Yeah Vancouver fucked itself because it waited too long to implement any restrictions on overseas buyers. The US will fuck itself too if it doesn't start clamping down. Right now the Chinese real estate problem is primarily in a handful of major US metros but its going to get worse because no one seems to give a shit.
Seattle is rich because of globalization and the high-value (skills and education of its workforce). In the long term "WE" will become even more successful and dominant. The only way we lose that advantage is to restrict the flow of capital, labor and resources. HTH.
You're conflating speculative Chinese real estate investment with globalization and FDI in general. Foreign property ownership isn't a good thing if the property owner doesn't live, work or contribute meaningfully to the local economy. It prices out local residents and creates distortions - median housing prices that far exceed median incomes. This is the problem in Vancouver and why the city implemented a foreign ownership tax on property purchases.
Disagree. Capital flows to its most productive uses. Always. It's called comparative advantage and is one of the reasons why the US is the richest country country in the world and Seattle is at the apex of the US economy. We can't sell the world trillions in our value-added products like tech and at the same time prevent people from buying in the US. Overall,and especially in the long term, our benefits vastly exceed the costs. You have to be skilled, educated, competive and aggressive though. Otherwise, Race can introduce you to life in the 909 / 951.
You are talking about macroeconomic theory and I'm talking about a specific problem where some Chinese millionaire decides that he doesn't trust the Chinese government and wants to park his cash in a hot real estate market overseas instead. If they tear down some old single family home and replace it with a set of condos then it is probably a net positive because they added housing stock but if they just buy and hold onto some home then it's just artificially inflating local demand beyond what local residents cam afford.
If Chinese real estate speculation is such a good thing then why are cities like Vancouver and Sydney imposing such tough restrictions to fight the problem?
Because protectionists, nativists and nationalists come to the fore everywhere. It's ultimately self defeating but historically recurring. It's the simple minded thing to do and always ends badly.
These cities are trying to curb a housing bubble/housing crisis - quit being self righteous. I was making the same argument against domestic US buyers, before the GFC, that were taking out multiple piggy back mortgages to flip their 2nd and 3rd homes. The market isn't always efficient in the short run. Go look at the housing affordability index in Vancouver, Sydney or Auckland and tell me there's not a problem.
In reply too @RedRocket and fix the quote function I fucked up again: the solution to the housing affordabilty issue in wealthy urban areas like Vancouver, Seattle, SF and LA is increased supply. We need higher densities, vertical development, deregulation, lower development fees and public transit. Demand for housing across income levels far exceeds supply.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
There's a fine line between a white nationalist and a white supremacist. Sad!
It's probably Chinese money doing the development anyway.
Wish Trump would go after Chinese real estate investors. Sick of these fuckers going in and bubblefying housing markets. They've completely fucked Vancouver and are starting to fuck Seattle.
I'm the wattered down version. I'm only a little racist and it's primarily targeted at at a small segment of wealthy, mainland Chinese.
I'm not a racist except when it comes to Arabs. I admit I just don't like them at all, but it stems from their actions rather than from their ethnicity. Mainly what they do as it relates to the 'religion' they follow, Islam. I've used words like chink, jap, etc. because it's refreshing to actually be able to say shit like that, free speech and all, even if I don't have anything against those groups (which I don't), and not be shut down by the pc police. HH is one of the few places online that really is all about free speech. Unfortunately that's pretty fucking rare in the current climate of stifling political correctness that infests every corner of society and the internet.
Unless you poast a sexy girl with a sammich. That gets @DerekJohnson, @ DerekisKim, and the other Derek's out there all hot and bothered.
Then you get banned.
Yeah I know. Fetters banned me for poasting a bare titty gif.
You'd get banned here too, except the Wigwam. But I don't need "Playboy-style nudity," since I like amateur hardcore porn and its free.
Comments
These cities are trying to curb a housing bubble/housing crisis - quit being self righteous. I was making the same argument against domestic US buyers, before the GFC, that were taking out multiple piggy back mortgages to flip their 2nd and 3rd homes. The market isn't always efficient in the short run. Go look at the housing affordability index in Vancouver, Sydney or Auckland and tell me there's not a problem.
Chinese capital is propping up real estate markets and its a good thing. Now if Trump wants to ban the Chinese from Vancouver BC I'm in
Then you get banned.