That’s not what forced appreciation is. As someone who invests using a forced appreciation strategy, that’s a gross misunderstanding of the term. What he’s done is called being a scumbag.
@ElCarnivoroBBQ I agree with you there, too many people don't give a shit as long as they're not tied down. It affects everyone around them. That still doesn't negate the fact that politicians don't give a shit but lining their own pockets to benefit themselves. And that is all over the island.
🇵🇷 needs autonomy to regulate who’s buying these properties and what for because the people on the island deserve the right to have access to these buildings and resources.
Venture capitalist and institutional investors getting into the single family as well as multi-family rental biz. It really sucks. I live in western Washington all the nice local owners of properties maybe they had three or four apartments to rent or a couple homes that they used to own that they now rent out to support them in their retirement all those people have been driven out of business. Now if you have to make four times the amount of that rent and income before you're even eligible to apply to rent a place. We have so many people coming from all around the country who have no idea how expensive it is to live here and the amount of people who are sleeping in their cars it's insane! Especially in the winter. It get's cold on the west coast. We get snow , ice and rain that will chill you to the bone. Living in a car during that sucks.
@@lani7148the whole West Coast has had an influx of Chinese money that needs to be parked. Wealthy Chinese being the wise individuals that they are. Have come and bought up multiple properties. Unfortunately with a change in landlord tenant laws most of them have stopped doing anything with those properties. You are correct they sit vacant because it's too much of a risk to rent them out.
PR can't even collect regular property taxes. The last time valuations was done was in the 1960s and so everyone pays taxes on those amounts up to today. No politician will touch it because it would make everyone angry to tax property correctly.
@@AverageJoe-12not sure what they eventually did in SanJuan. In Brooklyn many investors bought upward of 50 residential properties and sat on them. In many cases they were left vacant for a long time while they try to buy up other homes in the area. When they started selling they made loads and sold to a didifferent demographic. Some of this was possible due to them tricking old people out of their homes. It's an ongoing issue across residential areas in NYC.
You say rich people lmao call it. When old yt men come seed the young girls and buy industry. It’s a takeover how all yt men conquer. Through the women and money😊
@@lloydavery2and2make5 your example is a community destroyed by rich people. lol. Because five people having a house is so good that we can ignore thousands without them. VERY big brained take coming from Lloyd Avery, everyone.
It is disgusting. The Puerto Rican people need to remove the endorsers of tax incentive law from the Puerto Rican government. Thanks Bianca. I love that you point out these abuses.
About half of the people don't vote, and those who do end up voting for the same system. It's not about voting for a better Puerto Rico. It is about protecting their pensions and government benefits. Nothing else drives the voting block.
As a Boricua, we can't do anything about it. No matter how much we try and fight, scream and do anything we can to help our community, the government won't do anything. They're all corrupted, in here and in the rest of the world.
Code Enforcement. Weekly fines for dilapidated unsafe buildings. You don't pay the fines the they get liens on property if its sold the fines have to get paid inorder to get the title.
@@juanvaldez7279 this doesn’t happen in reality when it comes to speculators. If the building is not being used, code doesn’t get enforced against an unused build that “isn’t a danger to anyone”. So speculators will buy a building and let it become dilapidated and decrepit to lower the tax burden from the value of the building so they can speculate on the value of the land.
On the mainland it dose. My friend owns commercial building in our downtown one of them had a fire they had 2 months to make it look good, new windows and pain or it will $150 fine each day if not made to look presentable. Also the owners around that building could sued them for loss of property value being lookated next to a decapitated building. The city would have to fix it and put liens on the building.
@Unknown987X 100 years ago the Land Value Tax was the most popular tax idea. A solution to the industrialization and urbanization of society. Even Milton Friedman declared it “the least bad tax”. Can you find an even more anti-tax economist? Unfortunately land owners proved too powerful and the Land Value Tax was distorted into what we know as the Property Tax. So are you a landlord apologist?
And exactly why 10s of millions of ppl cant afford to buy houses that are trash. Millions of homes being stockpiled with no ppl living un them just to drive up the price. Once the bubble bustrs the taxpayers that cant even afford a home will be footing the bill. Fuck that 101 shit its just greed.
It's appalling what happened to the Museo del Nino! I met Carmen Vega, may she rest in peace, a beautiful, intelligent lady who came from NY and raised approx. 3 million dollars to start this children's museum. She became founder and president. It was amazing all the educational activities that were there for children and going on for many years. She worked so hard and put 100% of her blood, sweat, and tears for quality programming for children. OMG! She is rolling in her grave. It's utterly heartbreaking. I miss you, Carmen! 😢
People need to rise up, protest, and change laws. This is unfair. Similar things happened in Hawaii and now many Hawaiians live in cars, tents, or go to the mainland. It's unfair to the natives. If Puerto Ricans don't stand up now, they will wind up like the Hawaiians with no homeland.
