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It's about time! As I reside not far from Vancouver BC, it's easy to see what Asian demand has done to their housing market together with the "buy your way in" visa's offered by the USA and Canada. Homes are bought for millions of $$$$$$$$$ and sit empty, while Asian buyers are competing with citizens of those area's that can barely afford housing as is.
I live in Cali. Immigration, particularly Asian, has made it impossible for people who have lived here their entire lives to buy homes here.
I have mixed feelings about it. I actually greatly appreciate the Asian community, east and south Asian, for setting a good example for the rest of America with their behavior, and since I bought a house, I want those property values to go up and up. I believe in free markets.
But it is sad to see a kind of gentrification of American neighborhoods, especially since mine was once heavily Hispanic and somewhat black. They are both still here, but it seems like less so every day. The black people are segregated to a certain part side of town now, and every time there is a house sale you see a Hispanic face gone.
It would be nice if there was still room for everybody.
I am of Asian descent myself and its NOT good for foreigners especially from China to be buying up America. Its bad enough that Canadian and European companies are already taking over large chunks of our economy. I have a big problem with foreign nationals owning real estate in the United States. If someone comes LEGALLY and becomes American that's different.
It dropped because China had a new policy since two years ago. Nobody is allowed to take over $50k out of China per year.
Special needs (college tuition etc.) need a lot of paperwork.
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