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In America the ownership of real estate is not an absolute right. Your property can be taken by eminent domain, by failure to pay fines, or more commonly it can
by macinjosh 7y ago
In America the ownership of real estate is not an absolute right. Your property can be taken by eminent domain, by failure to pay fines, or more commonly it can be taken due to failure to pay property and/or income taxes.
If they ever need to get the foreign owners out they will set a tax on foreign owned real estate for an amount makes the investment not worthwhile.
- john_moscow 7y agoExcept the economy is getting more and more dependent on that external money. Good luck banning foreign owners if 20% of your state GDP is real estate deals (real numbers for British Columbia; they also tried foreign buyer tax, although the Chinese figured out some loopholes). Good luck banning foreign investments if millions of local jobs exist solely to make the companies look like better investments, and millions more are tied to advertising, accounting, cloud and other services provided to VC-backed companies. You can't stop the slowly accumulating long-term effects without a considerable mid-term depression, and no politician will go for it because the majority of voters is very short-sighted.