Comment by socalgal2
4 hours ago
This is a common opinion that never actually matches the facts.
The issue is all the things blocking supply. As long as supply is blocked, prices will go up, Period
4 hours ago
This is a common opinion that never actually matches the facts.
The issue is all the things blocking supply. As long as supply is blocked, prices will go up, Period
But why allow e.g. Chinese investors to buy property in SF if they aren't even going to live there?
1. It's only an investment because of limited supply.
2. Chinese investors buying up and not living there is effectively a myth. There just are aren't very many of them.
3. What's special about "Chinese"? If a rich NYC finance person buys a vacation home in SF is that ok? How about a Brit or German?
Do they pay property taxes?
Maybe but that will certainly not bring down prices for the average US citizen looking for a home.
In California? With prop 13? Hardly.
We invented money as a way of distributing scares resources. When there is housing going empty while people live on the streets in tents with no running water, no electricity, no sewage, one has to realize that something's gone wrong.