Trump says U.S. to ban large investors from buying homes

[neurosis]

I just read that Trump is talking about capping credit card interest rates at 10% 

That would also be an interesting turn of events.  I'm not sure how that would work? And I can't find much information on it.

[CNCAppsJames]

"For my next trick, I'll get Democrats to support Credit Card companies gouging their customers." DJT

 

[Rstewart]

I just read that Trump is talking about capping credit card interest rates at 10% 

That would also be an interesting turn of events.  I'm not sure how that would work? And I can't find much information on it.

I don't know how that works either, but I'll never support gov price fixing either

[Brian]

Historical context here:

https://www.google.com/search?q=credit+card+interest+rates+usa+in+60%27s&client=safari&hs=EWTU&sca_esv=b5091250846c3915&hl=en-us&ei=WuxiaZ_2EYWo0PEPq4SYqA8&ved=0ahUKEwifi9OXm4KSAxUFFDQIHSsCBvUQ4dUDCBE&uact=5&oq=credit+card+interest+rates+usa+in+60%27s&gs_lp=Egxnd3Mtd2l6LXNlcnAiJmNyZWRpdCBjYXJkIGludGVyZXN0IHJhdGVzIHVzYSBpbiA2MCdzMgUQIRigATIFECEYoAEyBRAhGKABMgUQIRigATIFECEYoAFImIUBUOc5WLlzcAN4AZABAJgBywGgAf8HqgEFNC40LjG4AQPIAQD4AQGYAgugAsQHwgIKEAAYsAMY1gQYR8ICBRAhGJ8FwgIHECEYoAEYCsICCBAAGBYYChgewgIGEAAYFhgewgILEAAYgAQYhgMYigXCAgUQABjvBZgDAIgGAZAGCJIHAzMuOKAHpkWyBwMwLji4B68HwgcHMC4yLjYuM8gHSoAIAA&sclient=gws-wiz-serp

Yikes! Apologies for the crazy long link above! Search for "usury laws US" for some more info on this.

[Brian]

I don't know how that works either, but I'll never support gov price fixing either

You're conflating one with the other; they're not the same. If you're interested, search " usury laws us vs. price fixing"

[Newbeeee™]

usury laws us vs. price fixing"

"In the Bible, usury does not mean "high interest" as it does in modern law.
It meant charging any interest at all, especially to the poor".

Hebrew word: נֶשֶׁךְ (neshek)

Literally means "a bite" — interest was seen as something that consumes the borrower.


However....

"You may charge a foreigner interest, but not your brother."
— Deuteronomy 23:20

[CNCAppsJames]

Charge foreign nationals and non-citizens in the US  interest, and citizens no interest. 

✅️

I'll allow it.  

 

[CNCAppsJames]

More ambiguous laws. :sigh:

"Large Investors". The law would never stand up in court challenges.

What "could" work better are a few things
Force "buyers" to disclose the purposes of the purchase. 
Define acceptable categories; 
1) personal primary residence
2) personal additional residence (i.e. vacation home, or say someone works out of various locations frequently so instead of hotels, apartment rentals, they buy properties in those areas... and evidence would be required for this., etc...), 
3) personal investment - cannot be held in LLC's,  sole proprietorship, S-Corps, C-Corps, etc...
4) business investment

Now you give the SELLER the information they need to make an informed decision. Sell to people and families or sellout to corporations.

The real problem isn't that companies and investment houses are buying properties, the real problem is that people are selling to them. My last two properties I sold, I had opportunities to sell all cash over asking to people I suspected were investors, or to people I could tell had a soul and were looking for their home to raise their family. I chose the latter. Because I cared about my neighbors and the neighborhood more than I cared about the money. We all have a choice. Saying it's the evil corporations fault is a cop-out. Take some personal responsibility and admit you're greedy and you want what's yours, don't blame it on companies. Your greed is not their problem, it's yours. NOBODY is forcing you to take the biggest offer because ultimately the sale will require YOUR signature, not your brokers, not anybody but you. 

Own it. 

 

[gcode]

A lot of Chinese smuggle cash out of China and park it in US real estate
I guess they trust US real estate more than they trust the Chinese government and economy.

[CNCAppsJames]

A lot of Chinese smuggle cash out of China and park it in US real estate
I guess they trust US real estate more than they trust the Chinese government and economy.

One of my friends is a 1st Generation US Citizen. His parents came from China in the late 60's or early 70's. We were talking the other day and he told me that many of the what we call "anchor babies" are their method for hedging their bets. Many believe that China will collapse, and they want a way out. IMHO and his, having a US citizen in the family is pretty much a guarantee to that end. He also said they are watching the challenge to "birthright citizenship" very closely. I'll bet.

In my mind, some of those anchor babies once they've been sufficiently indoctrinated by the CCP they will return to the US to engage in politics and get into positions where they will gain access to Q and L level clearances.

[gcode]

Years ago ( mid 1990's ) there was a sandwich shop a few doors down in the business park I worked at in Anaheim.
It was owned by a woman who's husband was a big shot at the Rockwell plant down the street.
The sandwich shop was a license to print $$ as a lot of Rockwell workers ate breakfast and lunch there.
When the Rockwell plant closed, she sold the business.
The thing about a business park sandwich shop is you've got about 8 hours a day 5 days a week to make your money.
It you can't make your nut 6AM till 2 PM  Monday thru Friday you're not going to make it.
With the Rockwell business gone, there wasn't enough trade to make it work.
The first 2 buyers crashed and burning pretty quickly.

The third buyers were a young brother and sister from China. They were well educated, spoke excellent English and worked like dogs.
I liked them and went in every day and bought something. I could see the misery and desperation growing in there eyes
as time went on.
Eventually the young man started talking to me.

He said he and his sister had been raised and trained from birth to go to the new world and establish a foothold in America for his family.
3 generations of his family had worked and saved, starting before they were even born.
At 4 years old they were chosen as the ones to plant the family's flag in America.
The sweat and toil of 3 generations was spent on English classes, college degrees and business classes.
They were provided with a stake to buy an business and sent to America to build a foothold for the next generations to follow.
and these kids bought this no hope sandwich shop in a dying part of Anaheim, Ca.

The last thing he said to me as he they were cleaning up to abandon the place was.
"Three generations worked to provide me with this opportunity, and I've failed."

The thing that always got me is that 5 different families failed trying to make a go of that sandwich shop,
and the 6th was failing when I left that job.
Not one of those people ever walked into my shop and asked how business was at that place before they put
their money down.
The last guy tried to make it a Subway shop. That wasn't working out so he started selling baseball cards, which
were a big thing for a while back then.
One day the cops rolled in and arrested him for selling counterfeit baseball cards.
Shortly after that I left that job. I have no idea what sort on business is in that unit now, but I'd bet my last dollar it's not a sandwich shop.

My point in all this is that the Chinese don't think in months or years or even lifespans. They think in generations.
Three generations, dozens of people over 60 years worked and sacrificed and saved to raise a stake to send those kids to the new world. They did it with no hope of ever seeing any reward for their work. It's kind of hard to wrap
your head around.

[SuperHoneyBadger]

My point in all this is that the Chinese don't think in months or years or even lifespans. They think in generations.
Three generations, dozens of people over 60 years worked and sacrificed and saved to raise a stake to send those kids to the new world. They did it with no hope of ever seeing any reward for their work. It's kind of hard to wrap
your head around.

To the people who will say "well that's just one family's story, so it doesn't mean much". Pfft, sure, there are a billion people there, and these are the ONLY ones who decided to try this out... But damn that is dedication and hard work, albeit under the yoke of immense inter-generational pressure.