3 ms·

Can you reword this more coherently? There's value here.

fragmede 3y ago
I'm not sure that there is, but here's my attempt at rewording it. > the "planetary elite" invest their (ill-gotten) money in real estate, and Airbnb simply offers the best return. but that's not Airbnb's fault. GP further doubts that reglations affecting the interests of said elites will work.
yowzadave 3y ago
I believe they're referring to the practice of the extremely wealthy buying real estate in hot markets, not to actually use it, but in order to launder the source of their money. There are large numbers of never-occupied units in these cities; there are also efforts underway to stop the practice: https://www.reuters.com/world/us/us-set-unveil-long-awaited-crackdown-real-estate-money-laundering-2023-08-10/ https://www.reuters.com/world/us/us-set-unveil-long-awaited-...
HWR_14 3y ago
I can reword it because I've seen it written before. I am not sure if I believe what they are saying or not, and have no real desire to get involved on either side of the argument going forward. Rewritten: > A large percentage of real estate is being purchased as investments and geopolitical hedges by extremely wealthy individuals. In many cases, this can be be literally to assist in money laundering. This effect is especially pronounced in "global cities" (NYC, London, Paris, LA, Singapore, Tokyo, Shanghai, etc.), and especially in politically stable countries (So that probably excludes Shanghai). These are usually left empty, because income isn't their primary goal. This is considered to be a significant effect because the property types are those intended to be purchased by owner-occupants (e.g. condos), and therefore the supply is consumed. The complaint is not that the new owner of a massive apartment complex is a different major corporation/rich person. Really rich people will prevent any form of correction to the market so they do not lose wealth.

I'm not sure that there is, but here's my attempt at rewording it. > the "planetary elite" invest their (ill-gotten) money in real estate, and Airbnb simply offers the best return. but that's not Airbnb's fault. GP further doubts that reglations affecting the interests of said elites will work.

yowzadave 3y ago

I believe they're referring to the practice of the extremely wealthy buying real estate in hot markets, not to actually use it, but in order to launder the source of their money. There are large numbers of never-occupied units in these cities; there are also efforts underway to stop the practice: https://www.reuters.com/world/us/us-set-unveil-long-awaited-crackdown-real-estate-money-laundering-2023-08-10/ https://www.reuters.com/world/us/us-set-unveil-long-awaited-...

HWR_14 3y ago

I can reword it because I've seen it written before. I am not sure if I believe what they are saying or not, and have no real desire to get involved on either side of the argument going forward. Rewritten: > A large percentage of real estate is being purchased as investments and geopolitical hedges by extremely wealthy individuals. In many cases, this can be be literally to assist in money laundering. This effect is especially pronounced in "global cities" (NYC, London, Paris, LA, Singapore, Tokyo, Shanghai, etc.), and especially in politically stable countries (So that probably excludes Shanghai). These are usually left empty, because income isn't their primary goal. This is considered to be a significant effect because the property types are those intended to be purchased by owner-occupants (e.g. condos), and therefore the supply is consumed. The complaint is not that the new owner of a massive apartment complex is a different major corporation/rich person. Really rich people will prevent any form of correction to the market so they do not lose wealth.