Michael Bloomberg's Idea Of A Real Estate Godsend Is A Catastrophe And A Nightmare For American Working Families
The L.A. Basin is filled with empty McMansions. I hear there are also lots of big empty homes in Seattle, Vancouver, San Diego and the space-strapped San Francisco Bay Area as well. They're like fields left fallow, although they're not getting more fertile over time. These homes are investments from wealthy foreigners, predominantly from China and Russia, although from anywhere in the world where the wealthy know their riches could be seized in a political upheaval at any time.