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Promote goods, not property
Bellevue's mayor recently returned from an economic forum in China. In the story, Mei Young was quoted as saying "with Chinese nationals sometimes paying as much as $9 million to 12 million and competing for properties."
This increase in real estate prices may be all well and good for a handful of property owners. For the rest of our citizens, it has only created a mini bubble in the housing market.
This has placed houses out the reach of many middle class citizens with these foreigners bringing high all-cash offers to the table. Bellevue's policy not only encourages loss of community ownership but tens of thousands of dollars to hundreds of thousands of dollars are taken out of the local economy through lost realtors fees, loan origination fees, and loan interest payments.
Instead of pushing foreigners to purchase real estate, we should be promoting exports of our products and services. This would bring real capital into our economy, not a false bubble of increasing housing prices.
Countries like Singapore know better. They recently instituted a limit on foreign ownership of property. Unfortunately, Bellevue is actively promoting it. We can do better.
Maury Miller, Newcastle