• jennwiththesea@lemmy.world
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    11 months ago

    Vancouver, BC in Canada did the same, though they actually fully banned foreign property purchasing. I’m guessing it’s low hanging fruit that won’t get much pushback within the country. Hopefully these are just first steps, in both cases.

    Really wish fucking anything were being done in the US.

    Vancouver: https://vancouversun.com/business/real-estate/experts-say-foreign-buyer-ban-wont-bite-b-c-real-estate-prices

    • Magrath@lemmy.ca
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      11 months ago

      That was a temporary 2 year ban on foriegn buyers, but it was too little too late. They already injected too much money and equity in to the market. I’m sure there’s a way around it too. Corporations can still buy property. And once the ban is lifted it’s back to normal and the prices are still fucked even with the temporary ban.

      • tleb@lemmy.ca
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        11 months ago

        Temp residents, including students, also aren’t included in the temporary ban which makes it basically useless

          • tleb@lemmy.ca
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            11 months ago

            My point was about foreign investors avoiding the ban through international students

            • QuaternionsRock@lemmy.world
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              11 months ago

              It kinda sounds like they are people living in their homes lol

              I don’t see why I should care where they live so long as they’re actually living in the place. They obviously need a place to stay, shouldn’t be forced into renting, and I don’t know what would be accomplished by putting a cap on how nice of a place they can buy.

              Edit:

              Students Own Over $57M Worth Of Ritzy Vancouver Real Estate

              $57M? So what, like 100 apartments, max?

              Edit 2:

              The least expensive home was $1.85 million, while the priciest came in at $31.1 million.

              Oh okay so like 5 lol

    • buzz86us@lemmy.world
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      11 months ago

      Yeah they really need to fix that in the US… there also needs to be a very significant reduction of property tax for individuals that are enterprising enough to rehab zombie properties. Go to like any city in the US, and you’ll find so many homes that are sitting abandoned because the city has assessed them for such astronomical prices that no investor will touch them due to their condition… The only option becomes to demolish them at taxpayer expense as they fall deeper and deeper into disrepair.