Dem ground game.
Once they get their wish for more and more people to flood in, they’re going to wonder why in hell they ever wished for that....
Bet the rent.
Note the use of the codeword “international” instead of “foreign”.
The Austin housing market is crazy. The thing driving it has more to do with nerds selling their 1500 sq. ft. house in California for $1.5 million then thinking they got a good deal on a 2200 sq.ft. house near downtown Austin for the same price. Tech companies are flocking from CA. To Austin.
Most of the big outside money is going in to pools of money to build multi-family housing. Much to build high rise properties. There is so much of that kind of property being built in Austin that people joke that the city bird of Austin is the crane. To my eye this kind of development is being overbuilt.
Are they buying the homes to live in, to rent out to locals, or to flip at inflated prices?
If they sucked $12 billion out of it, then it’s a net loss.