Wenzhou money is now in Vancouver

[Death2Theft]

The chinese are used to dealing with bullshit like this. This is what happens when too many levels of government are fucking people over.
Enjoy the "grip" you have if any of these gov agencies decides to grab ahold of your balls.

Stories about overreach from Washington, D.C. abound, but just when you think you've heard them all comes yet another that makes you shake your head in disbelief and wonder just whom is supposed to be working for whom in this grand old Republic of ours.

Taking into account that most of us want clean air, fresh water to drink and a sustainable environment - and that government has a role to play in ensuring these resources are preserved - there comes a point where that role grows well beyond its original intent and begins to infringe on the constitutional rights of the citizens. Just ask Mike and Chantell Sackett, who are battling the leviathan Environmental Protection Agency just to be able to build a home on land they bought years ago in Idaho.

They bought all of the permits. They spent thousands of dollars preparing the land. But just as they were ready to begin construction, the EPA swooped in, pronounced their property a wetlands (even though it sits in the middle of a residential neighborhood that contains sewer lines and scores of other homes) and issued a compliance order calling on them to return the land to its original state or face daily fines of $37,500 per day.

And here is where the comedy of errors really begins.

Surely officials at the EPA would be reasonable, the Sackett's thought. After all, there were homes surrounding their plot of land. There was infrastructure. And they'd done everything they were supposed to do to "comply" with all of the rules. With all of that in mind, they appealed to the agency for a hearing on the issue. But instead of hearing the couple out, EPA officials blew them off, rejecting their appeal out of hand. So, with little alternative, the couple decided to take the plunge, hire some lawyers and sue the EPA to get the agency to listen.

The agency's response? The EPA said the couple wasn't allowed to sue. Huh?

On the one hand, the agency was arguing that it was more than capable of handling complaints like that of the Sackett's through its "administrative process." But on the other hand, it wasn't giving the couple access to its administrative process: A classic Catch-22.

As if that outrage wasn't enough, the agency then tried to claim that no one has the constitutional right to bypass a compliance order and go straight to federal court for relief. So, no right to appeal, and no right to sue.

Sure.

Throughout, the EPA maintained that the couples' land indeed was on a wetlands so, undaunted, the couple took the economic plunge and did bring their case to federal court where, in the end, it wound up before the U.S. Supreme Court. And there, the tragic comedy continued.

Justice Elena Kagan, a former solicitor general and one of the high court's most liberal members, took the EPA's side. Oblivious to the fact that the EPA denied the Sackett's initial request for an appeal, Kagan asked, "Couldn't you have gotten the legal determination that you wanted through that process?" Attorneys for the plaintiffs patiently explained that process was prohibitively costly and time-consuming - especially since they didn't live in a wetlands area to begin with.

The good news is, at least some of the justices were empathetic to the Sackett's plight, seemingly realizing the daunting task they faced in trying to get an unresponsive system to be...responsive.

"Don't you think most ordinary homeowners would say this kind of thing can't happen in the United States?" Justice Samuel Alito asked Justice Department attorney Malcolm Stewart.

Source:

Supreme Court Hears Case Of 'Dream House' Stopped By EPA | Fox News

Learn more: EPA drops jackboot on necks of couple for daring to build on their own land

[Infiniti]

Originally Posted by Amuro Ray

they aren't really in the traditional sense of Marxist communist anymore. They have been running a hybrid of communism/capitalism where the government controls everything EXCEPT wealth distribution

They're what we like to call.."State Capitalists"

[skyxx]

I'm not a big fan of how China run things but how else are you going to control over 1.2 billion people.

[Mr.HappySilp]

LOOK 99% of ppl on RS won't even be buying the hosuese these chinese are looking.

Honestly how many of you will have enough money to buy a 5+ million house. Most average people buys below 1million anyways. So really they might drive up the prize of these so call expensive housese but it wouldn't affect average joe's houses.

There are other factors that is driving up the price of housing in vancouver (Rich chinese being one) but it is not just all Rich Chinese there are tons of other factors as well.

[sindragon]

Originally Posted by Mr.HappySilp

LOOK 99% of ppl on RS won't even be buying the hosuese these chinese are looking.

Honestly how many of you will have enough money to buy a 5+ million house. Most average people buys below 1million anyways. So really they might drive up the prize of these so call expensive housese but it wouldn't affect average joe's houses.

There are other factors that is driving up the price of housing in vancouver (Rich chinese being one) but it is not just all Rich Chinese there are tons of other factors as well.

i have so much to say but do not want to give a wall of text

you are wrong in so many levels. This fucks up EVERYTHING in vancouver.

[!SG]

vancouver is the mecca capital for asians.

there are plenty of airlines with direct flights right into vancouver,

vancouver ports is a natural trading hub for imports.

weather in vancouver/bc is favorable (clean air suppositely)

and why west van? cuz its mountain side. and its the rich, west van, british properties...

