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- Oct 5, 2008
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At the time, oligarchs were using high priced properties to launder money globally. (Including here in NZ). Because you could use llcs incorporated into multiple shell companies to buy property from outisde the country anonymously it was a fast, highly profitable way to launder money. Usually done through a high profile local. This is what trump and kids were up to with the Russians. Laundering money by using lax oversea purchase laws to buy property outright
and anonymously then refinancing to withdraw that cash now laundered through the property. They would then often resell the property to another launder scheme at a higher price (blatant wash trading). I cannot emphasis enough the effect of this combined with a concurrent emergence of air ab&b (and other factors like choking rhe supply of new houses by maniuplating building codes at the local lvl , the huge movement of asset management funds into residential property etc) absolutely screwed the supply of residential properties in markets across the world and how negatively this contributed to priciing houses beyond first time buyers. It also enriched boomers and has played a part in the generational divide of weath and the righteous rage of the young.
Because of wash trading (and multiple other factors) in Auckland one of my houses went from being worth 400 thousand to 4.8 million in 25 years. That's how rough property markets became because of people like trump.
That's who trump is, he sells his fame to anyone or anything.
Edit: holy f it's actually been 25 years since I brought that house. F I'm old.
If you're in England Rup. Look into the movement of asset management money into your residential housing market. Its getting to appallingly lvls in parts of England. It's a trend that really takes off after 2008, for a bunch of reasons I don't have time to try and fat finger type my way through.
and anonymously then refinancing to withdraw that cash now laundered through the property. They would then often resell the property to another launder scheme at a higher price (blatant wash trading). I cannot emphasis enough the effect of this combined with a concurrent emergence of air ab&b (and other factors like choking rhe supply of new houses by maniuplating building codes at the local lvl , the huge movement of asset management funds into residential property etc) absolutely screwed the supply of residential properties in markets across the world and how negatively this contributed to priciing houses beyond first time buyers. It also enriched boomers and has played a part in the generational divide of weath and the righteous rage of the young.
Because of wash trading (and multiple other factors) in Auckland one of my houses went from being worth 400 thousand to 4.8 million in 25 years. That's how rough property markets became because of people like trump.
That's who trump is, he sells his fame to anyone or anything.
Edit: holy f it's actually been 25 years since I brought that house. F I'm old.
If you're in England Rup. Look into the movement of asset management money into your residential housing market. Its getting to appallingly lvls in parts of England. It's a trend that really takes off after 2008, for a bunch of reasons I don't have time to try and fat finger type my way through.
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