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submitted 10 months ago by filoria@lemmy.ml to c/world@lemmy.world
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[-] 18107@aussie.zone 218 points 10 months ago

Why limit these fees to foreigners? Why not penalize anyone who is leaving properties empty?

[-] jennwiththesea@lemmy.world 110 points 10 months ago* (last edited 10 months ago)

Vancouver, BC in Canada did the same, though they actually fully banned foreign property purchasing. I'm guessing it's low hanging fruit that won't get much pushback within the country. Hopefully these are just first steps, in both cases.

Really wish fucking anything were being done in the US.

Vancouver: https://vancouversun.com/business/real-estate/experts-say-foreign-buyer-ban-wont-bite-b-c-real-estate-prices

[-] Magrath@lemmy.ca 49 points 10 months ago

That was a temporary 2 year ban on foriegn buyers, but it was too little too late. They already injected too much money and equity in to the market. I'm sure there's a way around it too. Corporations can still buy property. And once the ban is lifted it's back to normal and the prices are still fucked even with the temporary ban.

[-] tleb@lemmy.ca 12 points 10 months ago

Temp residents, including students, also aren't included in the temporary ban which makes it basically useless

[-] QuaternionsRock@lemmy.world 16 points 10 months ago

Ah yes, the true cause of the preposterous housing market… college students.

[-] tleb@lemmy.ca 8 points 10 months ago

My point was about foreign investors avoiding the ban through international students

[-] Magrath@lemmy.ca 4 points 10 months ago

Foreign students that pay atleast twice the tuition that local students do. And also roll up in luxury vehicles. You think those students don't also have big expensive houses?

https://www.huffpost.com/archive/ca/entry/students-own-over-57m-worth-of-ritzy-vancouver-real-estate-say_n_12032930

They are either "students" or are being funded their parents. Either way they are complicit.

[-] QuaternionsRock@lemmy.world 4 points 10 months ago* (last edited 10 months ago)

It kinda sounds like they are people living in their homes lol

I don’t see why I should care where they live so long as they’re actually living in the place. They obviously need a place to stay, shouldn’t be forced into renting, and I don’t know what would be accomplished by putting a cap on how nice of a place they can buy.

Edit:

Students Own Over $57M Worth Of Ritzy Vancouver Real Estate

$57M? So what, like 100 apartments, max?

Edit 2:

The least expensive home was $1.85 million, while the priciest came in at $31.1 million.

Oh okay so like 5 lol

[-] space@lemmy.dbzer0.com 7 points 10 months ago

So they will just create local shell companies. Didn't solve any problem.

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this post was submitted on 10 Dec 2023
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