patrick.net

thomaswong.1986 says

cloud15 says

I'm a legal immigrant .

Your a guest only. Not a US citizen which makes you foreign national. Remember that!

Thomas you are guest because I'm happy to put All Cash offer on your Los Gatos home and help you move to Dakota's .

I'm not a Guest and here to stay , just like your forefathers a few generations ago unless you are an Indian with a feather.

hrhjuliet says

I honestly believe we can turn it around.

I think you're in denial of the nature of western, sorry, make that former British settled nations.

The Jimmy Stewart version of the world is a Hollywood myth, extolling some small town virtues, as the bedrock of the Real Politic of the bigger central govt. What those small towns are, in reality, are either university centers or retirement communities. And thus, a close knit townie sort of system develops, and you get the friendly neighbors which you won't see in most Silicon Valley suburbs.

Think about it, Bangor Maine's industry is Stephen King novels. And does New Bedford MA, still have a whaling industry, a century plus, after 'Moby Dick'? I'd even speculate that if weren't for the four plus colleges & medical center, Burlington Vermont would be just as *rust belt* looking, as Plattsburgh, Albany, or Buffalo NY. The natural beauty of the famous Burlington view of Lake Champlain/Adirondack Mts is supported by the well off, from Boston & NYC, spending money up there for tourism and schooling. Everyone knows that there's little job growth there.

With the above as a backdrop, encouraging foreigners to invest their capital into the west, has already been a way for the US, UK, & company for ages. And then, that money circulates in the economy & can support the medical centers, tourism hubs, university towns, and basic services. A bunch of poor locals, can't infuse any resources into making themselves more prosperous.

Hence, Britain & Australia would love to give Stephen King, an investor retirement visa to stay permanently but want the rest of us, out after 90 days.

hrhjuliet says

But what about American home buyers – many of them young, just entering the market – who would prefer low home prices that aren’t bid upward by rich foreigners?

Just build more and the problem is solved.
The problem is not foreigners, it's the unwillingness to build new homes. Especially non-luxury homes.

Rin says

I think you're in denial of the nature of western, sorry, make that former British settled nations.

The Jimmy Stewart version of the world is a Hollywood myth, extolling some small town virtues, as the bedrock of the Real Politic of the bigger central govt. What those small towns are, in reality, are either university centers or retirement communities. And thus, a close knit townie sort of system develops, and you get the friendly neighbors which you won't see in most Silicon Valley suburbs.

I am not in denial, I am just not as cynical and a lot more hopeful. That doesn't make me ignorant, and it doesn't mean I am wrong. Some of the greatest advances in humanity were fueled by hopeful dreamers who worked for a better world for all. It does happen, maybe not as often, but it does happen. Since you brought it up, here is quote from one of those dumb ol' Jimmy Stewart movies for you all to scoff at, enjoy: "[After reading the Declaration of Independence] Now, youre not gonna have a country that can make these kind of rules work, if you havent got men that have learned to tell human rights from a punch in the nose. [The Senate applauds] Its a funny thing about men, you know. They all start life being boys. I wouldnt be a bit suprised if some of these Senators were boys once. And thats why it seemed like a pretty good idea for me to get boys out of crowded cities and stuffy basements for a couple of months out of the year. And build their bodies and minds for a man-sized job, because those boys are gonna be behind these desks some of these days. And it seemed like a pretty good idea, getting boys from all over the country, boys of all nationalities and ways of living. Getting them together. Let them find out what makes different people tick the way they do. Because I wouldnt give you two cents for all your fancy rules if, behind them, they didnt have a little bit of plain, ordinary, everyday kindness and a - a little lookin out for the other fella, too...Thats pretty important, all that. Its just the blood and bone and sinew of this democracy that some great men handed down to the human race, thats all. But of course, if youve got to build a dam where that boys camp ought to be, to get some graft to pay off some political army or something, well thats a different thing. Oh no! If you think Im going back there and tell those boys in my state and say: Look. Now fellas. Forget about it. Forget all this stuff Ive been tellin you about this land you live in is a lot of hooey. This isnt your country. It belongs to a lot of James Taylors. Oh no! Not me! And anybody here that thinks Im gonna do that, theyve got another thing comin. (He whistles loudly with his fingers in his mouth, startling Senators who are dozing or reading other materials) Thats all right. I just wanted to find out if you still had faces. Im sorry gentlemen. I-I know Im being disrespectful to this honorable body, I know that. I- A guy like me should never be allowed to get in here in the first place. I know that! And I hate to stand here and try your patience like this, but EITHER IM DEAD RIGHT OR IM CRAZY.". I know, I know, we are crazy in your opinion, my ignorant self already guessed that.

