% of corporate taxes in the price structure of every product and service they purchase...you ain't staying in business long if your sells do not produce enough revenue to meet your nut including all taxes. It would also preclude, ideally, the picking of corporate winners and losers through tax policy. Investing in real estate, however, is an exception to this, again in my humble opinion, because real estate speculation can negatively impact a basic need for human survival. While there should be NO law or regulation preventing real estate speculation there certainly ought not be any law or policy which makes it more attractive than the market would dictate. Shelter is necessary for survival...in a capitalist economy there is no legitimate means of controlling market forces even on basic necessities....but there sure as hell ought not to be policies and regulations which increase the costs of those basic necessities.
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