Real Estate Crash thread

[Benny Profane]

The BC government was complicit in helping Chinese organized criminals launder many billions of dollars into their real estate market through local casinos. They should have made it more difficult for foreign "investors" a long time ago. They sold out an entire generation (and all subsequent generations) to Chinese criminals. Same story happened in Toronto, London, Auckland, Sydney, Melbourne, etc. Not always the same players, but always the same game.

I do find it funny when people who worship at the altar of the free market get fucked over and outcompeted by the free market. There's a lot of that happening in Idaho at the moment.

Your house is only worth what someone will pay for it. Sure, the Chinese have been in Vancouver for a long time. They've seen the rise. Unless more Chinese money is coming in and trading, which might be happening, then who is supporting those price levels?

The Japanese were supposed to take over the world. They bought god damn Rockefeller Center. What happened there? Maybe the Chinese will wind up in sort of the same place. Then what?

[abraham]

You got a fuckin' PENSION? All this whining and moaning and we find out you got a fuckin' PENSION??

Benny's one of those transparent 'fuck you I got mine' but also 'fuck that he got more' type.

[Kevo]

There are over 10 million illegals living in the US in the moment, mainly cleaning houses and doing roofing in Teton Valley. Are you going to tell them they can't buy a house? Are you going to let the rich kid from China who is here on a education visa buy a house because they are here legal? The Chinese criminals exploiting Vancouver real estate and that Tibetan dude who ripped off everyone in Bellevue were are in their respective countries legally. Illegals are the poor of the poor and it would do nothing to real estate prices if we prevented them from buying property.

Good call- student visas probably shouldn't be enough to purchase real estate- permanent residency should be the bar.

And yes to your other questions. It doesn't make sense for Canada or the US or any country to allow foreign owners, whether rich or poor, to purchase real estate at the expense of their legal residents. Whether or not the US should allow more legal immigrants for farm labor, cleaning, etc is another discussion all together.

"But then who would clean the houses?", you may ask...

I'd keep paying the people who clean my house to clean my house. It's expensive at $38/hr, but they can afford to live here locally on those wages.

[Benny Profane]

NO inflation? Are we in the same country.

I am a child of the sixties and seventies.

[skaredshtles]

Pocket change. Compared to the net worth of TGR hoi polloi. And no COLA. Thank god for no inflation. Except for ski town RE.

Come on, man... come clean. How much is this fuckin' pension? Put up or piss off.

[altasnob]

Yes, Chinese and foreign money (whether legal or illegal) has caused Vancouver real estate to go up. But like all places in the Western US, the real reason is tech jobs. Vancouver is a massive tech hot spot (probably third to Bay Area and Seattle in the Western US). The only reason it doesn't completely take over the tech scene is the high cost of real estate makes places like Boise attractive. Canada has more lax tech visa laws. Big tech would love it if they could shut down their entire US op and move everything to Canada if they could.

Oh, and Benny, CA's COLA for their pension has caps. It's based on the consumer price index for the entire US, not CA. A 1 or 2% COLO increase for some CA govy worker in no way keeps up with how expensive CA has gotten. In a perfect world, the COLA would let that CA govy worker who has lived in CA their entire life retire in CA. Instead, they have no other choice but move to Boise.

[Benny Profane]

Come on, man... come clean. How much is this fuckin' pension? Put up or piss off.

I'd tell you my dick size before that, but, I don't want to intimidate you.

[dan_pdx]

The Japanese were supposed to take over the world. They bought god damn Rockefeller Center. What happened there? Maybe the Chinese will wind up in sort of the same place. Then what?

I have been told in all seriousness by a Thai Chinese acquaintance how brilliant the US was for getting a Japanese buyer to pay top dollar for Rockefeller Center and then tanking our real estate market. lol.

[skaredshtles]

I'd tell you my dick size before that, but, I don't want to intimidate you.

I figured as much.



Now:

[Ted Striker]

NO inflation? Are we in the same country.

Yeah, I was thinking the same thing. Try buying lumber, paint, or a slightly used pickup.