Hawaii has a everyone wants to live in Paradise problem, especially Paradise that has generous welfare benefits. This has attracted people from many places for 40-50 years now. More recently a tragic cheap drug addiction problem has significantly to the mental health, crime and homeless problems. Crystal Meth has ruined at least 2 generations there. There are families who have drug use and abuse as a part of their lifestyle. This is not unique to Hawaii but since Hawaii was mentioned, these facts must be mentioned. A lot of SE Asian countries, the US as well as some Asean Island nations have been targeted by drug suppliers & dealers. Crystal Meth recipes and guided instructions are freely online! Yes, there is not enough affordable housing, but there are other extremely urgent problems that are encroaching on the safety of otherlocals and tourists alike. The Pandemic killed a lot of tourism based jobs as well. The resulting hyperflation has been unbearable for local residents, immigrants and tourists. The working poor with children were pushed over the edge by losing their income and 1M median housing prices that continue to climb. Both locals born and raised there and global immigrants who've came within the last 50 years are all being priced out of permanently living there. Living with family, camp living or leaving are the remaining options for many.
Well it will be the boricuas fault they are the one selling their properties, a lot of gringos are buying shit properties a high price and boricuas are selling like crazy so let them sleep in their cars money doesn’t last forever as simple as that
I care because I’ve travelled a lot (always with work or to a job, I’ve never done it with time-off & never just for “fun-zies.”) And it has fascinated me to learn from either 1st-hand experience or direct interviews that the way people of modest-income live is NOT naturally or automatically exactly like what’s considered normal in the two-hour radius around Boston. Being ethnically Irish, extended family and community gave me indoctrination regarding colonialism (pretty typical stuff about contempt for the English), but I’m older now and I’m curious about Neo-Colonialism (example: Mainland China “helps” some African countries, but there are many many strings attached. Rare minerals and oil get exported, yet the local people are not getting educated abroad for high-paying, high-skills, transferable jobs related to resource extraction. They’re not acquiring degrees in geology, or the types of science related to refining minerals & oil. The locals are told they’re lucky because now they can have low-paying, zero-benefits, physically dangerous, jobs such as welding with no eye-protection while wearing flip-flops 😡🤬 [the World-Bank / IMF also does this “We shall help, but only with many, many, strings attached thing ]). And being ethnically Irish, I’m compelled to ask and research again and again: At what point did Irish people give-in & start thinking and feeling “well, we’ve got to pay the land-lord: if we don’t, we’ll be forced off our land.” Must every tenants’ association from Brooklyn to Dublin to San Juan have military contractors to ‘back it up’ ? 🤷♀️
they waste their time making noises with pots and pans - bunch of idiots. There is the power of the written word. The governor does not have any power. No one there has any power. Look at the legislation - it says the US Congress is responsible. That is where the people have to appeal. They allow anyone to spit on their faces and do nothing. Even the PR in US Congress are socialists/communists They live well, have the best retirement in the USA but they do not want those benefits for PR. Hypocrites.
I sadly blame this on the Puerto Rican government. People shouldn't be allowed to do this unless they are living in it. If the government actually gave a damn, they would make a law that anyone buying property has a certain amount of time to build or it will be confiscated. This would stop these crooks.
Ya this should be the law everywhere, make property tax by default very high and then have steep reductions if its your primary residence or if you improve the property. If someone wants to buy and sit on a lot fine let them but tax that heck out of them then they will quickly be losing money even with property values going up. Also property values will stay more realistic in general because speculation will be discouraged.
Crowd funding and purchase everything - every piece of land. Stop complaining. Enough BS and vote out the communists and socialists. I would hate to see people draining in the ocean trying to escape the island. At least they have. good passport to get out and go anywhere in the world. .
it sounds like communist Cuba. That is what they are doing. But when Fidel Castro passed away, he left $900 million to his family. Wow - communism is good.
The people of Puerto Rico have to hold the government accountable. Sadly, it means that you will have to unite on the streets and protest, and continue until the guilty ones are out of office! You cannot be half-hearted in the protesting either!
May I have these people are going to ruin Puerto Rico... I haven't been there since I was a kid (early 90s) but it's sad that some people are taking advantage of the situation down that way... be careful
That land would eventually be sold and the next person will buy it and not use it, if you wanted to make a change then you buy if. Your whole community buy it
@@juang5424 Since you do not know many buyers and sellers who are staying on the island, I will inform you they are selling only to those with plans to stay, pay taxes, and make the country better for the locals. Locals have caught on to the racket of buy and sell for a profit.
