Vancouver real estate doesn't look expensive enough for me to suspect money "laundering" at scale. It looks more like a capital offshoring effort by wealthy but not ultra wealthy mainland China citizens.
NYC and London meanwhile have perfect vehicles for this since so many properties are mid 8 figures.
For the Bay Area, I'm curious what the numbers would be like for Atherton / Woodside homes and SF luxury highrise condos.
The headline asks a question, but the article doesn't answer it. More generally, shell companies don't always launder money.
I suppose shell companies could be barred from buying residential real estate, but residency requirements proposed are ludicrous - the whole 8 month occupancy clause, for instance. What if I want to spend 6 months in SF?
If you have enough money to outright purchase residential real estate in San Fransisco, just to use it for 6 months, you are exactly the person being targetted
6 comments
[ 0.25 ms ] story [ 12.0 ms ] threadNYC and London meanwhile have perfect vehicles for this since so many properties are mid 8 figures.
For the Bay Area, I'm curious what the numbers would be like for Atherton / Woodside homes and SF luxury highrise condos.
I suppose shell companies could be barred from buying residential real estate, but residency requirements proposed are ludicrous - the whole 8 month occupancy clause, for instance. What if I want to spend 6 months in SF?