4 ms·
There are millions of sources on the use of high-end real estate for foreign money-laundering operations. Like this one: http://nymag.com/news/features/foreigne
by michaelochurch 12y ago
There are millions of sources on the use of high-end real estate for foreign money-laundering operations. Like this one: http://nymag.com/news/features/foreigners-hiding-money-new-york-real-estate-2014-6/ http://nymag.com/news/features/foreigners-hiding-money-new-y...
The question is: why are we allowing foreign speculators in our real estate market, prices where they are, in the first place? Once an average house costs more than 8 times the average income, you have to protect the homeland. Unless you've stopped caring about your own people.
- jacques_chester 12y agoI'm not referring to buying real estate. I'm referring to your specific accusations that Chinese (edit: foreign) nationals are launching fake identities in Bay Area companies. I'm a foreign national, incidentally. I contribute to the high rent in NYC. I'd say tech money is ruining the city but the fellas down in FiDi got in ahead of us 30, 15 and 5 years ago.
- jessriedel 12y agoThat's a very long article. Does it make the claim that the fradulent fraction of the foreign investor (which I predict is small) is large enough to have a significant impact on the housing price?
- onethree 12y ago8 times? the median house price in Sydney just hit 800k. The median wage is 57k. I wish house prices were only 8 times the median wage...
- enraged_camel 12y agoHe said average income, not median income. There's a huge difference between the two when you talk about the Bay Area, since the income gap is so huge there.