While this is terrible, at the end of the day, there are only two things that are going to stop this from happening: 1. the people themselves buying land and property in Puerto Rico 2. The government putting restrictions on who can buy property But if you think an investor, who has the opportunity to buy at $24K and sell at $200K won't do so because he wants to be "a good person", you can forget it. That's not going to happen!
‘Restrictions on who can buy property’? Hahah you gotta learn a little more about how the US is abusing their territory. Cause they do the opposite which is why they are more than allowed to but invited to do these things.
The grand majority of puerto ricans cannot afford these properties, since prices are already jacked up by said investors and the minimum wage here is not enough.
The people can’t afford it and the government wants to see this speculation happening because it makes dollars. But it’s just gambling at the expense of the people living there. It doesn’t bring business in, it doesn’t raise the quality of living there, and the money passes from investor to investor without ever actually channeling it to Puerto Rico What will happen when the market crashes? The properties will stay vacant lots forever
You think she’s going to do that!? Her thing is complaining and spreading anti-American propaganda. It’s not convenient to teach the locals how they can too do this and generate wealth!
I was able to tour old San Juan and 1983 and fell in love with San Juan and I hate to see and hear what is happening. I would love to be in a position to go in and restore and renovate some of these old properties in such a way The neighborhoods would benefit in the best way possible.
@@reyesbiz101 10 months in now. You’re correct. The whole island is riddled with them. What’s even crazier is when you think it’s abandoned and hear a tv or people talking inside the house. And I don’t mean homeless people either.
@@tomfoolery666 yes. Someone has to log and read the incoming correspondence. Thanks to Obama, PR is no longer a Commonwealth. It is operating as pre-1949.
Those politicians will sell you out until you vote for someone better. Vote for someone better. There is absolutely zero other choice if you're not gonna leave the island.
I get it. But why aren't we holding sellers responsible and why not just take that property back. Feels good to complain about it but honestly it's being allowed by the commi.
im puertorican and its the gov that allows that bc they dumb af... and all they think of is about money... and unless all puertorico stands up and makes a riot they wont do fking sht. americans keep coming and taking land and making the price high to just make money or save money on tax while fking up the ones who live here...
The community isn't allowing this. We can't do anything to protect ourselves or our beloved Island. There's corruption everywhere, the government won't protect us.
This is a case where “eminent domain” could ostensibly be subverted to benefit locals and the continuity of local culture & self-determination. I’m for it. However, I’ve gotta caution & publicly predict that if the Commonwealth started taking properties (with good, valid, reasons or not), armed military contractors (or maybe even regular US marines) would soon be showing up 😢
My dad(step dad but loved him as my own) is from Caguas. He served in the army as a drill sergeant. I’ve never been to Puerto Rico, but I know for sure this would’ve made him upset. It’s terrible what greed can do smh 🤦🏾♂️ RiP Papa 🙏🇵🇷🇬🇶
I’ve seen a few of your videos on Puerto Rico and as someone who was born and raised there I just want to say thank you for going out of your way to say Puerto Rico properly.
Instead of bitching about it, local people need to pool their money and buy it up for themselves. I'm from Hawaii, prices there are so high, unless you have a legacy property from family, the average local person is screwed. Let it be a cautionary tale for the people of Puerto Rico. I remember Native Hawaiians complaining about outsiders buying up properties back in the 1970's. They bitched about it but you know what they didn't do? They didn't BUY. Puerto Rican peeps need to do what they have to do (pool their money) and BUY up these properties because if they don't, in 10, 20, or 30 years from now, they'll be living on the beach in a tent like many Native Hawaiians are today😢
They do… they’re called realtors. They don’t talk to you unless you’re willing to spend more than $200k. I know! Sounds cheap compared to where you live but the value of a home here can be half of that on average
No investors should be allowed to let projects just overlap and overlap Send a message to each investors and plus they do not pay taxes they do not pay property taxes. Keep them out of the island and San Juan Puerto Rico. From The Arecibeno 😊😊😊😊😊
I wish we could all get on the same page and just stop purchasing. Watch how fast the market flops over. It’s a hard ask but it would be so beautiful to watch
All abandoned properties that become a public hazard can be impounded by law. However, it is easy to bribe politicians in PR. Many are mired in drug and sex trafficking, but they don't get caught because they always backstab their partners. As a islander myself, this needs to get seriously bad before it can show faint signs of it getting better.
