> dirty money is flowing into real estate in the world's top cities: London, New York, San Francisco, Paris, Singapore, Hong Kong That's one of two trends here

> dirty money is flowing into real estate in the world's top cities: London, New York, San Francisco, Paris, Singapore, Hong Kong That's one of two trends here. There other is specifically Chinese, like Hong Kongers, Taiwanese, and Koreans before them, emigrating to various English-speaking cities around the Pacific Rim, such as Sydney, Melbourne, Auckland, Vancouver, Toronto, Seattle, and San Francisco/San Jose. The (Northern) "California Housing Bubble" is a conflux of these two trends.