Originally Posted by drunkrussian

i dont get it, why west van? cold weather and snow. why not a nice warm place like malibu or sth? is it because there are chinese ppl here? in which case, back to my question, why WEST VAN
Posted via RS Mobile

[nah]

Last year when there was that buying frenzy from the Mainlanders this was what happened at the Sunstone development in Delta.

New Single Home prices:
April - $650,000
May - $750,000
July/Aug - $950,000 (last one)

Pretty redonkulous.

[SupraMan604]

I doubt they bought in Delta

[wstce92]

Originally Posted by Gridlock

Oh yeah, I know...it was more sarcasm than anything. It's truly bizarre that you now have a dictator government that does everything EXCEPT provide the one supposed benefit of communism-that being equal wealth distribution.

The supposed benefit of communism is that in a perfect world, you have the brightest running the country for the good of the country and not for personal gain; without being brought down and "speed-bumped" by the every-man who doesn't know what's best for the country. In their view, democracy is stupid, because half your population isn't educated enough to make good decisions. Equal wealth distribution is the expected outcome of such a system, as in a perfect world, the country would prosper and everyone can live comfortably. But with human nature and such a large population coming into play, Chairman Mao realized long ago that for China to prosper, they have to embrace some capitalistic ideas. It doesn't matter if the cat is black or white; as long as it catches a mouse, it's a good cat. (loosely translated)
Another supposed benefit of communism is that with government control on practically everything, it makes it easier for the government to manipulate the market for gain.


And fun fact, back in the day, only whites were allowed to own property in the British Properties.

[nah]

Originally Posted by SupraMan604

I doubt they bought in Delta

Prices rose dramatically after the Japanese earthquake and how Richmond wouldn't be there if the same thing happened here.

Those houses were not worth 750k-950k but they got sold.

[Redlines_Daily]

Originally Posted by Mr.HappySilp

LOOK 99% of ppl on RS won't even be buying the hosuese these chinese are looking.

Honestly how many of you will have enough money to buy a 5+ million house. Most average people buys below 1million anyways.

This particular article focuses on $5+ million homes, but they also buy houses and condo's in every price range including sub-$1mill. It's not just foreign buyers, but also locals that engage in property flipping that drive prices up. IMO, there should be a heavy speculator tax to discourage this kind of buying. Homes are for living in, not for making profit! How about we invest our money into our economy instead of against it!

[Excelsis]

one day i will go crazy

[bloodmack]

great for my family we own so many houses that are easily worth millions now cause of these guys. Thanks

[shawnly1000]

If they do start buying up West Van up in force, it'd be interesting to see how they mix in with the existing predominantly Persian/Caucasian residents there.

[Excelsis]

Originally Posted by bloodmack

great for my family we own so many houses that are easily worth millions now cause of these guys. Thanks

too bad you got kicked out

[Mr.HappySilp]

Originally Posted by sindragon

i have so much to say but do not want to give a wall of text

you are wrong in so many levels. This fucks up EVERYTHING in vancouver.

U really think is only the rich chinese.....

There are also rich Indians, Italians, Americans..... that's doing the same thing.... only difference is that we don't speak their langauge, reald thier fourms so therefore we only hear about chinese........

[bloodmack]

^Correct

Originally Posted by Alpha v2

too bad you got kicked out

I could go back home any day, except unlike the kids on RS I can survive on my own.

[Harvey Specter]

The next wave of money will be from India. There's surreal amount of cash money in India which will eventually make it into Canada.

[xclone2002]

I can’t believe how redneck and ignorant people are in Vancouver. Maybe it’s because I’ve been living in China for the past 9 months and maybe it’s because I don’t feel sorry for those pissed that the real estate prices are being driven up.

The point is there are rich people coming out of China because it is currently the world’s second largest economy. Why do they have the money to buy properties in West Van and multiple luxury cars when the majority of people can only dream of doing such things?

The economy of China is production-based, whereas most developed nations have consumption-based economies. Meaning while you’re sitting on your ass wining and dining and buying iPods and LCD TVs and paying off that credit card debt you owed from 2 months ago, the Chinese are the ones producing these products and raking in on the money Western economies cough up.

Many of the people going abroad and buying up properties are owners of their own businesses. They made THEIR money by playing by the rules of THEIR own country. And yes, there are rules to follow, even if they don’t follow western standards.

I’ve seen multiple posts claiming 'corruption' this, 'corruption' that. Yes, corruption does exist. But it’s heavily penalized, usually by death if caught. 5 million Canadian dollars is by no means a small sum. With a banking system MUCH more monitored than Canada’s, no one can funnel that kind of money nowadays.

