My point wasn’t that the Chinese aren’t buying property; I”m sure they are. I was trying to point out that the problem of high real estate prices in CA didn’t start 10 years ago, it’s been the case since post-WWII. The Japanese, Saudi’s, and other foreign nationals have also fed at the CA real estate trough over the years. I also know that the homeless have been around in CA for decades as well. It’s not a new problem, suggesting that new solutions are needed because, obviously, the old solutions aren’t working.
For years we were told by outside experts that we had always had illegal immigration in SoCal so we were making a big deal out of nothing. They don’t preach that anymore. I wonder what changed.
Now we get told that we have always had the homeless and that we are exaggerating that problem.
And we are told that the astronomical price of SoCal real estate has no connection to the flood of foreign buyers that local realtors have been talking about for a decade.
If past is prologue our outside experts will magically cease making those claims in a few more years. Won’t do us a bit of good here, but that’s not new either.