[Toadman]

Pocket change. Compared to the net worth of TGR hoi polloi. And no COLA. Thank god for no inflation. Except for ski town RE.

You apparently haven't bought any gas, lumber, food, used/new vehicles, furniture, guns, ammo, or lawn ornaments lately. Not to mention, you probably haven't been to a fast food joint, or tried to buy an airline ticket recently either. Other than those items and about 10,000 other goods and services sold in America increasing in prices, you are correct; there is no inflation to speak of.

[El Chupacabra]

You apparently haven't bought any gas, lumber, food, used/new vehicles, furniture, guns, ammo, or lawn ornaments lately. Not to mention, you probably haven't been to a fast food joint, or tried to buy an airline ticket recently either. Other than those items and about 10,000 other goods and services sold in America increasing in prices, you are correct; there is no inflation to speak of.

Bless his heart.

[Benny Profane]

You apparently haven't bought any gas, lumber, food, used/new vehicles, furniture, guns, ammo, or lawn ornaments lately. Not to mention, you probably haven't been to a fast food joint, or tried to buy an airline ticket recently either. Other than those items and about 10,000 other goods and services sold in America increasing in prices, you are correct; there is no inflation to speak of.

Gas? Same as a few years ago. Lumber? Not me. Food? Whatever, I don't see big hits. I own my car. Don't need no furniture, guns, or lawn ornaments. No lawn. I don't eat fast food. My round trip to Vegas in May was fairly priced, but, the fucking rental car was a big hit. Huge. That's as bad as western lodging, and a serious consideration in my travel budget. I hope they fix that soon.
Otherwise, maybe you're buying too much shit you don't need if the price is too high? Do ya really want it?

[skaredshtles]

Gas? Same as a few years ago. Lumber? Not me. Food? Whatever, I don't see big hits. I own my car. Don't need no furniture, guns, or lawn ornaments. No lawn. I don't eat fast food. My round trip to Vegas in May was fairly priced, but, the fucking rental car was a big hit. Huge. That's as bad as western lodging, and a serious consideration in my travel budget. I hope they fix that soon.
Otherise, maybe you're buying too much shit you don't need if the price is too high? Do ya really want it?

Bless your heart.

[schuss]

Hey man, I'm all for Westerners moving to VT, NH, ME. GTFO of my state and don't come back!!!

Hey now, what did we ever do to you? NH is already rapidly filling with transplants. I mean, we did probably give you the best skiers on the mountain, but other than that...

[Benny Profane]

Oh, and Benny, CA's COLA for their pension has caps. It's based on the consumer price index for the entire US, not CA. A 1 or 2% COLO increase for some CA govy worker in no way keeps up with how expensive CA has gotten. In a perfect world, the COLA would let that CA govy worker who has lived in CA their entire life retire in CA. Instead, they have no other choice but move to Boise.

Cry me a river. So your solution is to create a California only CPI that would only benefit California pension recipients, because it sure wouldn't help anybody else out. Please, don't give any politician a bright idea, because I'm pretty sure one of them has considered it.

The California taxpayer should feel really great that so many are moving to other states with such generous benefits, and then enriching that other state by paying tax on the pension income, which California misses out on.

[altasnob]

Exactly. If CA paid even more in their public pensions, CA public employees wouldn't be forced to move out of state to retire and the state could recoup some of that money via income tax on the pensions paid. And why are you blaming CA public employees for Boise's housing problems? Actually, you should move to Boise. You'd fit right in with the Ammon Bundy crowd. Idaho is one of the most anti-union states in the nation. The dump fucks there all think like you Benny, and believe it is retired teachers from CA fucking everything up. When in reality it is some 25 year old work from home google employee with stock options.

[XXX-er]

Your house is only worth what someone will pay for it. Sure, the Chinese have been in Vancouver for a long time. They've seen the rise. Unless more Chinese money is coming in and trading, which might be happening, then who is supporting those price levels?

