Re:Foreign purchases of American homes plunge as Chinese buy...
by saiya-jin on Thursday July 18, 2019 @04:56AM
(#20468012)
There needs to be some balance between needs of society and individual. I don't claim to know the fine line of this balance, but that's how long-running successful societies work. Opposite side is dictatorship in some form - most common being some variant of communism regime that I had displeasure to live in for initial part of my life - its not a good system for 99% of the population.
This is generally highly controversial topic, people either align as per their left/right viewpoints, or their current situation and needs (homeowner/investor views it differently compared to somebody young looking wanting to buy accommodation and and being priced out of their favored location).
Much like excessively long copyright periods, real estate also allows for excessive economic rent that can destroy value creation. Incentives for individual real estate owners are divergent to those of society, hence we see problems getting mass transit online in many places and lack of sufficient housing in booming job markets.