Texas proposes banning Chinese citizens from owning state land

was typing too fast, S/b 2020

 

I think this is partly in response to the EB5 visa program which was a way for wealthier foreigners to get residency by investing in distressed US areas.

Ironically that program was seen originally as a way of creating more jobs and bringing money back to the US.

 

Canada started restricting real estate purchases from non-citizens to cool their own housing bubble. That is more to preserve their people's quality of living as global investors aren't using property to live in but rather to drive up rent and park assets. Furthermore, you can't treat Canada's market with the US. Their dollar is not used as a global currency reserve and isn't designed to funnel in foreign inflows like our markets.

Restricting only China (and other "axis of evil" countries) is deliberate political scapegoating much like, as @Kim noted, Trump's cynical Muslim Ban that used a list of countries to justify their actions in court.

Chinese investors do skew the market (esp the West Coast), but their weight isn't proportionate to the flak they get from public resentment. We should also penalize investment banks, REITS, crowd funded orgs that act like REITS, sovereign funds, and multi home renters with heavier taxes if we want to reduce skewing an already overheated housing market.

Furthermore, Texas doesn't really suffer from pricing shocks (poorly planned Austin is an exception) because it can still handle expansionary phases of residential development, and they have much more lax zoning and building regs.

Controlling the real estate market is well within a government's rights, much like how cities and states redlined neighborhoods in conjunction with private banks and utilities. Doesn't mean it's "right" or that the Right is justified in doing it.

 

Didn't Canada do something like this?

Personally I think this is overreaction. This isn't some state security risk (i.e. if someone bought Boeing or Lockheed). This is just land/building that will remain here. If something nefarious happens, you could argue it is actually better so that you can seize hard assets. This reminds me of the fearmongering when Japan was buying real estate in the 80s/90s and everyone thought it was the end of the world....

 

+1

 

1. Doesn't China own Beltway 8?
2. Can I own land in China?

Rocket River

 

You can never do anything in china even if you live there for years and marry a chinese. There is basically nothing you can do to ever get any chinese rights.

 

Trump got

• financing help from the state-owned Bank of China, https://bbs.clutchfans.net/threads/trump-maintains-a-chinese-bank-account.307928/#post-13179733
• licensing rights on trump-brande spa and escort services

to ensure that his rights are not infringed upon, the Trump fund baby was more than willing to pay taxes to the PRC Govt, as compared to the USA

 

Are those rights or business deals? You are some finance expert right?

 

u don't understand what are rights ?

 

I don't think you do. My proof is you just listed things no one was talking about but you wanted to bring up Trump.