Here is what Texas got wrong. In the past two years both Canada and New Zealand have passed laws forbidding OVERSEAS foreigners from buying land in their countries. Resident foreigners living in those two countries can buy land because they are part of the local community (working there, paying taxes, kids going to school, etc.). It is OVERSEAS MONEY from investors overseas that cannot buy property. Overseas investors have no real interest in the impact of their investments on the local economy or people. All they want is profit without responsibility or accountability. It sounds to me like TEXAS and Gov. Abbot are just being knee-jerk racist. I am the only non-Asian (I'm 3rd generation European-American aka White) in my immediate family. My husband is third generation Chinese-American, and our son is adopted from Korea. The mother of our grandson is second generation Vietnamese-American. (Our grandson was born here and is half Korean, and half Vietnamese - pure American who speaks only English and is learning Spanish in our local school). What I resent is overseas investors (Chinese or whatever) who buy up housing as an investment only and drive up the prices here in the San Francisco Bay Area. Often times, the housing is left vacant even as we have a serious shortage of housing here. This is not good for our local population, our economy, or our school districts which are paid on the basis of children in attendance. Empty houses mean no families, no children and falling enrollment in the schools. thus reducing the budget for educating local children. Housing has become an investment commodity, not shelter. And American corporations, such as BlackRock Properties and others are just as bad as over seas investors. They have really very "limited skin in the game."
Here is what Texas got wrong. In the past two years both Canada and New Zealand have passed laws forbidding OVERSEAS foreigners from buying land in their countries. Resident foreigners living in those two countries can buy land because they are part of the local community (working there, paying taxes, kids going to school, etc.). It is OVERSEAS MONEY from investors overseas that cannot buy property. Overseas investors have no real interest in the impact of their investments on the local economy or people. All they want is profit without responsibility or accountability. It sounds to me like TEXAS and Gov. Abbot are just being knee-jerk racist. I am the only non-Asian (I'm 3rd generation European-American aka White) in my immediate family. My husband is third generation Chinese-American, and our son is adopted from Korea. The mother of our grandson is second generation Vietnamese-American. (Our grandson was born here and is half Korean, and half Vietnamese - pure American who speaks only English and is learning Spanish in our local school). What I resent is overseas investors (Chinese or whatever) who buy up housing as an investment only and drive up the prices here in the San Francisco Bay Area. Often times, the housing is left vacant even as we have a serious shortage of housing here. This is not good for our local population, our economy, or our school districts which are paid on the basis of children in attendance. Empty houses mean no families, no children and falling enrollment in the schools. thus reducing the budget for educating local children. Housing has become an investment commodity, not shelter. And American corporations, such as BlackRock Properties and others are just as bad as over seas investors. They have really very "limited skin in the game."