2:40 We need new laws that prevent investment in US residential real estate by foreign investors without intent to occupy or even rent out. Residential property should ideally be the unique right of the people who live and work in the community and contribute to the local economy. This is a major problem everywhere from US to Canada, Australia and Europe and it needs to be addressed. But we've had 2+ decades now of brokers happy to sell out our cities and towns to the highest foreign bidder evidenced by the WeChat QR and real estate ads in Chinese in our local papers. It needs to stop.
I agree that units shouldn’t sit vacant and instead be leased out. The Boston Planning & Development Agency has put rules in place for newer projects ensuring that much less of future developments will be vacant year round.
