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Originally Posted by kr4l
You gotta stop taking everything people say to the extreme. Did I say all Chinese people that live here a foreigners? Am I a foreigner now? Yes obviously small businesses make the majority of there sales from people that live here, however, the amount of money these foreigners spend on things (food) is crazy. Have you been to Richmond before or am I the only one that sees all the foreign mando speeaking Chinese buying up everything at the restaurants? Doubt what I'm saying? I own 3 small businesses. I'm not making shit up
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The point I'm trying to make is small business will hurt a lot more if the average worker stops going out and spending cash because they are tapped out. Sure rich people spend cash, and for the ones that live here great, but for the ones that just park their money into a house and nothing else it hurts local businesses more than it helps. I'm sure a restaurant would enjoy a steady flow of middle class workers coming 7 days a week over some rich people making it rain a few times a month.
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And when I say 15% doesn't matter, look at that picture as a whole. obviously if he can only afford $1mil tops, yes it will have an effect on his decision to buy or not. If he can afford $5mil, I'm sure he is able to afford to pay an extra 15%. put yourself in a rich mans shoes. If your budget is $1mil, yes, it could sway your decision. If you have a budget of $5mil, I'm sure you have a really high bank roll. If they REALLY wanted to live here, I'm sure they'll pay to play.
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Of course they can afford it, but when their purpose is to buy a house as an investment, you're paying 15% more than everyone else which is essentially giving away 15% of your home's value right away. That's great when housing is rising 30% a year but let's be real, that can't continue. So if they want in bad enough they'll pay it, but don't think for a second they are going "meh I have fuck you money what do I care?".
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In the end, does it really matter about foreign money? Everyone that owns a home here has had a taste of what their home COULD be worth. I'm sure they ain't dropping the price on it anytime soon
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So because in 2016 their home is worth 2.5 million they won't accept anything less than that in the future even if the market went to shit? People will have to price it to whatever the market dictates.