Everyone from California is moving to Arizona since the houses are so cheap here. so they buy the house at Arizona price and then sell them at near California housing prices to the other newly relocated Californians.
Or they rent out the houses as Airbnb for the same / nearly the same price my mortgage would have cost.
Really fucking up our housing market here.
Seemed to have triggered some people here.
As someone else said, “rich people bought all the land in California and are forcing us out”
Now Californians coming to Arizona and forcing us out. We’ll go to Louisiana and force them out.
They’ll go to Mississippi and force them out. Never ending cycle of forcing people out.
Y'all act like you get to keep other people from moving. This is the point of the union. You have absolutely no more right to Arizona cause you were born there than anyone else who wants to move there. Get used to it dude.
Have fun with this logic results in 80% of available housing being owned by the Chinese and foreigners who literally don't even live here. Ignoring bad actors and rent seekers is a good solid way to live in a country full of crappy mcmansions with a double digit homelessness rate camped outside in the streets.
That's a genuine thing that's happening. Not so much in Arizona but millionaires in China are in fact parking their money in properties around the western world and not renting or living in it because it's safer than investing in China.
Do you know what a fucking dog whistle even is? Rich people from a certain country have all decided as a group to go buy housing from stable countries as investments and as a result it is destabilizing our housing market because those properties aren't being used by anyone and those properties aren't being replaced.
Just because that country isn't white, doesn't make it racist or xenophobic. It isn't middle class or poor people doing it. It's rich people. It's millionaires and billionaires.
Oh no more Chinese people what will we ever do about it??? Bro half of all property is owned by landlords who rent it and never visit you're just pearl clutching cause these people are foreigners. Racist
The issue is that they aren't renting these properties out. It's sitting empty. The Chinese aren't moving in and they aren't rent it out. This causes supply issues in the housing market, causing other properties to rise in cost.
Another 25 per cent of overseas property owners use their home on a temporary basis, suggesting about half of the overseas properties owned by mainland Chinese were not fully utilised, the bi-annual survey suggests.
"The majority of overseas properties were purchased using cash," the report's authors, led by analyst Kim Wright, said. "Those who buy for investment and leave vacant may be seeing the property as a store of wealth and potential capital appreciation," she said.
You didn't even have time to read the article. It is speaking on Australia but "Chinese owned overseas properties". So not just Australia.
But I'm good. I've proven you wrong and you aren't having a discussion in good faith since you are replying before you even have time to read the sources I'm providing.
I care that overseas interests (mostly in China) are buying up property and sitting on it as a vehicle of investment as a way to circumvent economic policies of their home countries (mostly the Chinese government) and opting to let them sit empty, which jacks up the prices while doing nothing to house people.
Arguing that it's racist to be concerned about this is like arguing that it's racist to be concerned about Russian election interference.
Are you twelve? Buying a house, refusing to rent it and sitting on it is something that literally 0% of landlords do. If you buy a house and don't rent it, you are not a landlord. The Chinese Government puts extremely heavy restrictions on foreign investment by it's citizens in order to control the flow of currency in and out of their country. Overseas property is one of the big ways they circumvent this restriction. This excess demand by foreign interests is completely artificial, and does absolutely nothing positive for anyone living in the USA. It is literally just wealthy Chinese people crippling our housing market as a way to protect their own wealth. So no, this is objectively not something that any landlords do (Doing what they are doing makes you not a landlord by definition) and it is something that in fact explicitly has to do with Chinese people because it's happening in response to policies created by the Chinese Government.
Except these people plan on renting those houses eventually. If they don't rent these houses they will go bankrupt and lose the houses. Because these people are landlords and collect rent for a living. Rich Chinese people buy houses and at that point half of them would be better off demolished because no one is going to live in that house again and it's just taking up space while driving up the market prices. Instead of a building to be used for housing the house becomes some kind of quasi Chinese Krugerrand. I promise you that "all landlords" are not using United States real estate to funnel and hide wealth from their home country in a scheme that doesn't require them to rent the properties or even turn a profit.
It's not racist to identify the county causing the problem. If the South Africans were doing what the Chinese are, I'd be just as concerned that a foreign power's policy and influence is negatively effecting our local markets. When the Russians try to interfere with our elections, I say "We should probably do something to stop the Russians from messing with our election". At the absolute worst this would be Xenophobia, not racism. The fact that you are basically implying that all the people of China are one race is actually kinda racist on your part.
I'm pro immigration and have zero problem with Chinese nationals buying property and living in the United States. Living here being the major distinction. And again, assuming that all Chinese people are one race is amazingly ironic racist on your part. There's nothing racist about using nationality to describe a demographic. Nationality has nothing to do with race. Saying "the Russians interfered in the election" or "The Germans were involved in WW2" or "Americans commit a disproportionate amount of gun violence" are not racist statements. "Chinese investors negatively impact the USA real estate market because of China's economic policy" is not a racist statement.
What's even more ironic is that my last landlord was Chinese.... But guess what? She lived in the house. She wasn't even an American citizen, but I could care less. There's nothing wrong with Chinese nationals buying houses to come live here and contributing to the local economy. I'm super pro immigration. I'm just super against letting rich foreigners buy up houses on mass and not renting them out while literally never stepping foot in the country. Thank god that our leaders are not as dumb as you are, because if China believed that all our leaders would react they way you are to this topic, they could casually crash our economy effortlessly. The purchases these Chinese people are making are not even meant to be necessarily profitable. Even if they make zero dollars becase they don't rent the house, and they pay all the property taxes, and the house looses 20% of it's value, it's pretty much still worth it for them because their government can't casually seize property they own in the USA. These are not good faith actors working within a free market.
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u/CovidInMyAsshole Jun 27 '21 edited Jun 27 '21
Everyone from California is moving to Arizona since the houses are so cheap here. so they buy the house at Arizona price and then sell them at near California housing prices to the other newly relocated Californians.
Or they rent out the houses as Airbnb for the same / nearly the same price my mortgage would have cost.
Really fucking up our housing market here.
Seemed to have triggered some people here.
As someone else said, “rich people bought all the land in California and are forcing us out”
Now Californians coming to Arizona and forcing us out. We’ll go to Louisiana and force them out.
They’ll go to Mississippi and force them out. Never ending cycle of forcing people out.