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Everybody thinks it's Chinese money, and sure there is some. But there are just a lot of very highly paid ppl in the bay area. Facebook, Google, &c are moving a
by encoderer 10y ago
Everybody thinks it's Chinese money, and sure there is some. But there are just a lot of very highly paid ppl in the bay area. Facebook, Google, &c are moving a lot more money into this region than any Chinese outflows. In all my experience here, SF is not a city of the empty pied-à-terre.
- refurb 10y agoThey just released some data on foreign purchases in another crazy market, Vancouver. In the last month (June?) 10% of purchasers were foreign (all countries) and the average house price was the same as domestic purchasers. Foreign investment has an impact in Vancouver, but by and large, it's Canadians who are over-extending themselves to get into a market they think they will be priced out of forever.
- charlesdm 10y agoAnd after a few years, prices will crash. Oh how we've seen this story again and again.