A common complaint is that the middle class and young people are being priced out of California housing. This could help explain why.
Same deal with my sister she sold her house in Palo Alto for cash to a couple from China.
it was on the market for one day.
Buy a house - get a green card
Has any Country in the past kicked out all foreigners and canceled their ownership of all properties? Just wondering.
My neighbor said he sold his ~1400sq house for 750K and is moving out. .
good for me!!
Having blown up their own housing market, now they’re going to work on ours...
This is one of the all-encompassing reasons I’m backing Trump. In the name of global warming our government is experimenting with social engineering providing high density housing along bus and light rail routes and deliberately creating traffic congestion they call calming.
The Department of Transportation did a study and found Americans don’t want to move into these apartments but recent immigrants will. Recent immigrants are more apt to take public transportation. Here in California, the push is on for subsidized housing for the poor, their goal is 20 percent of the units. The Department of Transportation wants to interconnect these dense neighborhoods with high speed rail.
Then HUD came out and demands that every city turn in a yearly report on demographics to see if cities are taking care of the poor. HUD wants to override local zoning codes.
There are no American companies bidding on California’s high speed rail, they are all based in other countries. Countries that are attracting our companies with their lower corporate tax on foreign investments while we here in the U.S. saddle our companies with the worldwide system of taxes. This is the trillions of dollars Trump wants to bring home. We are using tax payer money for foreign engineering, the trains themselves, foreign busses and light rail trains.
https://en.wikipedia.org/wiki/Tax_inversion
The U.S. is unique among developed nations in imposing both a high statutory corporate income tax rate of 35 percent (effective corporate tax rates are lower) and imposing tax on the profits that domestic corporations collect from their subsidiaries abroad. This policy of taxing foreign profits is called a “worldwide” system of taxation, and it contrasts with the “territorial” system employed by most developed countries including the United Kingdom and Canada, which generally tax only profits from domestic activities.
In the LA Times excerpt below I suspect that EB-5 Visa is employed. I don’t have a problem with foreigners investing in America. I do have a problem with our government giving taxpayer money to them. In this article it does not state that these guys are from India, which is my assumption due to the fact they are expected to be hiding in India.
How much of our taxpayer money goes to foreigners and why?
http://www.latimes.com/local/lanow/la-me-ln-housing-indictment-20160205-story.html
David Zahniser and Shashank BengaliContact Reporters
Two executives at a Los Angeles-based real estate development company and two of their employees have been indicted by a federal grand jury on charges they defrauded government agencies of millions of dollars in funds for housing low-income families.
The 67-page indictment says Salim Karimi and three others at Advanced Development and Investment Inc. engaged in a conspiracy to fraudulently obtain more than $50 million in loan proceeds for affordable housing projects in Chinatown, Hollywood, Glendale and elsewhere.
As part of the scheme, Karimi and others submitted fraudulent invoices that “significantly overstated” the true costs of framing, plumbing, drywall and other construction work at affordable housing projects that were built with taxpayer support, according to the federal grand jury indictment, which was filed in 2014 and unsealed earlier this week.
These are just some of the billions of the Chinese trade surplus coming back to the US.
It highlights Trump’s fallacy in condemning our current trade with China. Those dollars that the Chinese hold have to be spent here.
This is a strong signal the bubble is soon to bust