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It's just business
(lemmy.world)
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this post was submitted on 30 Jan 2024
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yeah someone needs to stop the Chinese from buying up residential property everywhere
If only there were some sort of governing body that could regulate things like that...
Over here foreign investors are banned from buying property, they can only build property. Unless you send your kid to uni here, then it's all fine apparently
And if we in the US tried banning foreign investors buying houses we’d be called racists. It needs to be done. I’m tired of not being able to afford anything where I live
Oh don't worry we still can't afford anything. Median house prices are over a million dollars AUD and in terrible condition.
No one should be able to, regardless of where they come from. China is a scapegoat.
Op has right idea but terrible phrasing. Sounds racist (well, xenophobic) and I actually started trying to type a (tongue-in-cheek) racist response, but I couldn’t get the tongue-and-cheekiness strong enough to be clear I was mocking it.
Not a scapegoat but the current largest offender.
Domestic corporations outpace them by quite a bit. Even if you only look at foreigners, China only accounts for 13% with Mexico at 11% and Canada at 10%.
We should aim to ban everyone from doing this. If no one, domestic or foreign, can abuse of the housing industry, the problem goes away.
If only China is banned from doing so, the vacuum gets filled in the space of a day and the problem persists.
Yes, we should ban foreign investors. Especially the US companies that want to profit from our housing scarcity.
Technically, China did... They've limited yearly investment outside the country to ~$20k, which would significantly dampen it. They're even cracking down on the multi millionaires
Granted, laws don't seem to work on billionaires or multinational corporations. China having those is a problem...
The US ones are really doing a number too... Investment funds like Black Rock gaming the market have been the biggest issue, they've been snatching up everything at a bit above market rate or below in an area, which makes the price skyrocket. Some of them are renting them out and driving up rent prices, but a lot of them are just collecting them like Pokemon cards and leaving them empty until they (presumably) decide it's time to sell.
Granted, that's probably more like billionaires all over the world collectively doing it indirectly