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Israel's situation is very unique because a large number people visit there and stay there, as you said, for social and religious reasons. Paris may also fit t
by vivekd 10y ago
Israel's situation is very unique because a large number people visit there and stay there, as you said, for social and religious reasons. Paris may also fit this category. However, for most cities, this isn't the case. Most cities, espcially in the west, have these homes as investment property and not property bought for social reasons. This is certainly the case in Canada where many of these vacant properties are bought by foreign investors (mainly Chinese) for tax and investment purposes. Nobody comes to Canada for social or religious reasons. These kinds of investments are susceptible to economic incentives.
- scarmig 10y agoPlenty of social reasons: people like sending their kids to Canadian/USA schools, and it acts as a status symbol. There's also a bit of the emotional security blanket that if things go to shit in China, an owner would be able to seamlessly move to the other side of the Pacific. Though that's often overstated IMO.
- Animats 10y agoMecca has exactly the same problem, for the same reason. The government there encourages it, resulting in giant hotels and condo complexes which are only occupied during Hajj season. The two million people who actually live and work there are being forced out.[1] Mecca is being turned into a religious Disney World. [1] https://www.theguardian.com/cities/2016/sep/14/mecca-hajj-pilgrims-tourism https://www.theguardian.com/cities/2016/sep/14/mecca-hajj-pi...