Rantings and tirades of a frustrated economist.
Not sure if the same problem is happening in the US, but in many Canadian cities, houses are bought by offshore Chinese as an "investment" and left empty. NO landscaping is done and the yards turn into a jungle. OK eyesore. But the main problem is that Canadian residents have a hard time finding a house to buy and inhabit. Also causes inflation in the housing market and the real estate agents encourage it. In my city, houses are being built non-stop and they sell sometimes before the foundations are dug. I had a helluva time finding a house when I moved back here and my story is routine. Meanwhile 3 houses were empty for 3 years just on my street. Finally people moved in a few of them, Chinese student. Chinese students staying in $400k houses and driving German SUV. Driving is a relative term, by the way.
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