Treasurer Jim Chalmers said ‘there are too many properties empty around Australia’ as tight supply leaves many renters struggling to find somewhere to live.
Vancouver, BC in Canada did the same, though they actually fully banned foreign property purchasing. I’m guessing it’s low hanging fruit that won’t get much pushback within the country. Hopefully these are just first steps, in both cases.
Really wish fucking anything were being done in the US.
That was a temporary 2 year ban on foriegn buyers, but it was too little too late. They already injected too much money and equity in to the market. I’m sure there’s a way around it too. Corporations can still buy property. And once the ban is lifted it’s back to normal and the prices are still fucked even with the temporary ban.
Vancouver, BC in Canada did the same, though they actually fully banned foreign property purchasing. I’m guessing it’s low hanging fruit that won’t get much pushback within the country. Hopefully these are just first steps, in both cases.
Really wish fucking anything were being done in the US.
Vancouver: https://vancouversun.com/business/real-estate/experts-say-foreign-buyer-ban-wont-bite-b-c-real-estate-prices
That was a temporary 2 year ban on foriegn buyers, but it was too little too late. They already injected too much money and equity in to the market. I’m sure there’s a way around it too. Corporations can still buy property. And once the ban is lifted it’s back to normal and the prices are still fucked even with the temporary ban.
So they will just create local shell companies. Didn’t solve any problem.
Temp residents, including students, also aren’t included in the temporary ban which makes it basically useless