These well-to-do nomads tend to live in well to do immigrant ghettoes. They don’t compete with the housing stock locals use.
In the north people always tout the benefits of having immigrants come in —especially the high income highly educated.
But here you’re doing the opposite and saying high income immigrants are bad for the locals. Is that the case only in one direction?
If you want someone to blame for the poor economy, blame local politicians corruption and graft endemic locally.
Compare Argentina to New Zealand. One has many more resources and many more people, both in the south but one has corruption and the other doesn’t. One does well and the other perpetually defaulting and getting nowhere.
Before you blame it on the past dictatorships keep in mind past dictatorships in s Korea, Taiwan, Japan even, have not kept those countries from becoming economic dynamoes. You do have to do the hard work of getting your house in order, instill education and entrepreneurship and a dream to succeed (corruption might favor incumbents for example).
In bad housing markets like Toronto and Vancouver people don't tout the benefits of wealthy foreigners (immigrants or just investors) buy houses and making the area unaffordable to the locals.
Canada had a more or less total stop to immigration until recently, and despite that Toronto managed to have another crazy housing rally earlier this year before vaccines were widely available. Before that, the 15% Non‑Resident Speculation Tax caused a brief scare until the market realized that it can rally just fine with bona-fide residents.
I'm not buying the "wealthy foreigner as the main culprit" story. Surely they add to the existing demand and it's always nice to have an external scapegoat, but there's clearly something bigger going on than just foreigners. I'm thinking continued difficulties to build housing without going through multi-year permit processes, most of the city still being NIMBY'd into low-rise SFH zoning, and the sizeable number of millenials both getting wealthy enough to buy into housing as well as getting FOMO from continued price appreciations.
But it's always nice to have a plausible explanation for why the innocent locals aren't at fault.
I agree, there is a ton of local demand and not enough building of medium density stuff people actually want. I was just saying that people don't want wealthy migrants buying homes, regardless if they are the true driver of the prices skyrocketing. Maybe wasn't the best example.
In the north people always tout the benefits of having immigrants come in —especially the high income highly educated.
But here you’re doing the opposite and saying high income immigrants are bad for the locals. Is that the case only in one direction?
If you want someone to blame for the poor economy, blame local politicians corruption and graft endemic locally.
Compare Argentina to New Zealand. One has many more resources and many more people, both in the south but one has corruption and the other doesn’t. One does well and the other perpetually defaulting and getting nowhere.
Before you blame it on the past dictatorships keep in mind past dictatorships in s Korea, Taiwan, Japan even, have not kept those countries from becoming economic dynamoes. You do have to do the hard work of getting your house in order, instill education and entrepreneurship and a dream to succeed (corruption might favor incumbents for example).