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Comment by jacques_chester | Hacker News Reader

I've seen you say this a few times now. Do you have a source?

There are millions of sources on the use of high-end real estate for foreign money-laundering operations. Like this one: http://nymag.com/news/features/foreigners-hiding-money-new-y...

The question is: why are we allowing foreign speculators in our real estate market, prices where they are, in the first place? Once an average house costs more than 8 times the average income, you have to protect the homeland. Unless you've stopped caring about your own people.

I'm not referring to buying real estate. I'm referring to your specific accusations that Chinese (edit: foreign) nationals are launching fake identities in Bay Area companies.

I'm a foreign national, incidentally. I contribute to the high rent in NYC. I'd say tech money is ruining the city but the fellas down in FiDi got in ahead of us 30, 15 and 5 years ago.

That's a very long article. Does it make the claim that the fradulent fraction of the foreign investor (which I predict is small) is large enough to have a significant impact on the housing price?

8 times? the median house price in Sydney just hit 800k. The median wage is 57k. I wish house prices were only 8 times the median wage...

He said average income, not median income. There's a huge difference between the two when you talk about the Bay Area, since the income gap is so huge there.

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