“IMO no one who is not a United States citizen should be allowed to own any property or have any financial investment in any property in the U.S.”
There are some countries, many of them socialist, where foreigners and non-citizens can not buy property.
However, if we were to pass such a burdensome law in the United States, the value of your home would decrease by 25-30% and the value of the dollar would plummet.
But other then plunging the United States into a major depression, limiting the ownership of property to citizens is an an interesting idea.
Yes, even Mexico has budged on this point a bit.
I think now foreigners are only banned from owning land along the coastlines and in special zones near the border.
Was under the impression that Japan does not permit ownership to non-citizens. Is that not correct? May be comparing apples and watermelons but seems like they do fine if my info is correct.
Friend recently had their house on the market. Ended up being a bidding war between a family from India (he’s in the U.S. on an H1B) and a young couple, U.S. born and raised, wanting to buy their first home. Indian family paid $45,000 more than list price and in cash.
Good for the seller and the realtor, but then tax assessment went up on surrounding houses which were similar. So taxes and insurance climbed a whole lot. Young couple has to look for another house and neighbor’s are very upset by increase in their taxes and insurance. Life is not fair but this kind of issue needs some attention.