Quote:
Originally Posted by blankall
It's interesting that you'd use Hawaii as an example, as they have by far the most protectionist property laws in North America. Much of the land is reserved for Hawaiians and much of the land can only be leased, and not bought.
Basically, Hawaii has property laws that work in the best interest of the people that reside there.
As for the Vancouver example, the issue is that too many of the homes are just straight up investments. Many sit empty, while the government has to pay for the infrastructure to support them - roads, power lines, sewage - etc... Also, basic research on the area, would tell you that investing in property in Vancouver is doing so at the expense of the people who reside there. If that isn't a consideration for you prior to investment, I'd have little sympathy for how "choked" you'd be when you weren't immediately able to recuperate your investment.
Once again, I don't see why foreigners should have property rights in any jurisdiction.
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I had no idea Hawaii had those laws. I haven't looked too hard into buying there, but I know of a few acquaintances who own on the island. I did look at a place in Lahaina, but it turned out to be a timeshare where you got it for 2 calendar months in a year, six months apart (e.g. January and July). I thought Maui would be a nice place to own a condo, but if the laws are as protectionist as you say, then I'd likely not purchase there.
I understand the reasons to curb foreign ownership in Vancouver, as I live and own here. I just think if you have a set contract, based on the laws at the time, it is poor form they change the rules on you. If the federal government decided on December 15th to raise my personal income tax rate by 15% to fund a shortfall, I'd be enraged. I get that's not a perfect comparison, but I still dislike the retroactive changes. I don't think they're fair, no matter where you come from.
I get we all have different views. I'm just not opposed to foreign ownership. I think getting them to pay more in PTT is a good thing, but I wish it was on a go forward basis.