I live in San Juan and even in the nicest neighborhoods there are devestated houses, their inheritance laws leave places vacant for years, theres no tax sale structure and property taxes are low so they sit vacant for years , the disfunction is what holds them back
Yes quite often the result if siblings fighting over the property. If you don't pay your property taxes in the mainlaind they sieze it and auction it off.
Yep. Complaining about Act 60 is fine, but there are so many worse problems that would make such a bigger difference. Act 60 is actually fine in the short term to bring money to the island. Long term it needs to go away.
How about limiting what outside investors can buy essentially a freeze so native Puerto ricans have access to what is rightfully theirs ... GENTRIFICATION IS WHITE SUPREMACY
@@danpan001 Land Value Tax isn't exactly the same as standard property tax. I can only speak for where I live in Upstate NY, but as a general idea, most property tax is assessed on the value of the building you have on a property, and only a small portion of the tax is based on where that building is. This tends to discourage development. Say you own a rundown set of rental houses, and maybe a couple empty lots where houses used to be. Generally speaking, it's a run down part of town. You are actually making pretty good money though. You may not be able to charge a lot in rent, but you don't need to because you aren't really paying to maintain the buildings and you aren't paying much in taxes because you are assessed mostly on having run down buildings. Under a Land Value Tax the tax burden shifts more to the land. You are in the heart of the city. Under LVT you end up paying much higher taxes, so you have three real options- fix up your houses, tear down your houses and redevelop, or sell your property who someone who will. At first, that sounds like it would be bad for poor people, but it ends up actually being progressive. You could build a few luxury apartments, or you could build a higher density low income housing project (or a mixed use project). You are also less likely to build a Burger King with a big parking lot on a lot that could have several side by side businesses if you work with the city to make the neighborhood walkable. Because every landlord is under the same pressure lots of empty lots and under used lots get redeveloped, so the total supply of housing goes up (at least if you also can reign in the NIMBYs who don't want poor people in the neighborhood). Because there is more housing prices stay low, and because a tenant has more options if their landlord isn't maintaining the place landlords have to compete to provide amenities and keep their places in good order. It discourages sprawl.
I read PRs in the area are taking those stagnant properties, fixing and using them for the community. If this is done to everyone of those greedy investors it will stop.
Sounds more like money laundering to me, you just have to find the next buyer to pay more than you did. Once enough launders cannot be found to keep inflating the values you end up with real estate crash like 2008 in mainland USA.
The same people who complain about act 60 are the same ones who don't do anything to renovate/restore the same abandoned.. properties.. what hypocrites..(come mierdas)
The same people complaining about investors not fixing up their properties are the same people that complain about gentrification when they do fix up a property.
They've been doing that on the south side and the west side of Chicago for years, and they left it abandoned for years and now they made townhouses and condos😮😢
The Puerto Ricans that live in the mainland of the states need to apply pressure on these politicians. Too many walk around with pride in their homeland but do nothing to help it once they leave.
Puerto Ricans weren't going to do anything with it either . If they were they would have. It was only $24000. Why didn't someone from the community buy it ?
This is the same thing that happened in Tennessee back in the 80s (This used to be a poor area.) It depends on what you want your community to be. Some of the locals saw what was coming and bought up as much land as they could get and made millions, even billions in a couple cases. If you want to save the Puerto Rico you know and love and want to make it better at the same time you need to get proactive, not reactive. It's coming guys, whether you want it or not. Buy everything/anything you can get your hands on and make it what you want it to be. Good luck and God bless.
The government of Puerto Rico are the ones allowing it. The claim Puerto Ricans dont want to sell/clean up their abandoned homes in PR, however, these investors are doing the same AND making a profit by this buy and hold thing going on. WHAT DOES THE GOVERNMENT HAVE TO SAY ABOUT THAT… these investors buying and not repairing these derelics !!!!
People keep forgetting this government's leadership are the vende patrias " wannabe" who can care less for their own people and history, the only thing they want is to make the island a State and replace the people here for blond white and rich people. That's not new, they've always been like that, that is their forever agenda.
What you missing is that a white man had the audacity to try to make a profit in a nonwhite country… we’re expected to instinctually hate him. Who cares if he’s done no harm? I suppose it’s progressive to tell rich white guys to go back where they came from to live with their own kind.
Why do these people have permission to disrespect our land and our culture these lands and buildings that remain should be left for us Puerto Ricans suffering to live on this island
This makes me so sad. As a carpenter it breaks my heart to know jobs are being lost by letting these sit. I feel even worse for the locals having to watch their community rot while it pads someone else's pockets.
We buy it back all together, The People together combine our finances together, have PR Islanders go in the set up True Home in mighty power, and kick them out of the Country for Good.
