I know an artist that painted triangles. Not sure if they were Isosceles or not. It was a great investment of "found money".
Posted on 02/15/2017 4:22:36 PM PST by Lorianne
One year ago, when we first started discussing the Vancouver housing bubble, which as we first speculated - and was later confirmed - was the result of Chinese oligarch money-launderers parking "hot cash" in this offshore housing market (at least until a 15% property tax on foreign purchases made Seattle the new Vancouver), we said that Vancouver houses had become the de facto new Swiss bank account, and because of that the houses - once purchased - would remain a highly overprized, if vacant tribute to China's soaring capital outflows.
Now, courtesy of data by urban planner Andy Yan of Simon Fraser University’s City Program, this has been confirmed because according to the latest census numbers, as of 2016 there were 25,502 unoccupied or empty housing units in the City of Vancouver. Expanding to include the entire metro area, Yan found that vacant or temporarily occupied dwellings have more than doubled since 2001 to 66,719 last year as neighborhoods have hollowed out.
(Excerpt) Read more at zerohedge.com ...
Chinese ghost cities come to Canada.
So are they buying in Seattle, Portland and the Gay Frisco areas?
Good...then the immigrants won’t be homeless!
same in Los Angeles and San Francisco, only difference is that they usually hire a local agent to rent the places out so there are not as many actually VACANT
but same speculative bubble in pricing, yes indeedie...
In Sunny Isles Beach (Florida) they are putting up one huge oceanfront condo after another. And most of the units stay vacant after being bought. The story I read said it’s mostly business people who don’t trust the banks in the countries where they are from.
I guess there is only so much bad art they can buy to store their wealth.
Trade deficits don’t matter. /sarc
Why should anyone care if a house sits empty?
So long as the owner is paying the property tax, the other people are getting a bonus.
The absentee owner demands no government services for the taxes paid.
“Occupy Vancouver.”
I can see it now.
I get pictures of abandoned houses/buildings on FB. Some are still beautiful after decades. A poster showed a picture of. one and when he went in, there was money on the dresser and other places. I love the stories about them. They showed one that I would stay far away from. It was a beautiful hotel on the edge of a mountain. No thanks. I think it was in Central America.
you got it, the supply of bad art isn’t adequate to hide all the stolen moola
ha!
Room for Canada’s muslims.
Yes, big time, all of the above.
He looked at one house and the house next store to it was huge and about three years old. Ready to move in (appliances, etc.) but it had never been lived in. Brush overgrowing the place. Built by some Chinese guy. He figured after three years of being closed up it was already having mold and mildew issues.
Lookup “this is dan bell” on youtube- tons of that stuff.
CC
let the syrians know....
Decades ago, when the Japanese economic machine seemed to be unstoppable, they started buying golf courses, restaurants, big home, estates, vineyards and whatever they wanted to buy throughout California.
They fired good managers/stewards of their new businesses and the places went down hill fast.
Then, their economy went south, and they lost property big time here.
Never understood this financial strategy. It’s not an investment if it goes unrented, and devalues as it delapidates.
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