There's something wrong with this...

[Retsdon]

Just read this article https://www.theguardian.com/business/2018/oct/24/freezing-uk-tower-block-was-cash-cow-for-foreign-investors . Am I out of line in believing that there's something badly wrong with the system when foreign investors can buy slum property in the UK, and in so doing earn an 8% return picking up the rent and housing benefits paid on behalf of poor tenants? Basically the British taxpayer is subsidizing the lifestyles of shady Russians and Arab sheikhs.

[TIGHTCHOKE]

Immoral but not illegal, unfortunately.

[dead eye alan]

10 minutes ago, TIGHTCHOKE said:

Immoral but not illegal, unfortunately.

  And getting more common. 

[Vince Green]

2 hours ago, dead eye alan said:

  And getting more common. 

Definitely

[Lloyd90]

No different to many council and housing associations over here. 

Rentint to people on benefits, terrible conditions, Mold all over walls etc. 

Only difference I can see here is the people who own it are foreign...

Edited October 25, 2018 by Lloyd90

[scobydog]

The way I see it, it is the management company at fault not the owners, they are several thousand miles away and leave it to the management co to sort any problems out. And as for foreign owners I don't see a problem with it , just like pension and investment companies here investing in property in so called emerging markets. If the liebour council had invested in these flats originally there would not be this problem.

 

scobydog

 

[Retsdon]

4 hours ago, scobydog said:

just like pension and investment companies here investing in property in so called emerging markets. I

Not sure it is actually the same because they're largely investing in construction of new property, which brings added value to the country, provides jobs, kick-starts further infrastructure development, etc,etc.

These people are just buying up existing housing stock to turn a profit at the British taxpayers' expense. They also inflate the cost of lower end housing which in turn pushes the price beyond the means of first -time buyers.

 

[scobydog]

It is very much the same, buying up small areas kicking out locals putting up new buildings and then selling the new properties at vastly inflated prices to wealthy foreigners, also using Krakow as an example, I personally know 3 very wealthy property investors who bought large blocks of flats and apartments after the place opened up, kept them for a few years renting out to tourists etc then when the time was right rented them to locals at  vastly inflated rents paid by the authorities. 1 of the guys had over a 1k flats the last time I spoke to him. Now shacked up in a nice place near there with a Russian girl half his age.

The point is it happens worldwide and poorer areas of Britain are flavour of the month at the moment, the liebour council should have invested properly in the upkeep of the properties and not sold them off, instead they would sooner spend 35k a time on so called street art.

 

scobydog