Tuesday, October 29, 2013

Chinese Takeover Of San Francisco Continues Apace

San Francisco is a beautiful city ruined by its inhabitants; militant homosexuals, hipster leftists, and a ubiquitous Neo-Marxist political machine run by millionaire leftists like Dianne Feinstein, Barbara Boxer, and Nancy Pelosi.  Also contributing is the continued influx of actual Communists, real Party members, but this time not the Communist Party USA members, as exemplified by another immigrant to America and San Francisco, Harry Bridges, but the Chinese Communist Party (CCP) members. San Francisco has long suffered from the scourge of illegal immigration from Red China, such as radical Mayor Ed Lee, son of an illegal immigrant, and the welfare dependent long ensconced here. But there is a new twist the new illegal immigrants from Red China; corrupt Party officials and the nouveau riche beneficiaries of the de-industrialization of America. 

SF Gate October 29, 2013 by Anna Marie Erwert
Chinese Investor Activity In San Francisco Real Estate Reaching Fever Pitch
Chinese investors have been showing record breaking interest in San Francisco real estate, according to measures of activity of Chinese property investors on Juwai.com, the No. 1 Chinese international property portal...
The website, which measures searches, search results, page views and inquiries of Chinese investors in relation to property for sale internationally, rates the USA as the most popular country for Chinese investors. Chinese buyers spent US$30 billion on international property in 2012. Of that, US$9.08 billion was invested in the USA. Indeed,  The National Association of Realtors ranks Chinese buyers as the second largest group of investors, after Canadians, accounting for 11% of overseas buyers purchasing homes in the US. This percentage shows a decent jump from  the last major real estate boom the US enjoyed, 200, when Chinese purchases accounted for 5% of overseas transactions.
Among the United States, California is the most popular. More than half the homes sold to foreign buyers in California go to Chinese nationals, estimates CNN Money. In San Francisco proper, Chinese investor property hunting climbed 84%, month-over-month from July to August 2013– it was also 456% higher than it was this January.  And the favorite SF neighborhood? Think iconic San Francisco: “Nob Hill is the San Francisco neighborhood of the moment, for Chinese investors. So far in 2013, it has received more searches by name than any other.”

While it is not in and off itself evidence of illegal immigration, but for most Chinese, purchase of property is the first step in illegal immigration.

Note that in the survey of Chinese purchasers very few are interested in the financial aspects of their investment.  Two out of four reasons given are directly related to illegal immigration and the most popular reason is indirectly related to illegal immigration.

Juwai surveys website users on their reasons for choosing one location over another. Among the large population of Chinese searching for homes in SF,  the top reported reasons for investing in San Francisco real estate are:
1. Lifestyle (51%),
2. To purchase a place for children’s education (23%)
3. Investment (19%)
4. Immigration (7%).

Investment is obvious to anyone, San Francisco's real estate market is hot, spurred on by severe restrictions on building in the city and rent control, consequently prices on residential real estate are beyond the reach of most residents.  Only the Feinstein level rich can afford to buy here, and Chinese wealthy from corruption and rapid industrialization are prime customers.

However, their motivation is not directly related to the hot market, but to creating a bolt-hole for when the balloon goes up in Red China; either a neo-Maoist revival in oppression or a genuine revolution caused by Party oppression.

Immigration is an obvious reason to purchase real estate in San Francisco, but legal Chinese immigrants mostly come from the poorer spectrum of the Chinese population, as legal immigration is mostly limited to those with relatives already in the United States.  Most immigrants are very poor and U.S. Citizenship and Immigration Services already waives the application fees for 30% of all immigrants, with the USCIS office in San Francisco leading the way on the waiver of immigration fees.  The Chinese, of course, make up the bulk of immigrants to the San Francisco area.

The other reasons for investment, lifestyle and children's immigration, are the most obvious sources of illegal immigration.  The newly rich in China are unlikely to have a legal means of immigration, apart from buying an EB-5 visa from Terry McAuliffe and Alejandro Mayorkas.  Generally, there is no legal option for China's nouveau riche to get an immigrant visa, only tourist visas.  And here is where the real estate investing comes in.  

American diplomatic posts in China are handing out tourist and business visas like candy.  By lifestyle the Chinese respondents to the survey mean that they like living in San Francisco, which with its natural air-conditioning is unlike the polluted mess of most of China.  However, a tourist visa is not for purchasing property to live in the United States, it is for stays to see the sights, visit family, and take photographs of the Golden Gate Bridge.  One does not need a million dollar condo or multi-million dollar house for that.  Even for a vacation home.  It is however a method of living in the United States illegally.  Obtain the tourist visa, buy a home, stay the allotted time of six months at admission, then at the end of six months, take a quick trip back to China, turn around and arrive for another six month stay.  This is quite illegal, but a common use by Chinese of the "tourist" visa.

The other motivation for Chinese real estate purchasers is to establish residency in a city like San Francisco, then have their children enter on a similar tourist visa, then remain illegally so they can attend San Francisco's schools.  Most of San Francisco's public schools are horrible, but there are a small number of elementary, middle, and high schools that are world class, as those without large numbers of black or Hispanic children have well behaved white and Asian students who are quite diligent and bring up San Francisco's horrible scores on standardized tests.

But beside pricing out the vast majority of San Francisco residents, the Chinese real estate boom is a symptom of massive Chinese illegal immigration, and something American taxpayers and workers are paying for directly due to China's most favored nation trading status and the de-industrialization caused by Chinese wage levels.  Another reason to thank Steve Jobs, not only did he conspire against his own technogeeks, but outsourced Apple's manufacturing to Red China and drove its Chinese workers to death.

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