This letter is regarding the article about China’s wealthy moving money out. It states that “some methods are perfectly legal, like investing in real estate elsewhere.” So is that why the housing prices have risen so dramatically this year in cities such as Portland, Seattle and Boise? How is this even legal? Will we soon have streets full of empty homes owned by people who are not citizens of the U.S.? How does this affect the average first-time homebuyer who now has to compete for a home with someone who will not be occupying it and has no interest in improving our neighborhoods?
Jean Pollock, Garden City