http://www.marketwatch.com/story/foreign-investors-pose-threat-to-residential-real-estate-2015-06-15General wisdom suggests that a foreign input of moneys flooding commercial U.S. markets might be a good sign for American corporations ? but when large sums of those funds are used for snatching up residential real estate, it will, in due time, drive the prices of homes out of reach of middle-class Americans, rendering them unable to afford homes in their own country. Overpriced hubs such as San Francisco, New York, Dallas, Denver, Seattle and others are already becoming out of reach to most Americans.
WillJoy said:Developer's greed is definitely the cause of the problem.
From my personal knowledge, EB5 families don't contribute nearly enough to society in proportion to their income.
Specifically, they report only a nominal income each year while hiding the bulk overseas. A family would buy one or two million dollar homes, fancy cars and yet report 90k or less annual income. Some of them are even entitled to the BS O-mama care. They are not in the habit of making donations of any kind. Their children gets free public education. Yet they whine about having to pay property tax and HOA dues and the nominal healthcare insurance. It's a freaking disgrace and yet they are proud of the way they game the system on both sides of the pacific.
It is simply not fair for existing and true middle class families to shoulder all the tax burdens and cope with the inflation of home prices.
Developers who be required to pay additional taxes for selling to foreigners like in other countries.
AW said:Only if you already own a home, there are lots who can't make that leap thanks to fcb's, like the article is saying
Irvinecommuter said:AW said:Only if you already own a home, there are lots who can't make that leap thanks to fcb's, like the article is saying
Sure but I would like to live in Newport Beach too...I mean you can't really complain about gentrification when you are more than happy to take part in it but are priced out.
AW said:Irvinecommuter said:AW said:Only if you already own a home, there are lots who can't make that leap thanks to fcb's, like the article is saying
Sure but I would like to live in Newport Beach too...I mean you can't really complain about gentrification when you are more than happy to take part in it but are priced out.
I see your point, but it's still slightly different, when people say they can't afford expensive places like newport or beverly hills, they understand that that's the place with people of wealth, usually people who work and live here, or inherited money but lives here, for the most part, irvine/fcb cities has had an influx of foreign buyers, some don't even live here for months on end, and they're a reason why the working class can't afford housing.
Irvinecommuter said:WillJoy said:Developer's greed is definitely the cause of the problem.
From my personal knowledge, EB5 families don't contribute nearly enough to society in proportion to their income.
Specifically, they report only a nominal income each year while hiding the bulk overseas. A family would buy one or two million dollar homes, fancy cars and yet report 90k or less annual income. Some of them are even entitled to the BS O-mama care. They are not in the habit of making donations of any kind. Their children gets free public education. Yet they whine about having to pay property tax and HOA dues and the nominal healthcare insurance. It's a freaking disgrace and yet they are proud of the way they game the system on both sides of the pacific.
It is simply not fair for existing and true middle class families to shoulder all the tax burdens and cope with the inflation of home prices.
Developers who be required to pay additional taxes for selling to foreigners like in other countries.
Well...they wouldn't qualify for Obamacare as you would not qualify as a EB5 Visa applicant. They do pay property taxes which takes care of the local schools.
They make no income so I don't know why they would have to pay income taxes...they also don't receive SS so I am not sure why they would need to contribute.
As for rising home prices, I think just about everyone in Irvine are appreciative of the FCBs for raising their home values.
I mean I am all for a political debate about the dwindling middle class in this country but that debate has no connection to FCBs.
Perspective said:We talk about FCBs a lot, but are there any stats to accurately measure the effect FCBs have on Irvine residential real estate prices?
Perspective said:We talk about FCBs a lot, but are there any stats to accurately measure the effect FCBs have on Irvine residential real estate prices?