Skip to comments.Venezuela Decrees "All Properties Leased for 20 Years Will Be Sold to Tenants in 60 Days"
Posted on 04/04/2014 4:40:39 PM PDT by Vince Ferrer
Venezuelan president Nicolas Maduro proves once again the capacity for stupidity is virtually unlimited.
Today Maduro mandated that any properties leased for 20 years or longer will be sold to current tenants at government mandated prices, essentially confiscating all long-term rental properties.
Via translation from Libre Mercado, please consider Venezuela Expropriates Properties Leased More Than 20 Years.
Nicolas Maduro, president of the Republic of Venezuela decreed on Monday that properties leased for 20 years, will be sold to their tenants in a maximum period of 60 days. The National Superintendent of Housing says the lease countdown began on March 28.
In the event that the property owners refuse to sell their property, the Superintendent of Housing will impose a fine of 29,000 euros, which must be paid within five days. If the penalty is not paid in 5 days, the fine will more than double to 60,000 euros.
Property owners are totally defenseless, as buyers may propose bargain prices. Nonetheless, owners shall comply with the "fair value of the dwelling" determined by the government via a form which shall provide, among other things, photographs of both the housing and the façade.
Once completed, the owner must wait for the government determined "right price" estimated by the superintendent for housing.
Venezuela needs a revolt like Maduro needs a hole in his head.
Expect a rash of fires in ~50 days. . .
Next, "The Official Language of Venezuela Will Be Swedish."
This is why I don’t own real estate n any foreign countries. Mine today, theirs tomorrow.
Coming to America? That redistribution of wealth is hip man!
They can always buy new profitable property in Detroit!
How short sighted can people be - now everyone who has been in a house for 19 years is going to find their stuff out on the street and people will only do shorter term rentals or if they try to crack down on that no one will have a rental property and everyone will want to sell off - the price of houses will plummet but so will the possibility of getting a rental when you need one. New housing will also drop off as a result meaning the industry will not be hiring - welcome to communist Disneyland!
ACORNeconomics. Just like our Marxist.
Ah, you should LEASE foreign property, then. Later when the communists seize it from the legitimate owners, it’s yours!
The Bolsheviks did this same trick to the peasants, then shortly afterward seized the land from them.
VE HAVE SPOKKEN
So.... Venezuela needs hard currency like Euros.
“Furthermore, all children under 16 years old are now... 16 years old!”
This guy is going to be shot. Insanity!
That's what the landowners have to give to the government. He is running out of foreign reserves, even though they used to be an oil exporter. He is desperate for foreign cash.
Why don’t the richest in Venezuela beg/pay Anonymous to take down the government’s internet and utilities, and pay the military a 2 million dollar reward to kill the Manure-o? Maybe a pilot can steal a plane and blow up the presidential palace... Or crash it Kamikaze-style, and have his family get set up with $$$ for life...
Marxists in this country are going to be demanding the same.