[quote=SD Realtor]Why just restrict foreigners? Why not restrict rich people who are citizens? Why not restrict REITs and corporations?
What is the difference? Why not just take your taxpayer money and give it to those who have less money so that they can afford the homes? Just because you can afford a 600k home and someone else cannot does that mean you should not be able to buy it in hopes that the pricing will come down enough so someone else can?
I feel that arguments for such a society begin to place somewhat arbitrary levels of haves verses have nots and how that should benefit. Needless to say there can be a further argument that at some point making just enough effort to be a have not rather then working as hard as you can to be a have becomes a possibility.
I can understand the limitations on foreigners for holdings of US properties. I am no expert on tax law but I do believe there are tax ramifications for those who do.
Anyways more people around the world have caught up and surpassed us financially.
Get used to it.[/quote]
Yes, I mentioned in another thread that people who are not buying a primary residence should NOT be able to get government-backed loans, mortgage interest deductions, Prop 13 protection (or similar tax protections that were sold as protecting people from being “taxed out of their HOMES”), etc. This applies to both foreign buyers and “rich” domestic buyers. Housing is **shelter** and should not be subject to price movements caused by speculators/investors.
If they want to buy a rental, investment property, or second/vacation home, they should have to go to the private mortgage market, pay taxes based on most recent assessments, and not be able to deduct mortgage interest.