hrhjuliet says

Why not sell wealthy foreigners the right to live here, too?

Japan has a similar new visa program, too. Make it even explicit by adding visas for full-time household servants and parents you bring with you.

Yes hrhjuliet, I was right, you are Jimmy Stewart, since you quoted the entire rant from the 'Mr Smith Goes to Washington' movie.

Did you really buy the ending of that, with the fraudster fessing up, or the ending of 'It's a Wonderful Life', as anything other than fiction & fantasy? Think about it, Eric Snowden has found his freedom in Putin's Russia. How ironic is that one, a nation ruled by an ex-KGB dictator.

Rin says

Think about it, Eric Snowden has found his freedom in Putin's Russia. How ironic
is that one, a nation ruled by a KGB dictator.

I am sure they are watching his every move and I am sure that they have spelled out for him "conditions" and "consequences". I would not be surprised if one day his apartment were to suffer a carbon monoxide "accident"....

dublin hillz says

I would not be surprised if one day his apartment were to suffer a carbon monoxide "accident"

I think Julian Assange is ahead of Snowden on the depth chart. Along with the usual problems, wiki-leaks has also been posting sensitive info on the Russian Mafia's money laundering schematics. So thus, even if he's able to find permanent asylum in Ecuador, he may encounter an accident a lot quicker than Snowden.

Snowden is now most likely, a new found friend of the Russian underground. Think about about it as a reverse defection from the Cold War days... the spy who came into the Cold.

I take being anything like Jimmy Stewart in any Frank Capra movie as a compliment. Yes, l do believe in all that ignorant crap. Some parting words for you to roll your eyes at: "Now wait…now listen…now listen to me. I beg of you not to do this thing. If Potter gets hold of this Building and Loan, there’ll never be another decent house built in this town. He’s already got charge of the bank. He’s got the bus line. He got the department stores. And now he’s after us. Why? Well, it’s very simple. Because we’re cutting in on his business, that’s why. And because he wants to keep you living in his slums and paying the kind of rent he decides. Joe, you had one of those Potter houses, didn’t you? Well, have you forgotten? Have you forgotten what he charged you for that broken-down shack? Here, Ed. You know, you remember last year when things weren’t going so well, and you couldn’t make your payments? You didn’t lose your house, did you? Do you think Potter would have let you keep it? Can’t you understand what’s happening here? Don’t you see what’s happening? Potter isn’t selling. Potter’s buying! And why? Because we’re panicking and he’s not. That’s why. He’s picking up some bargains. Now, we can get through this thing all right. We’ve got to stick together, though. We’ve got to have faith in each other."

hrhjuliet says

indigenous says

Why?

I think this article sums it up better than I could: http://robertreich.org/post/11881926504

I feel this is a vastly underated issue and much more important than half the topics people are currently involved in.

This is one of the dumbest threads yet. No one with any real money is going to subject themselves to US taxes. People with real money are going to buy residences or citizenships in Andorra, Cayman Islands, Rarotonga etc., etc.. There are already US visa's for investment and they never come close to being used. There were something like 4000 e5's issued out of 10000 last year and that was a record year for the program. Less than a third go on to permanent residence.Holy cow batman, out of 9 billion people on the planet there are 1000 or so a year that actually have money and want to be in the US. That's certainly going to drive real estate through the roof. Get a grip.

bob2356 says

This is one of the dumbest threads yet. No one with any real money is going to subject themselves to US taxes. People with real money are going to buy residences or citizenships in Andorra, Cayman Islands, Rarotonga etc., etc.. There are already US visa's for investment and they never come close to being used. There were something like 4000 e5's issued out of 10000 last year and that was a record year for the program. Less than a third go on to permanent residence.Holy cow batman, out of 9 billion people on the planet there are 1000 or so a year that actually have money and want to be in the US. That's certainly going to drive real estate through the roof. Get a grip.

