3 ms·
> * There is a non-trivial amount of money coming in from other countries to bid up property as well. And how many of them were engineers moving over for jobs?
by ori_b 10y ago
> * There is a non-trivial amount of money coming in from other countries to bid up property as well.
And how many of them were engineers moving over for jobs? It's not just Californians relocating from nearby communities, sure -- I moved from Canada (via a few years in New York), for example. But it's unlikely to be some foreign absentee landlord.
- tamana 10y agoIn my experience foreign absentee landlords aren't even very bad, because they care mainly about parking their assets outside of China, more than maximizing or even collecting rent.
- throwaway_exer 10y agoForeign absentee landlords are terrible to municipal services in California, since Proposition 13 makes them reliant on sales and franchise taxes instead. In the case of Vancouver, they have made a hollow city.
- ajmurmann 10y agoNot caring about collecting rent often leads to empty houses that now nobody can live in. That's about the worst that can happen if we want to get housing costs down.
- imtringued 10y agoDevelopers prioritise luxury apartments which they primariy sell to those chinese landlords.