I hope SFBA does the same - not against foreigners per se, but against non-residents. Maybe a few ballot initiatives would help?
New Zealand Passes Law to Crack Down on Foreign Home Buyers
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Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#22I hope SFBA does the same - not against foreigners per se, but against non-residents. Maybe a few ballot initiatives would help?
Corporations are people. It would probably be trivial to get around in the US.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#23Earlier quoted context omitted.
way less than poeple living there. Unless there is some sort of a unique land value tax
Like property tax?
Ya, property taxes should act against such behavior, but many places like Vancouver lack one. Not sure about NZ, but it seems like property taxes are more of an American thing.
Edit: oops, Canada does have a property tax, and New Zealand has something like it. So it’s just Australia (on first residences) and the UK that don’t. Well, China also. I’ll take my downvotes gracefully.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#24Western cities have only themselves to blame for turning housing into an appreciating asset. Housing is not supposed to appreciate and if it does not then nobody would speculate in it. In cities where they just build housing, like Vienna (typical rent ~1000 Euros/mo), they don’t have a need of these kinds of laws.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#25Housing was already expensive in 2000, well before the current "foreign invasion." Perhaps they should try reducing the red tape required to build new homes.
They are not placing all blame on foreign soeculative real estate investors, but are assigning some blame, which i think is fair. Many countries require some form of either citizenship or residence in order to qualify as a real estate buyer.
> Many countries require some form of either citizenship or residence in order to qualify as a real estate buyer.
...like China.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#26This should be passed in lots of places. for example, Oligarch money is flooding in, and if you take NYC as an example, its pricing people out of the city. After sanctions were put in against russia, the prices of housing/apts in NYC dropped slightly for the first time in a few years.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#27Hope the Canadian government learns from this. We desperately need it. (ya, I know I know there will be trickle down impact of so much foreign money pulling out, but average home price of $1.36MM is unbelievable for the local salaries)
Ditto the South East of England. London property is the new Swiss bank account for overseas oligarchs. Commercial property is fine for investment purposes but residential property should obviously be priority for, umm, actually resident people...
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#28Western cities have only themselves to blame for turning housing into an appreciating asset. Housing is not supposed to appreciate and if it does not then nobody would speculate in it. In cities where they just build housing, like Vienna (typical rent ~1000 Euros/mo), they don’t have a need of these kinds of laws.
Ding ding ding, we have a winnner!
Housing can't both be affordable and an 'investment' that always appreciates in value.
Focusing on 'the foreigners' is not addressing the root cause of the problem.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#29Earlier quoted context omitted.
Like property tax?
Ya, property taxes should act against such behavior, but many places like Vancouver lack one. Not sure about NZ, but it seems like property taxes are more of an American thing. Edit: oops, Canada does have a property tax, and New Zealand has something like it. So it’s just Australia (on first residences) and the UK that don’t. Well, China also. I’ll take my downvotes gracefully.
We pay property tax in Ontario.
Re: New Zealand Passes Law to Crack Down on Foreign Home Buyers
#30Sounds like pulling up the ladder after all the people who bought the houses already climbed it. What about all the people who have already purchased and are just holding onto an empty house for speculative reasons?
Are you suggesting the government steal their property?
I'm not suggesting anything. If you can't respond without libertarian insinuations that government be the bad agent here and simply repossess the property, please don't.
Feel free to come up with constructive solutions though.