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One way to look at this is that money launderers are happy to pay a higher price because the house provides more value to them that it does to other buyers: it
by munificent 6y ago
One way to look at this is that money launderers are happy to pay a higher price because the house provides more value to them that it does to other buyers: it is both a real estate asset and a tool to launder their money. It's sort of like putting an offer down on a house with a pool when you can't swim. You rationally won't pay as much as the Olympic swimmer also bidding on the house because they get more value from it than you do.
The first-order obvious rational solution is to "learn to swim". If you're going to buy a house, figure out a way to also launder some money with the purchase. That way you're competing on a level playing field with other money launderers.
The second-order observation is that there is a business opportunity here. Shortly, I expect to see a Y-combinator funded startup developing an AI-driven mobile app that connects BC home buyers with criminals looking to launder their illicit gains. The market becomes more efficient and everyone wins.