Reasonably affordable family single resident houses bought with foreign (primarily Chinese and UAE) cash sit empty - or get converted to Air BNBs/vacation rentals under travel property management if they're in desirable "touristy" areas of town. Oh, the properties are maintained and sometimes renovated, but for the most part, no one is living permanently in them. Or if they are being rented out, the rents are for high end timeshares or vacation rentals, not for permanent local residents with jobs and families that might cause damage.
A local growing concern is that there have been a few houses in historic areas (tax exclusionary areas with low tax zoning for maintenance of historic neighborhoods) or older single family properties in good condition that were purchased by foreign holding companies and attempts made to demolish historic buildings to put up cheap modular mini-complexes - without consideration of the neighborhood infrastructure or ambiance - but with a keen eye on the low property taxes in those areas, despite the fact that by demolishing a historic property, they lose that tax exemption.
China is doing the same thing as Japan back in the 1980's to boost their internal economy - property is being flipped in those countries between holding companies and various investors like collectable cards so long as their markets can manage it. Which means few or no renters in the U.S. that might damage the property they're flipping between each other.
Chinese - and UAE property investors have no problems leaving large developments standing empty for a long time after being built. They didn't buy them to live in or for anyone else to live in, they bought them for "investment".
Haele
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