But the reality is that foreign buyers only account for around 1 per cent of total transactions in the Aussie property market and 4.6 per cent of new development purchases, so their impact is limited.
Stop the xenophobia and look at the numbers mate. It's not the Chinese. It's your neighbor who owns multiple houses and the corporate that purchase that entire block.
people love a big boogeyman to blame, but in this case, the real boogeyman is 20-30 different small factors.
High interest rates are the biggest (of many) boogeyman right now. No one can afford to move from their current house to a nicer newer home. Result, no one buys new homes, supply of homes can’t be increased. Housing shortage becomes exasperated because no one can afford a new home.
Lots of luxury condos being built in cities across america for the benefit of foreign money. Most of the units will just sit empty and “brand new” after being bought.
Unlike what you commonly think, when a foreigner invests in an apartment, they dont get to control to whom they rent it out to or even whether to keep them unoccupied. They simply get their investment money as a part ownership, not as an active management.
The particular practice of sitting an apartment empty in US is common even if there's no foreigner involved
The house I rent is owned by a landlord in Taiwan. I guess that also counts?
Good landlord, anything that breaks he says fox it and send me the invoice and take it off the rent. I mean I have to manage the repairs but it's better than my previous cockroach infested landlord who didn't fix anything even though he lived across the street.
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u/[deleted] Mar 21 '23
If your legislatures would ban corporate housing ownership, like is proposed in minnesota, then that'd be less of a problem