There's a way of doing business in China called 'guanxi' and it's NOT corruption. Ever hear of networking? The relationship building skills they teach you in business school? ‘Guanxi’ is networking on not only a business level, but a personal one as well. Once you know the right people and have the brains and balls, there’s a lot more money to be made in China than in any western country.

I could go on and on.

To those of you pissed at the Chinese jacking up your real estate prices, ask yourself, “Why didn’t you work towards a down payment and invest?”

Why am I not pissed that prices are going up? Because I worked my ass off, paid for a down payment on a Yaletown apartment before the building was finished and now the rent I collect pays for the mortgage, with more left over every month.

Oh, and thanks to the Chinese, the value of my proper increased about 30% from the time purchased it.

Don’t hate the player, hate the game.

[Manic!]

White person buys a house. No one cares.
Asian buys a house. People bring out the pitch forks.

[Harvey Specter]

I'm not Asian and I think all this hate towards Asians is bs. Just remember it was Asian money from Hong Kong that poured in after Expo that made Vancouver a "world class city" and the reason why this city is staying afloat especially in this economic downturn is because of the money from the pacific rim so don't get it twisted.

[taylor192]

For all those talking about driving up prices, you'll be happy to know prices are down:

Vancouver home prices finally dropping | Personal Finance | Financial Post

If you look at condos, since 2009 they haven't made fuck all, barely keeping up with inflation. Why anyone would want to park that much money into an asset barely keeping up with inflation is beyond me.

This year we're already seeing records levels of inventory, and significantly lower sales than average, so there's nothing to indicate prices will increase - yet you never know.

For those watching bubbles, you'll be happy to know Australia has popped despite foreign ownership rules and being a destination for wealthy Asians. So I say let them come, buy as much as they can, hopefully it'll pop this bubble.

[b0unce. [?]]

I'll just buy an expensive car and live in it

[Mr.HappySilp]

Originally Posted by taylor192

For all those talking about driving up prices, you'll be happy to know prices are down:

Vancouver home prices finally dropping | Personal Finance | Financial Post

If you look at condos, since 2009 they haven't made fuck all, barely keeping up with inflation. Why anyone would want to park that much money into an asset barely keeping up with inflation is beyond me.

This year we're already seeing records levels of inventory, and significantly lower sales than average, so there's nothing to indicate prices will increase - yet you never know.

For those watching bubbles, you'll be happy to know Australia has popped despite foreign ownership rules and being a destination for wealthy Asians. So I say let them come, buy as much as they can, hopefully it'll pop this bubble.

Can I use a needle and pop the bubble lol

[Redlines_Daily]

Originally Posted by xclone2002

I can’t believe how redneck and ignorant people are in Vancouver. Maybe it’s because I’ve been living in China for the past 9 months and maybe it’s because I don’t feel sorry for those pissed that the real estate prices are being driven up.

The point is there are rich people coming out of China because it is currently the world’s second largest economy. Why do they have the money to buy properties in West Van and multiple luxury cars when the majority of people can only dream of doing such things?

The economy of China is production-based, whereas most developed nations have consumption-based economies. Meaning while you’re sitting on your ass wining and dining and buying iPods and LCD TVs and paying off that credit card debt you owed from 2 months ago, the Chinese are the ones producing these products and raking in on the money Western economies cough up.

Many of the people going abroad and buying up properties are owners of their own businesses. They made THEIR money by playing by the rules of THEIR own country. And yes, there are rules to follow, even if they don’t follow western standards.

I’ve seen multiple posts claiming 'corruption' this, 'corruption' that. Yes, corruption does exist. But it’s heavily penalized, usually by death if caught. 5 million Canadian dollars is by no means a small sum. With a banking system MUCH more monitored than Canada’s, no one can funnel that kind of money nowadays.

There's a way of doing business in China called 'guanxi' and it's NOT corruption. Ever hear of networking? The relationship building skills they teach you in business school? ‘Guanxi’ is networking on not only a business level, but a personal one as well. Once you know the right people and have the brains and balls, there’s a lot more money to be made in China than in any western country.

I could go on and on.

To those of you pissed at the Chinese jacking up your real estate prices, ask yourself, “Why didn’t you work towards a down payment and invest?”

Why am I not pissed that prices are going up? Because I worked my ass off, paid for a down payment on a Yaletown apartment before the building was finished and now the rent I collect pays for the mortgage, with more left over every month.

Oh, and thanks to the Chinese, the value of my proper increased about 30% from the time purchased it.

Don’t hate the player, hate the game.

Just because someone doesn't have the same opinion as you doesnt mean they are lazy or dont work hard, or dont have money. I also played in the real-estate speculation game, I bought a lake-side condo in Penticton that I had no intention of ever living in. I was young and just wanted to make money, fortunately for me I grew up a little. I believe this type of investing is unethical, there are many ways to make money folks.

"Dont hate the player, hate the game". Thats the problem with this world, the game IS the problem..but we can choose to play it or not.