New Zealand is banning foreign home buyers

pretty sure this would pass immediately in Orange County, CA

it's suffering from the same issues as Toronto and Vancouver in regards to Chinese FDI
 
Mark Hunts FIST said:
Time to go off the grid.


I just saw some show where this white family lives off the grid in Hawaii...like literally in the jungle.
Is that common?
Click to expand...
Common for druggie bums. They live on the public beach parks and tap into electrical wires intended for sidewalk lamps.
 
Goonerview said:
Why don't we just let the house prices go down??

It's unsustainable to think they are going to grow forever...
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Australian real estate has essentially been growing forever. We also have a ludicrous amount of personal debt (as a nation that is).
"Mum and Dad" investors are a disproportionate amount of our real estate market compared to other nations.
Anything more than a slowdown in growth will cause serious economic issues.

tonni said:
Oh my, worked so much I forgot about that one. F-f-ffashhion
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It's always "The Humans Are Dead" for me.
 
Ruprecht said:
Australian real estate has essentially been growing forever. We also have a ludicrous amount of personal debt (as a nation that is).
"Mum and Dad" investors are a disproportionate amount of our real estate market compared to other nations.
Anything more than a slowdown in growth will cause serious economic issues.



It's always "The Humans Are Dead" for me.
Click to expand...

Growing forever ... how sustainable is that?
 
Goonerview said:
Growing forever ... how sustainable is that?
Click to expand...

As sustainable as population growth for economic growth (especially without infrastructure investments to match, and failing to account for environmental carrying capacity).
Short term thinking.
 
Goonerview said:
Why don't we just let the house prices go down??

It's unsustainable to think they are going to grow forever...
Click to expand...
Because all the people with mortgages on those worthless houses would go bankrupt .. are you fucking retarded?
 
Goonerview said:
The UK's high streets also seem to be declining. I went out to a high street recently and it was full of "closing down" stores and "to let" empty buildings.

They seem to be building more flats in order to cram as many people into as small a space as humanly possible.
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Yeah online shopping seems to be killing the high street.

Loads more bars and restaurants opening, at least near me anyway.
 
Good for them. They need to do it here in Canada. Real estate in Toronto and Vancouver is selling for three times its actual value because of foreign money laundering.
 
Goonerview said:
Is this not inevitably going to happen anyway?
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No. The number that would be potentially bankrupted by a crash and/or massive interest rate hike and the knock on economic effect, wouldn't happen if prices simply stagnated.
 
Goonerview said:
Why don't we just let the house prices go down??

It's unsustainable to think they are going to grow forever...
Click to expand...

1. Because that would affect every home owner with a mortgage, and moreso those with relatively young mortgages. In this scenario, everyone gets fucked, but particularly young families.

2. The housing market is a big feeder into the economy. See 2008. If the housing market significantly declines, it starts a domino effect. As above, everyone gets fucked, but the most vulnerable, i.e. lower and middle class, get fucked the most.

3. Why should housing go down? The housing market should steadily rise as the population and wealth increases. At the very least it should rise slightly above inflation. Once world population begins to decline (there are scenarios in which that starts to happen in the next 100 years or so), so does housing.

For the record, I'm against foreign ownership of residential properties.
 
HunterSdVa29 said:
pretty sure this would pass immediately in Orange County, CA

it's suffering from the same issues as Toronto and Vancouver in regards to Chinese FDI
Click to expand...

I heard they have it even worse in San Jose and New York than we do. Fucking Chinese and Vietnamese Communist Party members use their ill-gotten money to buy up multi-million dollar houses, and just leave it there. The slang term for this is "Soft-Landing Pads", so when it's their turn to be offered up as the sacrificial lamb in a symbolic anti-corruption probe, they and their families can high-tail it out of there and retire in the States.

Orange County is very much an anti-Communist region, so faithful followers of Chairman Mao and Uncle Ho are a lot more discreet here in terms of real estate investments, but Birth Tourism operations catering to them are still getting busted left and right though.
 
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Phisher said:
Good for them. They need to do it here in Canada. Real estate in Toronto and Vancouver is selling for three times its actual value because of foreign money laundering.
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That;s why I left Toronto. My options for home ownership were a closet sized condo, a town house across the street from a government housing complex, or leave the Toronto.
 
welcome to your crazy rich asian overlords..
 
include a 10 year roll back and start confiscating all these properties.
 
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