Yeah, there should be a fair but firm requirement to a) be a citizen of the United States or legal documented immigrant; b) a requirement to live a certain amount of time in your property if you buy within the US; c) said property is restricted from being sold to an international buyer. Would need to work out the specifics, however I think it would prevent scrupulous outside investors from snatching up and subsequently flipping real estate into a an asset which can be used for, say, money laundering.
I lived in a rental many years ago where the prior owner, which came before the landlord I rented from, had been taking the rent and not paying the mortgage, sending all funds back to their home country. They eventually fled back to Vietnam. We can't allow this if we are intending to give legitimate US citizens a priority chance at owning a home.
Of course there are ways that individuals can still game the system to their advantage, but there has to be some sort of mitigation method which helps actual citizens and restricts foreign speculation and acquisition of domestic property. Canada actually implemented such a stopgap measure because they have a major problem in this exact area.
Yeah, there should be a fair but firm requirement to a) be a citizen of the United States or legal documented immigrant; b) a requirement to live a certain amount of time in your property if you buy within the US; c) said property is restricted from being sold to an international buyer. Would need to work out the specifics, however I think it would prevent scrupulous outside investors from snatching up and subsequently flipping real estate into a an asset which can be used for, say, money laundering.
I lived in a rental many years ago where the prior owner, which came before the landlord I rented from, had been taking the rent and not paying the mortgage, sending all funds back to their home country. They eventually fled back to Vietnam. We can't allow this if we are intending to give legitimate US citizens a priority chance at owning a home.
Of course there are ways that individuals can still game the system to their advantage, but there has to be some sort of mitigation method which helps actual citizens and restricts foreign speculation and acquisition of domestic property. Canada actually implemented such a stopgap measure because they have a major problem in this exact area.
https://www.canada.ca/en/department-finance/news/2024/02/government-announces-two-year-extension-to-ban-on-foreign-ownership-of-canadian-housing.html
Well said.