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In places like SV and Vancouver housing prices are not strongly connected to the economic reach of the median person. China has a middle class as big as the en
by sry_only_anon 11y ago
In places like SV and Vancouver housing prices are not strongly connected to the economic reach of the median person.
China has a middle class as big as the entire US, and a huge number of millionaires in USD, and an unstable, opaque state-run economy, so huge numbers of rich Chinese are buying real estate abroad to protect their wealth and to give their kids a life in the US.
I would be happy to see a movement to keep Chinese money out of the U.S. housing market, at least in places like SV.
- eru 11y agoWhy? If foreigners want to buy stuff, we call that exports. Just produce more of the stuff they want to buy. Ie build more apartments (= higher houses) in SV.
- nickgrosvenor 11y agoIt doesn't work like that with housing, it's not a widget, it's fixed (to some degree)
- TheLogothete 11y agoChina has 300 million people middle class? Do you stop for a moment to listen to yourself? Middle class where? In China, earning $500/month?
- manigandham 11y agoWhy not just find a source to better explain numbers? You're right it's not that big but it's the biggest in the world: http://qz.com/523626/chinas-middle-class-has-overtaken-the-uss-to-become-the-worlds-largest/ http://qz.com/523626/chinas-middle-class-has-overtaken-the-u...
- manigandham 11y agoSeems more like 100M, not the entire US population: http://qz.com/523626/chinas-middle-class-has-overtaken-the-uss-to-become-the-worlds-largest/ http://qz.com/523626/chinas-middle-class-has-overtaken-the-u...