Thursday, November 20, 2014

The Stealth Invasion of America Continues

The last decade has seen an invasion of American soil. This invasion has raised no eyebrows and brought no call to arms. It has been systematic and by stealth. This invasion has been completely legal and happening without the knowledge of the average American. Regardless, it is very real.
Quite often in Canada, you hear the term "snowbird". This is a Canadian citizen who purchases a vacation home in the United States. Typically this is done by a wealthy citizen and is considered completely harmless. As the purchases are done at random and not concentrated in one area.
Unlike another country that has developed an appetite for American soil. The country I speak of is China, in particular, the Chinese elite, who have accumulated a vast array of US fiat dollars and are looking to escape the corruption and pollution that plagues their country.
Typically this would not be a problem, but one challenge has arisen. The location of these purchases is incredibly concentrated.
In the past, I have discussed how whole suburbs and cities have sprung up, completely dominated by Chinese citizens. Well it hasn't stopped. Michael Krieger, of Liberty Blitzkrieg reports about the latest development:
In some California communities, 90% of real estate buyers are from China. Yes, 90%. Naturally, many of them are buying multi-million dollar homes in “all cash” transactions.
Well it appears that one of those communities is the 57,000 person Los Angeles suburb known as Arcadia. The suburb had a relatively insignificant Asian population of 4% in 1980, but it is now 59%. Of course, I could care less what the ethnic mix of any particular suburb is, but what does concern me is that a lot of the recent money coming in seems to be from questionable characters. The buyers are getting access to U.S. real estate via the EB-5 visa program, and of the 10,000 of these given away this year, 85% went to the Chinese. Oh, and it’s estimated some 20% of these homes sit vacant. A great use of resources.
The accumulation of real estate from Chinese sources has exploded. It is estimated that roughly 24% of all foreign purchases comes from China, this is an increase of 72% from last year alone!
As America continues to be hollowed out, and the endless printing of fiat dollars continues, you can expect to see more and more communities such as these springing up. Communities that the average American will have little to no say in. The stealth invasion of America continues.
chinese-real-estate-buying-US

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