The Only Hope for Seattle’s Worsening Housing Crisis Is Now China – Slog – The Stranger

That did not take long. The day after Cary Moon officially acknowledged her loss to Jenny Durkan in Seattle’s mayoral race, both the Seattle Times and KOMO posted stories about the great interest Chinese investors have in the local housing market. This is curious because Moon (and I) got a lot of heat from Durkan and some members of the local Chinese business community for raising concerns about global surplus capital, why it’s entering the Seattle-area housing market, and how it only happens to be coming from China. The Seattle Timesreports that 50 percent of all purchases made through a brokerage firm in Beijing were sheer investments (meaning, the homes were bought not as homes but as financial assets); and KOMO reports that two-thirds of listings sold by a Windermere Real Estate agent were, over the last two years, “to international buyers.” But we are told again and again by neoliberal urbanists that there is no connection at all between rising home values in Seattle and speculation in particular or finance in general. It’s all about scarcity.

 

Source: The Only Hope for Seattle’s Worsening Housing Crisis Is Now China – Slog – The Stranger

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