Another Housing Crash On the Horizon?
Is The Money-Laundering Driven Real Estate “Boom” Ending? | ZeroHedge
While hardly a secret, for decades the ultra-luxury housing segment in any country was the target not so much of local wealthy individuals and business, but foreigners, for whom the grass was always greener, and sought to put their money into “hard assets” abroad to save it from local confiscation. After all, it is far easier to be sued and prosecuted by your own government than a foreign one.
That’s certainly been the case with the San Francisco market, which, while goose by new dot.com zillionaires, has also greatly benefited by hot money fleeing China. Almost all of the recent activity in the SF market has been at the high end.
I can’t believe that the U.S., always on the lookout for international reciprocity in permissions to look up citizens’ financial asses in far places, won’t buckle the same way England has done.
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