Move over San Francisco and New York-Houston, Texas is drawing in millions in foreign real estate investment, especially from Asia.
CCTV America’s Jessica Stone has the story. Follow Jessica Stone on Twitter @JessicaStoneTV
According to the U.S. Census Bureau, Houston Texas has grown faster than any other American city, and the proof is in the skyline. According to Tadd Tellepsen of Tellepsen Construction, Houston has already financed building projects with around 10 billion dollars in bonds, and foreign investment is pouring in, too.
The visa for investment program is popular especially with wealthy Chinese, who have noticed Houston properties to be both more stable and affordable.
Startup crowdsources more affordable housing in Silicon Valley
In the San Francisco Bay Area, the tech boom continues, but not everyone is benefiting from it. Housing prices have sharply increased, making it nearly impossible for many school teachers to buy a home. However, one area startup is proposing a way to make housing more affordable.
CCTV America’s Mark Niu has more. Follow Mark Niu on Twitter @MarkNiuWrite
Nicole Behaylo works a full-time job as a school psychologist for the Mountain View-Los Altos Union High School District. She works a second job for a therapeutic learning consultant, and still can’t afford to buy a home. She rents a one bedroom apartment for $2000 a month. Saving up to buy a home is almost impossible.
Now one hope is brought by Landed, a startup created by Stanford Business School graduates. It raises a community fund that helps teachers to pay half a home’s down payment, in exchange for some of the future profits or losses when it’s sold or re-financed within 10 years.
Based on the urban housing prices over the past two decades, investors would have had returns of 15-20 percent under their model. But Landed also said their incentives to succeed are aligned with teachers.