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I'm definitely not a politician so I'm not going to say my approach is the best/right way to handle the situation. But as you said, banning foreigners from buying local real estate is very common in other countries. Think about why it's common. The fact we don't have that in place is...

Aren't FCBs the ones that normally flip? For example, https://www.redfin.com/CA/Irvine/113-Thimbleberry-92618/home/173431845. Looked it up and I'm pretty sure 99% they are FCB.

yea it has better property taxes eh ;)

I don't quite understand why your focus is on illegal immigrants. Are we here saying these group of individuals are driving local real estate prices? Sure, my proposal had some immigration reform behind it, but that's to identify who is considered local and to use that as a way to prevent...

you think housing is within reach right now with where it's at? let's not act like a foreign buyer ban in local real estate is not common.

dude....please do not compare newport coast with Irvine... let's not get ridiculous here.

The proposals that I have are not to fix Irvine housing prices. The point is to ban foreign investors from obtaining US real estate.

What's crazy about this one is it sold for 2.7m in January 2024. The owner now thinks the home is worth 800k more in a span of 4 months? What's sad is someone will pick this up close to 3.5m and that's the concerning part about Irvine RE. Those comps will be used for future homes and the prices...

STR are probably enforced from neighbor complaint. In the newer HOA communities, HOA tends to enforce it as it clearly states no STR. How would I fix the problem? It would include changes to how one can obtain citizenship. I don't think that one should be able to "buy" their way to citizenship...

Anyone can live in Irvine for 2-3 years and then buy a home. I don't see how your proposal would fix the issue.

US citizens? How are you going to discriminate against a US citizen?

What's defined as a "local buyer"? These FCBs can easily buy their green cards and obtain US citizenship if they wanted. Some probably already have US citizenship.

more bathrooms has more value than bedrooms. The cost to make a bedroom is lower than a bathroom.

Are you from the mother country? If you’re a Chinese American they don’t see you as them despite coming from the same ethnic background.

Welp, they are saying what I expected them to say. "The minutes also indicated that 'various mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.'" https://www.cnbc.com/2024/05/22/fed-minutes-may-2024-.html

It's light years better than China. With that price point you get a fraction of what you described.

I would also argue a lot of them have support from parents/relatives for the down payment to not require 350k income to get a loan.

This is very interesting and informative. Thanks for the details.

You really think local people would buy 1m+ for a condo if it wasn’t for FCB? Irvine is inland, not coastal.

as long as it's not foreign buyers, i don't care.