Chinese millionaires can afford expensive homes in San Francisco.
Now liberals are talking about the new “Yellow Peril.”
And here I thought they were fans of unlimited immigration.
Go figure.
I remember when Japanese “investors” overpaid for American real estate in the 1980’s - Major contributor to the real estate bust in the early 1990’s.
I’m fortunate to have bought a house in Campbell, CA a several years ago. My area of silicon valley has seen at least 30% cash offers in the last year.
Depending on the neighborhood, foreign (mostly People’s Republic of China) purchases can range up to 3/4 of purchases, per some of the leading realtors. (And yes, the realtors are marketing in China, including advertising and direct sales in Shanghai, Beijing hotels/ meeting halls. One realtor at least has purchased a small airplane to take visiting buyers on air tours over the houses on sale, that one and others provide Chinese with direct San Francisco airport pickup and van sales tours complete with purchase bid/contract packages so that sales can be completed in the vans on the way back to dropping the buyers off to catch their return flights to Asia.)
The ‘how’ is easy... have enough money. The ‘why’ is because we are a chump nation that allows foreign nationals to purchase real estate in perpetuity, and not on a long term lease (say 99 years) like some countries impose so as not to wake up one day only to have found that their entire country has been purchased right out from under their feet.
Linda Vida (the seller) wanted the buyer to “give back or participate in the community.” A woman from China paid all cash for the house, and Vida moved to Colorado.
Another transplanted Californian leftist in Colorado. [sigh]
The worst part about this is that it allows more liberals to move here!!
If you think million dollar prices are crazy for SF Bay Area homes, the rental prices are sky high as well, driven by home prices. My son-in-law has family visiting from several areas of the country. His sister rented a home last week on the peninsula rather than stay in hotels. Rent of the home is more than $10,000 a month. She can afford it, regular folks are stressed just trying to pay $4,500 a month for ordinary tiny homes.