The Japanese were supposed to take over the world. They bought god damn Rockefeller Center. What happened there? Maybe the Chinese will wind up in sort of the same place. Then what?

my people built the railway, did alot of laundry and cooked a lot of bad chinese food, whitey wouldn't give them a job so open chinese restaurant

but in recent years there were actualy 2 waves of chinese first of all the hong kong chinese and then the mainland chinese, even the HongKong (aka honkies) chinese don't like that 2nd wave of pushy mainlanders

I think the first wave of Honkies came here on an ill conceived Can gov programs to bring investors with wealth but all they did was deposit their kids here to attend cheap uni and fuck the system

> 2 billion in laundered money or money illegaly shipped from mainland china is the figure that comes to mind

which affected RE prices

[TG]

I do find it funny when people who worship at the altar of the free market get fucked over and outcompeted by the free market. There's a lot of that happening in Idaho at the moment.

damn, must be a tricky balancing act, working hard to establish some faux “local” cred while at the same time wanting to laugh at the all the serfs losing their housing and making plans to move away.

Finding the right moment to revel in that schadenfreude but not letting any of the more property-stable long-termers hear you laughing at the fate of their friends takes some real finesse.

Is it easier to get away with that at the Knotty, or something like music on main?

[rideit]

I would imagine 80% of the wealthy in Hong Kong are planning to GTFO, ASAP.

[Benny Profane]

Exactly. If CA paid even more in their public pensions, CA public employees wouldn't be forced to move out of state to retire and the state could recoup some of that money via income tax on the pensions paid. And why are you blaming CA public employees for Boise's housing problems? Actually, you should move to Boise. You'd fit right in with the Ammon Bundy crowd. Idaho is one of the most anti-union states in the nation. The dump fucks there all think like you Benny, and believe it is retired teachers from CA fucking everything up. When in reality it is some 25 year old work from home google employee with stock options.

Jezuz, lighten up. I'm just talking macro economics here. I'm not "blaming" anybody, but, there was a retired SF cop in that report who is dumping 600,000 cash on a house in Boise, and, ten to one, there's a lot where that cop came from. Same shit here, 20-25 and out cops making well into six figures as a base rate and then severely padding final grosses for a pension that sometimes is MORE than their base rate, with COLA! And extremely good health insurance for life, and the wife gets that, too! Those people move to Florida and the Carolinas in their fifties.

Don't you think that contributes just a wee bit to California CPI? If the state is doling out that much money to the vast civil service class, until the day they die, wouldn't that contribute to localized inflation? And then you want to compound that by giving them more money because the inflation they are a root of is somehow hurting them? Madness.

[skiballs]

Dude, the whole point is, skins and sleds need what is now a very expensive base, with a garage.

I bought at the bottom, but, in a not too cool place. But, it was the bottom, not the top.

It probably doesn’t surprise anyone that bunny is a bottom.


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[Benny Profane]

my people built the railway, did alot of laundry and cooked a lot of bad chinese food, whitey wouldn't give them a job so open chinese restaurant

but in recent years there were actualy 2 waves of chinese first of all the hong kong chinese and then the mainland chinese, even the HongKong (aka honkies) chinese don't like that 2nd wave of pushy mainlanders

I think the first wave of Honkies came here on an ill conceived Can gov programs to bring investors with wealth but all they did was deposit their kids here to attend cheap uni and fuck the system

> 2 billion in laundered money or money illegaly shipped from mainland china is the figure that comes to mind

which affected RE prices

It's not just Vancouver. Entire neighborhoods in London are dark at night. The owners are never there. Many of the zillion dollar condos in Manhattan are dark, too. It's a worldwide problem in trophy cities. And it's not just the Chinese funding it.

[liv2ski]

When I hear oldsters (like me) need to move out of state to get by, I think someone sure fucked up the later years plan. Especially if you were a homeowner in CA. Bought a nice home in your 30's, it is paid off, property taxes dirt cheap, maybe a pension or SS and savings. Life should be good if you keep the expenses reasonable and save.
Que the haters with no plan

[wooley12]

"Everyone has a plan until they get the first punch in the face" - Mike Tyson

Glad no one ever "$$$punched" you in the face. You are special. Just like your mom told you.