Quote:
Originally Posted by amRam
The Chinese do it in Toronto and Vancouver too. Allowing foreigners to buy real estate is a disaster.
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in 08/09, there was a conspiracy theory floating around about all the Chinese money coming in and purchasing hard assets like real estate. The theory went something like this: because China was buying so much of US debt, instead of the FED paying them back like they should have been, they opened the real estate market to allow the Chinese to buy whatever they wanted.
During that period, the Chinese were attempting to buy all the major US ports, parks, freeways etc. and there was no limit on what they wanted to own. A comparison was made between the impact of foreign investments buying a major port that can alter the price of all the goods that flow through said port vs residential living. For one - the ports - congress got involved and stopped the purchase but turned a blind eye to the places where Americans live, as if forcing rents to triple had no real effect on the people.
What a ****-show.