Taxes are low compared to Europe?

Living elsewhere is not as good an option as it might appear in your minds eye?

The premise of the OP is specious and not worthy of any effort as these things work themselves out through exchange. This is because the Chinese e.g. have created a huge imbalance through devaluing the Yuan. So the Chinese are forced to buy American assets because they sold goods for dollars, in other words there is a re balancing of debt from the trade deficit. This is changing because the US is projected to produce as much oil as Saudi Arabia by 2016, because car technology has lowered the need for oil, the trade deficit is projected to be 1/3 of what it is today.

I respect hrhjuliet's comments, but the issue seems a distraction. There is practically no limit to the amount of housing that we can build, so if foreign buyers want to balance our trade deficit by buying houses and apartments here, and paying property tax, that's fine. The real issue in "the zoned zone" is the restrictions on planning and zoning, which create artificial shortages and drive prices above where they should be. Then, having created that problem, local politicians use it as an opportunity for "affordable" (below market) housing programs that tax their enemies, drive prices even higher, and create a class of housing that can be allocated to favored recipients. SF unemployment is already below 6%, but if it ever got to critical mass, SF could achieve full employment by building more housing units and selling them to buyers from around the world. SF has currently somewhere around 300k units in a city of 800k that anchors a metropolitan area of 9 million. SF could build at least another 100k without running out of land, probably another 1 million if necessary, so I don't see why we would need legislation prohibiting foreign buyers.

indigenous says

The premise of the OP is specious and not worthy of any effort as these things work themselves out through exchange.

The premise of the OP is a confused muddle. He talks about limiting real estate purchases then links to an article about real estate purchases for residency. Which does he object to, investment purchases, residency purchases or both? Foreign real estate purchases have been around 10% of transactions for decades. Why worry about it now? I'd worry more about the other 90% of real estate being snapped up by the wall street 1% and being rented back to the 99%.

Even more confused is the part about a law to restrict foreign purchases based on scandinavian and french laws. There are no restrictions on foreigners buying real estate in those countries, so I can't figure out what he is babbling about. I want some of what Stanford professors smoke.

Yup there are shortages created by government, my favorite are the shortages created by rent control.

The politicians with their extensive list of now you are supposed tos only exist where there is a lot of money that can afford such absurdities.

bob2356 says

I'd worry more about the other 90% of real estate being snapped up by the wall street 1% and being rented back to the 99%.

Yup and the situation is created by low interest rate loans from the FED.

indigenous says

Yup there are shortages created by government, my favorite are the shortages created by rent control.

The politicians with their extensive list of now you are supposed tos only exist where there is a lot of money that can afford such absurdities.

I'm sure in the libratarian ideal world the people most dedicated to having no government restrictions would be the first to scream to their local politician if someone built a whorehouse or oil refinary across the street from their house. The fact is most people that complain about "government" have no problem at all using "government" to their advantage. They actually have a problem with other people getting something from "government".

indigenous says

bob2356 says

I'd worry more about the other 90% of real estate being snapped up by the wall street 1% and being rented back to the 99%.

Yup and the situation is created by low interest rate loans from the FED.

This is relevant to laws restricting foreign purchases somehow?

bob2356 says

I'm sure in the libratarian ideal world

Before Bob came to this forum he could not spell libertarian and now....

bob2356 says

people most dedicated to having no government restrictions would be the first to scream to their local politician if someone built a whorehouse or oil refinary across the street from their house.

That is not possible Sacramento will not tolerate competition, because of the aforementioned there will be a plethora of fracking and maybe even refining in the great state of...

bob2356 says

The fact is most people that complain about "government" have no problem at all using "government" to their advantage.

