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Old 07-27-2017, 12:18 PM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,868,792 times
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Quote:
Originally Posted by cttransplant85 View Post
I don't see why the word gentrification has a negative connotation. People with money moving into an area, creating jobs by injecting capital into said area, cleaning up the area and raising the property values of those around them is a bad thing?
It's a bad thing for incumbent residents who get pushed out
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Old 07-27-2017, 08:32 PM
 
1,069 posts, read 739,743 times
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Quote:
Originally Posted by Jandrew5 View Post
This needs better regulation. You can't tell a person in Beijing China they can't buy a house in LA, but at the same time you can't keep letting people, and groups of people, from Beijing buy houses in LA just to sit on them. That hurts people actually moving to LA needing a house.
The solution is to levy a special tax on foreign property investors. Vancouver, BC has one at 15%. Higher percentages may be needed, however.
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Old 07-28-2017, 09:36 AM
 
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Quote:
Originally Posted by Mutiny77 View Post
You can have investment without gentrification, or at least without massive gentrification. I'd say the West End in Atlanta and Bronzeville in Chicago are good examples of that.
I'm not as familiar with Bronzeville but with West End, as it becomes more popular and attracts more people thus attracting more people with money, don't you think Wed End will eventually fall in line with other expensive areas? Gentrification happens on different paces and West End could just be on the slower end of it.
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Old 07-28-2017, 09:52 AM
 
29,940 posts, read 27,375,616 times
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Quote:
Originally Posted by Ebck120 View Post
I'm not as familiar with Bronzeville but with West End, as it becomes more popular and attracts more people thus attracting more people with money, don't you think Wed End will eventually fall in line with other expensive areas? Gentrification happens on different paces and West End could just be on the slower end of it.
It's possible...time will tell.
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Old 07-28-2017, 12:54 PM
 
61 posts, read 37,580 times
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Quote:
Originally Posted by Mutiny77 View Post
I don't think any of our cities have gone quite that far, but the city that is probably at the most risk is San Francisco.

Quote:
Originally Posted by tarheel84 View Post
Definitely Boston. 3rd most expensive city on some measures. Lots of the city feels sterile and generic.

I would agree with these. Especially San Francisco. Compared to what it used to be, it's a 180.

It's an issue if a city becomes completely out of reach for 90% of the country.
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Old 07-28-2017, 01:05 PM
 
Location: Denver, CO
760 posts, read 589,586 times
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Quote:
Originally Posted by GSR13 View Post
The solution is to levy a special tax on foreign property investors. Vancouver, BC has one at 15%. Higher percentages may be needed, however.
I think it should be an annual tax that is based off of the cities average appreciation.

Say New York had a city wider appreciation of 10%, the tax would then be 10% of the value of the home for that year. It would make all of the speculation a wash, and any interest in investing for the sake of appreciation would occur through natural inflation only.

Obviously, I understand that this would be way too complex to enforce, and there are many legality hurdles to over come...but if we can remove any incentive for investment, home prices would not be driven by overseas demand.

I think that bubbles will no longer be localized by city or state, but will be driven globally. You can't tell me that when the Chinese housing bubble pops, cities like Toronto, Vancouver, Sydney, London, etc will be just fine with no major correction.

This would also have downwind affects on other markets. In Denver for example, a lot of our appreciation is coming from out of state buyers with East/West coast equity. If that ever dries up, the local income will not be able to support the housing market during a recession.
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