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How the Path to Home Ownership Runs Through Mexico

nytimes.com

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Re: How the Path to Home Ownership Runs Through Mexico

#41

Post by toomuchtodo »

paulryanrogers wrote: post #35
toomuchtodo wrote: post #23

Earlier quoted context omitted.

You are somewhat overblowing the situation. Mexican financial solvency requirements are fairly low to get temporary or permanent residency. I applied for and received permanent residency for our entire family with 12 months of statements of a reasonably sized 401k. Portugal’s D7 visa requires $9k/year in passive income for a single person, $18k for a family of four (these numbers are likely lower now with the EUR app…

> I applied for and received permanent residency for our entire family with 12 months of statements of a reasonably sized 401k. How common is it for folks to have almost half a million in the bank?!

The amount was far, far lower than that. Requirements below (tied to the MXN minimum wage), although they have gone up a bit since I applied (which, at the time, was on a lark just to learn the process by doing).

Admittedly, if you don’t have pension income, social security income, investment or rental income, or no earning potential, there will be challenges.

https://www.mexperience.com/financial-criteria-for-residency...

Re: How the Path to Home Ownership Runs Through Mexico

#42

Post by tormeh »

colpabar wrote: post #40
nine_zeros wrote: post #32

Earlier quoted context omitted.

The economic benefit is only realized when the international buyers of the property actually live in the country they buy into. Their presence in the country allows more businesses to prop up, creating jobs and a higher standard of living. The reason why Russian and Asian wealth hasn't been great for America is because America allows investment but not residence but other countries are allowing both.

Does it though? A few years ago, google opened an office in a relatively boring area of my small city, which is on the border of an area with a lot of low-income residents. Now, that place is full of nice restaurants and super expensive high rise apartment buildings. It's a nice place now. But you know who I never ever see there anymore? The people that were living there before google came!

If they owned their homes that’s because they cashed out. If not then sorry, a chance of displacement is a part of renting, so you gotta live with it.

Also: Build more housing - zoning delenda est.

Re: How the Path to Home Ownership Runs Through Mexico

#43

Post by wing-_-nuts »

One thing that I think isn't treated seriously enough is the sheer amount of violence in mexico. The article downplays it; says it's only an issue with those involved in the drug trade, or in certain neighborhoods.

Go watch 'cartel land'. Mexico is basically a failed narco-state in many provinces. You'll forgive me if I'd rather not live there. Hell, I have concerns that prevented me from traveling there for the 2024 eclipse because the region in question is under the control of the Sinaloa cartel.

Re: How the Path to Home Ownership Runs Through Mexico

#44

Post by notdang »

harambae wrote: post #17
GoToThePubMate wrote: post #7

Earlier quoted context omitted.

> A better QoL is just a passport and a flight away. Ummmmmm And an immigration visa.

Not that I endorse spreading America's housing problems to the world, but many countries in southeast asia and africa will effectively allow you to get away with renewing your visa every 6 months in perpetuity. I knew one guy whose only legal requirement was to leave the country twice a year, for a day, in order to come back for another 6 months. But he didn't even do this - he went one step lazier and hired someone…

You can never live a full life like this. Without a residency permit you won't open a bank account, won't buy any property, won't by a car for example, renting outside Airbnb is difficult, won't be using any governmental services.

Re: How the Path to Home Ownership Runs Through Mexico

#45

Post by tormeh »

watwut wrote: post #30
Green_man wrote: post #12

Earlier quoted context omitted.

Housing isn't finite, if Americans are willing to spend money to increase the value of Mexican housing, Mexican builders/government can build more housing to take advantage of the increased demand. I don't see much reason why any country would need to ban foreign investment, especially when supply is artificially constrained by unjustifiable regulation (true of western US and Canada, no idea if true of Mexico)

How come that such building boom did not happened in America in the first place? It is not like America would lack land.

Because building houses is illegal. Whenever any politician says they want to build more affordable housing, what they mean is that the government is currently working hard to ensure new housing doesn’t get built, but maybe we should work less hard at that.

Re: How the Path to Home Ownership Runs Through Mexico

#46

Post by nine_zeros »

colpabar wrote: post #40
nine_zeros wrote: post #32

Earlier quoted context omitted.

The economic benefit is only realized when the international buyers of the property actually live in the country they buy into. Their presence in the country allows more businesses to prop up, creating jobs and a higher standard of living. The reason why Russian and Asian wealth hasn't been great for America is because America allows investment but not residence but other countries are allowing both.

