3 ms·

the blame-the-foreigners narrative has always sounded too convenient to be entirely true. People used to love saying this in California, when there clearly are

by bllguo 5y ago

the blame-the-foreigners narrative has always sounded too convenient to be entirely true. People used to love saying this in California, when there clearly are so many other problems with housing like Prop 13 and zoning. Is there any data from reputable sources that actually quantifies this effect?

bushbaba 5y ago
Prop 13 protects existing long-term home owners. Ive seen no solid report that it has impact on current prices. I’d wager CEQ and zoning laws have done more harm than prop 13. Government backed lending is a primary cause. Just like how student loans enabled university costs to skyrocket.
- khuey 5y ago
  "protecting existing long-term home owners" is another way of saying "reducing available supply" which is absolutely going to have an impact on prices.
freyr 5y ago
You might try this paper (https://www.tandfonline.com/doi/full/10.1080/02673037.2020.1842340 https://www.tandfonline.com/doi/full/10.1080/02673037.2020.1...). From the abstract: “Using new data from the Canadian Housing Statistics Program (CHSP), this paper provides a basis for an integrated account of the Canadian housing market in the last two decades. It shows how the housing markets in Vancouver and, to a lesser extent, Toronto have become de-coupled from local incomes due to significant flows of foreign capital.” Regardless, is there a case to be made why a country should allow its housing supply to be treated as an investment vehicle, instead of the more beneficial purpose of housing its citizens? In cases like this, where a state’s obligation to the welfare of its people seems self-evident, the burden of proof is on you to to show that the massive and widespread foreign investment in real estate leading up to a housing affordability crisis somehow was not a factor.

3 ms·

the blame-the-foreigners narrative has always sounded too convenient to be entirely true. People used to love saying this in California, when there clearly are

by bllguo 5y ago

bushbaba 5y ago
Prop 13 protects existing long-term home owners. Ive seen no solid report that it has impact on current prices. I’d wager CEQ and zoning laws have done more harm than prop 13. Government backed lending is a primary cause. Just like how student loans enabled university costs to skyrocket.
- khuey 5y ago
  "protecting existing long-term home owners" is another way of saying "reducing available supply" which is absolutely going to have an impact on prices.
freyr 5y ago
You might try this paper (https://www.tandfonline.com/doi/full/10.1080/02673037.2020.1842340 https://www.tandfonline.com/doi/full/10.1080/02673037.2020.1...). From the abstract: “Using new data from the Canadian Housing Statistics Program (CHSP), this paper provides a basis for an integrated account of the Canadian housing market in the last two decades. It shows how the housing markets in Vancouver and, to a lesser extent, Toronto have become de-coupled from local incomes due to significant flows of foreign capital.” Regardless, is there a case to be made why a country should allow its housing supply to be treated as an investment vehicle, instead of the more beneficial purpose of housing its citizens? In cases like this, where a state’s obligation to the welfare of its people seems self-evident, the burden of proof is on you to to show that the massive and widespread foreign investment in real estate leading up to a housing affordability crisis somehow was not a factor.