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I wish they just did not sell to foreign investors. And yes I would be fine if other countries did the same, why do I need to own a place in 'x' country? This i
by 14 8y ago
I wish they just did not sell to foreign investors. And yes I would be fine if other countries did the same, why do I need to own a place in 'x' country? This is, again, capitalism at the expense of the people who actually live in the region. I am not against immigration and owning property but a person or organization who are simply buying up property just to make a profit and have no intention of ever living there should be stopped. Or at the least heavily taxed to discourage the practice.
- AlexTWithBeard 8y agoForeign investors buy US property because (a) they get a lot of dollars in exchange for all the TVs, cellphones and underpants we somehow cannot manufacture ourselves and (b) US doesn't have much else to offer. US cars? They're "okay" at best. US electronics? Come on, when have you seen a piece of electronic made in the USA last time? We should fight the cause, not the effect.
- bobthepanda 8y agoChinese people invest in property because they don’t have good experiences with their home financial markets, know-your-customer is a burden, and because it is hard to invest internationally. Everyone else is fine with stocks and bonds and funds and such. The rest of the world has been asking China to free capital markets for a long time, but there’s not much we can do if the Party doesn’t want to.
- anthony_barker 8y agoAlso in Canada there is 0% capital gains tax on your primary residence.
- pascalxus 8y agoI don't understand, why can't we simply build more cities? If people are so willing to pay for it, I'm sure there's people who want the jobs. It just seems like such a waste of opportunity
- mertd 8y agoWe have other stores of value that don't take up as much space and permanently destroy a finite resource.
- bobthepanda 8y agoPeople don’t want a house, they want a specific property within a specific location. It would be as if you responded to a shortage of iPhones by flooding the market with Motorola Razrs.
- spoonie 8y agoWe don’t even need to build more cities: we can build more density in existing cities. Vancouver has lots of Neighbourhoods with nothing but single family homes. Add more townhouses and low-rise apartment buildings and the population of Vancouver could double. But people cling enviously to their driveway & backyard close to downtown.