Au Contraire they are too busy running the government gauntlet of now you are suppose tos to think about it, in fact their mantra is don't ever think again that you will ever think again.

bob2356 says

They actually have a problem with other people getting something from "government".

Yes your understanding is truly profound, I might even give you the mutt award for 2014, for the moment.

bob2356 says

1000 or so a year that actually have money and want to be in the US

Yes, it's not a large number, however, what's important about it is that all 1K+ are financially independent. They are not a burden on the system & some of them, may even invest in local companies as a way to diversify their portfolio. Why would any Anglo nation not want that vs having to take in struggling working class types to compete against local labor?

Well for my part I'd like to see anti-discrimination legislation for renters with pets. Too many pets are killed because of a lack of pet friendly rental space, especially in single family housing. And before the haters get worked up at the potential damage, allergens, liability, noise and whatnot keep in mind landlords are ALREADY prevented from discriminating against families with kids:

http://www.nolo.com/legal-encyclopedia/free-books/renters-rights-book/chapter5-2.html

Kids are WAY worse than pets in these regards.

Most Asian landlords I encountered in my rental search had a no pet policy. Perhaps forcing such landlords to accept undesirable tenants may dissuade some of the fence sitters from getting into the rental game.

I don't think foreigners should own property in US, either directly or through a complicated set of corporate ownership shuffling.

That's my opinion. Because I know that those who wish to make money will sell their own mother and their country to anyone as long as it makes them money.

FortWayne says

I don't think foreigners should own property in US, either directly or through a complicated set of corporate ownership shuffling.

That's my opinion. Because I know that those who wish to make money will sell their own mother and their country to anyone as long as it makes them money.

Exactly.

FortWayne says

I don't think foreigners should own property in US, either directly or through a complicated set of corporate ownership shuffling.

That's my opinion. Because I know that those who wish to make money will sell their own mother and their country to anyone as long as it makes them money.

Should we extend this to foreign owned corporations operating in the US as well?

Would there be any foreign consequences from this?

Should we outlaw comparative advantage as well?

Ppl, Anglo-Saxon countries, esp the USA, are known for long term political & financial stability, unlike let's say, the middle east, eastern Europe, & even southeast Asia. Thus, currencies like the US dollar and the Pound Sterling are widely held around the globe. And this, once again, is not a recent phenomena but has been going on for much of the 20th century, if not earlier, at least for the British Empire.

With the above stated, I don't understand this wanting to stop the movement of capital between outsiders (them) and Mother England or Uncle Sam? Nations, like Thailand, Malaysia, etc, have all had capital flights, when their respective govts decided to give the middle finger on protecting foreigner's assets. Likewise, do we want everyone to suddenly stop buying US treasuries, assets, currencies, a/o investing in our companies?

The US is not going to have some permanently sound economy by simply selling Wisconsin Ginseng, Midwestern Soy Beans, Vermont Cheddar, Kentucky Bourbon, or Jack Daniels to Asian countries. In fact, that would be an even more third world situation than today, as only the owners of those commodity exporters would make any of the money. The use of automation tools, etc, allow most of that stuff to be made w/o hiring many workers.

indigenous says

bob2356 says

I'm sure in the libratarian ideal world

Before Bob came to this forum he could not spell libertarian and now...

The most profound thing you can come up with is nah, nah you made a typo? Sad.

indigenous says

bob2356 says

The fact is most people that complain about "government" have no problem at all using "government" to their advantage.

Au Contraire they are too busy running the government gauntlet of now you are suppose tos to think about it, in fact their mantra is don't ever think again that you will ever think again.

Have you been toking weed with the captain? That level of convoluted nonsense is usually his exclusive preserve.

didn't read the comment section, so forgive me if this has been mentioned.....Greece, Portugal, Spain, Malta, Latvia (and maybe Cyprus) are now offering what's called "the golden visa". It allows people to get residency cards (valid throughout the EU) if they buy real estate in the named countries. In Greece and Malta, property valued at 250K (euro) will get you this golden visa, in Spain and Portugal it's 500k. Latvia is cheaper, but think they're changing the rules, come 2014. The scheme is similar to what this article is proposing....get foreign money (China, Russia, Middle East) into the country.