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I live in a town that's a haven for hiding illicit funds in luxury homes (cryptocurrency fraud). There is a vacancy rate of about 5% - housing costs are up grea
by arthurofbabylon 8y ago
I live in a town that's a haven for hiding illicit funds in luxury homes (cryptocurrency fraud). There is a vacancy rate of about 5% - housing costs are up greater than 5% as the vacant homes' impact has a compounding effect.
I bring this up because it highlights an underlying trend shared between the article and my anecdote: fraud conducted in supply/demand markets hurts buyers and generally legal participants.
Even if your deal is 100% legal and proper, the supply/demand dynamics have been altered by those committing the fraud and you're getting screwed.
- solotronics 8y agoInteresting, what exactly constitutes cryptocurrency fraud?
- walrus01 8y agoa lot of things: ICO exit scams, pump and dump, etc.
- gt2 8y agoWhich town?
- dsl 8y agoSan Francisco
- deleted 8y ago[deleted]
- jimrandomh 8y agoA vacancy rate of 5% is not abnormally high. https://www.census.gov/housing/hvs/files/currenthvspress.pdf https://www.census.gov/housing/hvs/files/currenthvspress.pdf
- ebikelaw 8y agoUnderstatement! 5% vacancy is a signal of “housing crisis” as currently experienced in many American cities. People carping about tiny vacancy rates has become some kind of NIMBY meme: we don’t need to build new homes because look at the minute fraction of existing homes that are vacant!
- acranox 8y agoI live in a city that is in crazy high demand. Prices climb 10% a year. Demand is huge. There are two vacant homes on my block. (And another one two blocks away) But not because no one wants to live there. But because of stupid practices by the banks that have left these homes in a limbo state where someone left, and it’s not on the market at all. It’s just vacant. This is so stupid. People need housing. I wish the city would just take over the homes and let people live in them. And that’s just the three homes I’m aware of. There’s probably tons more.
- monochromatic 8y agoHow do you buy a house with cryptocurrency?
- codingdave 8y agoYou can buy a house with whatever you like, as long as the seller agrees.