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Interesting, if true. And if true, it'd also be interesting to know to what extent: the current overheated markets in SV/NYC are skewing the numbers; and (2) f
by kafkaesq 9y ago
Interesting, if true.
And if true, it'd also be interesting to know to what extent: the current overheated markets in SV/NYC are skewing the numbers; and (2) foreign investment (read: money laundering) may be weighing in on the numbers, as well.
- apendleton 9y agoI think urban areas generally are big contributors (though I'm not sure I'd call that "skew," necessarily). Definitely not just SV and NYC, though. Also include DC, Seattle, Portland, Los Angeles, Austin, etc.
- acchow 9y agoCan you explain how one launders money using a condo? Typically this is done with a small business like a car wash or laundromat...
- nwatson 9y agoGP mentioned money-laundering in context of foreign cash. Buying US real estate with money from overseas bribery/graft is the perfect way to legitimize wealth. Nobody in the US is going to check the overseas origin very thoroughly, and US real estate isn't as volatile as home-country assets.
- kafkaesq 9y agoNobody in the US is going to check the overseas origin very thoroughly, Well, plenty of people would very much like to. But in practice this is often quite difficult in many high-value jurisdictions, for various reasons.
- phlakaton 9y agoI'm curious if your basis for saying that happens to be an award-winning TV drama I've enjoyed. :-)