From the Daily Mail: "How deceitful foreign investors turned a once-proud American city into a complete eyesore." From the article:
Fernando Plastino convinced investors from his homeland to buy homes in Baltimore. He promised he would manage the properties, collect rent and pass it onto them for a fee.
However, the investors said they eventually stopped receiving payments - and realized they had been misled, the Baltimore Banner reported.
It's the latest example in an ongoing saga of foreign investors encountering problems when buying real estate in the city, which is now full of empty and dilapidated homes.
In addition to the recent Argentinian scandal, buyers from Hong Kong, Israel and Turkey have also experienced problems after having issues with companies promising them a fortune by investing in property in Baltimore.
The homes purchased by Plastino's company are in such bad shape that action has been taken by city officials.
So why is the U.S. allowing foreign investors to buy up houses in the U.S. and drive up housing costs?
Foreigners cheating foreigners? I'll allow it.
ReplyDeleteBut if they could do it without buying up whole neighborhoods.
DeleteSquatters rights... Just go and take... No one wants to live there anyway.
DeleteProbably a good source of quick cash for politicians involved in real estate.
ReplyDelete