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by Inconel
3426 days ago
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I tried to make it clear in my previous comment that I didn't necessarily support such a tax, but I don't find anything inherently wrong with a country, any country, limiting or otherwise taxing foreign real estate ownership. I would expect that any legal resident of the US would be exempt from such a tax, not just citizens, if they weren't, I would have a problem with the tax even if it had the desired affect of lowering housing prices. But again, I want to stress that I don't have the knowledge to determine this. As to what other countries should do, I have no idea. Certainly I believe they have every right to determine that for themselves. I believe some countries do have varying requirements or limits on foreign land/RE ownership. Perhaps I am mistaken. |
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The only thing inherently wrong with that is that the US has been advocating, and profiting, from the policy of relaxing rules for foreign investors for decades, to the point that most of the world is now partially owned by US interests.
So, while the US actors were the only ones which were in a position of profiting from those rules, since other economies were not developed enough to really expand into foreign markets in a massive scale, lax rules for foreign investment were perfectly fine.
Now that most of the world (thanks in part for the progress in IT) is in a position of profiting from those lax rules, the US is turning inward and tilting the playing field, again.