Does it though? A few years ago, google opened an office in a relatively boring area of my small city, which is on the border of an area with a lot of low-income residents. Now, that place is full of nice restaurants and super expensive high rise apartment buildings. It's a nice place now. But you know who I never ever see there anymore? The people that were living there before google came!

> But you know who I never ever see there anymore? The people that were living there before google came!

Who exactly is working in said restaurants?

Also, what do you think low income people do once they get a higher income? Could they move out somewhere for a better life for themselves?

If you are unhappy about not being able to see poor people but the poor people are happy about exiting their previous way of life, that's not an economic problem. It's just a you problem.

Re: How the Path to Home Ownership Runs Through Mexico

#47

Post by colpabar »

tormeh wrote: post #42
colpabar wrote: post #40

Earlier quoted context omitted.

Does it though? A few years ago, google opened an office in a relatively boring area of my small city, which is on the border of an area with a lot of low-income residents. Now, that place is full of nice restaurants and super expensive high rise apartment buildings. It's a nice place now. But you know who I never ever see there anymore? The people that were living there before google came!

If they owned their homes that’s because they cashed out. If not then sorry, a chance of displacement is a part of renting, so you gotta live with it. Also: Build more housing - zoning delenda est.

> If not then sorry, a chance of displacement is a part of renting, so you gotta live with it.

But you understand that these people are renting because they have no other choice, right? And I don't think "they cashed out" is the only explanation - there's also the possibility that they could no longer pay their property taxes.

Your comment comes across as extremely tone deaf to the reality that a lot of people will always have to rent because they cannot afford to buy, because the only new things that get built are extremely expensive "luxury" apartment buildings.

Re: How the Path to Home Ownership Runs Through Mexico

#48

Post by colpabar »

wing-_-nuts wrote: post #43

One thing that I think isn't treated seriously enough is the sheer amount of violence in mexico. The article downplays it; says it's only an issue with those involved in the drug trade, or in certain neighborhoods. Go watch 'cartel land'. Mexico is basically a failed narco-state in many provinces. You'll forgive me if I'd rather not live there. Hell, I have concerns that prevented me from traveling there for the 2024…

Not even just violence - corruption seems pretty bad as well. I personally know two different people who were extorted by the police there, and when I asked by friend who is from there, she said stuff like that happens all the time.

Re: How the Path to Home Ownership Runs Through Mexico

#49

Post by vwcx »

ChuckNorris89 wrote: post #28
hellohowareu wrote: post #19

Earlier quoted context omitted.

I would want to analyze the inverse in order to see the issue from at least two different sides: How does it benefit local Mexicans? For example, having additional money in their economy: in the hands of tourist businesses, services businesses, industrial product (vehicle?) sales, grocery sales, etc. Additionally, how does it affect the culture? For example, I'm a 100% remote software engineer. I love talking about B…

>How does it benefit local Mexicans? Let me flip the script on you. How did rich Arabs, Asians and Russians buying US, London, Vancouver, etc. realestate benefit the average American/local? How much of their investment money ended up in the Average Joe's pocket? How much was his life improved from that added money? If you answer me this, I will eat my own hair. I'm tired of this trope that real estate economic coloni…

Also applies to the small mountain towns of the American West. Having all that billionaire money buying ranches does inject a small bump into the local construction/food/services economy at the cost of affordability for the workers themselves. Locals eventually get priced out.

Re: How the Path to Home Ownership Runs Through Mexico

#50

Post by StevePerkins »

ChuckNorris89 wrote: post #4

And what's the path to home ownership for Mexicans being priced out by Americans? I'm not Mexican nor American, but I'm against this economic neocolonialism where rich countries get to export their self inflicted housing issues by pricing out the locals in cheaper countries who, through no fault of their own, get the short end of the stick by means of capital leverage, or lack thereof. Laws should be passed in each c…

I believe that housing is a basic human necessarily, and that accordingly all governments should bar foreign ownership of housing inventory as an investment vehicle (I do draw a distinction between housing that you personally live in, versus AirBnB or rental property owned as an investment). I believe that one of the leading factors driving the U.S. housing crisis is foreign and institutional accumulation of housing stock, as an alternate investment vehicle since bond yields have shrunk so low.

However, it's easy to lose people with the "neocolonialism" histrionics. Obviously, human migration has been flowing in the opposite direction over the U.S.-Mexican border for many decades. There are real impacts of this on the U.S. working class, and rising anger over this is the fuel driving the wave of populism that we see today.

If people can ignore those impacts of Mexico-to-U.S. migration (even regarding the affected class with distain)... while expressing outrage over the comparatively minor impacts (i.e. only in border town) of reverse migration... then I can understand why such a large swath of rural Americans have grown angry and disaffected and feel like they're in a war.

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