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The average chinese citizen didnt "turn the country into a smog infested hell hole" lack of governmental policy did. We have the policy in place here to prevent that. So a bunch of chinese people coming here would have no effect on our smog.....
I've read, 30% of the air pollution in California today is attributed to the smoggy air that makes its way across the Pacific.
Having COPD, it hurts my lungs just to see people wearing respirators (masks are largely ineffective) over there, just to make it through another day!
L.A.'s air has greatly improved, so I've read, since the year 2000 with 200 Red-Alert days, now down to 100 Red-Alert days, but given how many Chinese moved to the L.A. area, having had their lungs impacted from living over there, I would think they'd choose another place in the country to live with cleaner air.
But, as they say, birds of a feather flock together, for better or worse!
One news story calls it the 500K VISA. The Regional Centers have been found to be ripe with fraud in their charges of 10's of 1000's to process the VISAs. DOJ and Treasury must clear the applicants and their funds. These applications take time and are very expensive. There are claims that this program alone has brought the US over 125K jobs (in 10 years). I find it pretty odd that Chinese investors can't find tenants for their overbuilt condo units owned free and clear in China, and yet, they still have all this money to invest and they will walk away from everything they own in China to move here. It won't be long before no money will be permitted to leave - forget about any daily, monthly or annual caps on transferring assets out of their home country.
I've read, 30% of the air pollution in California today is attributed to the smoggy air that makes its way across the Pacific.
Having COPD, it hurts my lungs just to see people wearing respirators (masks are largely ineffective) over there, just to make it through another day!
L.A.'s air has greatly improved, so I've read, since the year 2000 with 200 Red-Alert days, now down to 100 Red-Alert days, but given how many Chinese moved to the L.A. area, having had their lungs impacted from living over there, I would think they'd choose another place in the country to live with cleaner air.
But, as they say, birds of a feather flock together, for better or worse!
Perhaps those immigrants are actively working to help improve the air quality in L.A., and responsible for a bit of the improvement you cited?
Regardless, L.A.'s air quality is most likely a SIGNIFICANT improvement over eastern Chinese cities they are coming from, so their lungs are probably very happy
Part of me wonders if this is the next bubble. Foreign funds buy a significant and material % of the housing market thus keeping high RE prices afloat. Then a foreign or local policy change forces the foreign owners to sell, thus dumping significant inventory on the market and voila, market crash.
i hope it is a BIG part of you. Because that is exactly what is going to happen.
I have lived through this twice before. I spent about 25 years living outside the USA, I returned home about 15 years ago..
EU going to a single market and currency made some areas very cheap to buy up homes. But when the tide turned that money ran out the door so fast it was shocking.
Looking at the state of the Vancouver housing market it is hard to see how that is not going to end with a bang. Seattle, Portland are both too hot, Much of the greater seattle area is now so costly that it requires 7-10 median income to buy a median house!
That number does not have long term support. (we own so no sour grapes)
I don't see what the problem is here. Isn't having foreign investment/immigration a good thing?
I suppose my friend who started a job at google after finishing grad school and bought a home in sunnyvale counts as one of the chinese nationals investing in the US. Seems great to me.
Quote:
Originally Posted by kokonutty
Foreign investment is good. Foreign investment that creates jobs is very good. The problem is that too many "Americans" have a problem with anything labeled "foreign."
Or too many people not understanding that the end doesn't always justify the means.
In our small town, the influx of foreign money buying up real estate is artificially inflating the real estate market. It's literally putting families in the street.
Newsflash. The low interest rate policy is driving up prices of all asset classes including real estate. Nothing in US is considered cheap or modestly priced anymore (real estate, equities, bonds). Housing has gone up in many areas where the chinese aren't moving (e.g. Denver).
I challenge anybody here to put up real evidence on why the chinese buying property in US is bad. No anecdotes, innuendo, or hearsay.
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