It’s life, the alternate side is, PR are not developing their island either. The world has changed and people can go to other places and do business. I bet you wouldn’t be upset if you bought it for 24k and held it long enough to sell it for 200k. I feel your pain but that’s the way of the entire world. Money does what it wants.
I agree and although I can relate bc my family is from Eastern Europe and my dad sent me there most summers. There was a very old Roman style bath house that used mountain hot spring water. It was free to the public and open 24/7. I had a lot of great memories bc after the bath, there was always vendors selling ice cream outside after and the bath was like a giant swimming pool of hot spring water so for an American kid like me, very cool and unique. Ten years ago, someone bought it and now its a private spa- you can't enter unless you book a hotel room/ package It's frustrating bc it felt like something for the community that was there forever but at the end of the day, it's business and someone managed to convince the govt to allow it be privatized. The fault is with those in power, not the entrepreneur
Whose fault is it really? I just went to PR and I was astonished at how many abandoned & destroyed properties were there. So sad. PR is part if the US & this beautiful island is unkempt the roads are horrible it looks like a third world country in many areas. Sad. I can't even imagine what it would look like if it wasn't a commonwealth if US. The PR government are the ones who came up with the tax incenve laws. Get over yourself
Wasn't it abandoned via the original owner? Why the local boricuas cannot come up with 24,000? Because we are too comfortable en el mantengo, which has killed ambition, and makes it more attractive to spend 24,000 en porquerías instead of investing for the future. Stop whining about " others" buying our shit
@Westcoastrocksduh They are you idiot. By US legal terms (the terms that THEY THEMSELVES SET AFTER COLONIZING THE ISLAND) they are not foreigners but by the Island’s residents terms, gente como yo, we call them foreigners because it’s what they are. We were invaded and conquered, to us they are foreigners. Did slaves TRULY belong to their masters? In any other sense than legal?
@danpan001 There doesn’t seem to be enough native buyers willing to sustain something like what you’re suggesting. Some people WILL buy land on their homeland to maintain the community - nowadays most people cannot afford to do so,. And the threat of Hurricanes scared the heck out of everyone. To me, that is a sadder story than this. To be in love with your land and scared to invest in it. It’s the ones that have faith in G-d/HP/Dios that stay!
Bought a house in 1991 at $172,000 valued now at 1.6Mil ( AUD) and it has been sitting 🪑 there since with no issues or repairs .. real estate over time makes money … but only buy what you can afford. I’ve never used credit cards or anything..
@@dc2guy2 The morality here is ambiguous, to say that this is "bad for society" requires an understanding of its implications that no one can truly reach. You can merely hypothesize that it is, but hypotheses require testing.
@@marcosrodriguez830 or instead of trying to sound smart you could have looked for other examples where this has already happened and see the implications those places are now having to face like in Baltimore. Investors treating properties as speculative financial vehicles does not provide any real investment to the local area but only serves to transfer money around to other (often out of state) investors. All the while the detoriating buildings cause further harm by becoming a public nuisance as they are susceptible to fires, hazardous materials, etc which cost the city real money to send firefighters out to deal with the problem. Source: Baltimore Sun Newspaper | Baltimore City Council introduces legislation to combat vacant properties
We have a similar-ish problem going on in my local town too. Private investors have somehow been allowed to buy up the listed (protected for historical reasons) buildings from our town's founding and have done nothing with them, allowing them to fall further and further into disrepair. This is because the buildings are sitting on prime real estate close to the town centre and they want to turn them into expensive apartments, but due to the listing of the building the regulations prevent it. So instead they're waiting for not only the land value to go up, they're also waiting for the building to collapse on it's own which they will then argue removes it's listed status and allow them to demolish the remains and build brand new apartments in it's place. It's dispicable and corrupt and our council should take the buildings off their hands but they won't cos they're getting large yearly "donations" from companies owned by the same investor.
As a Puerto Rican, I'd love to find trustworthy resources in order to buy land to keep people like him from doing so. All I want is to keep it in our family.
This is part of why we have so many homeless in the US, the occupancy rate in all major cities is horrible. There should be some kind of incentive for investors to keep buildings occupied (aside from helping their communities).
This is actually true for every major city housing market in the United States or adjacent to US properties, if you buy a property and just let it sit it takes supply out of the housing market artificially increasing prices nearby if more than one investor does this the housing market suffers from several losses of properties causing the price to continue to rise then you sell it. Coordinated interests are not a conspiracy but people tend to work together even if it's accidentally
I wanted to move to PR about ten years ago, researched all the time, but messed up my back and my goal of owning and operating an aquaponics farm disintegrated. Now single and 37 ive got other goals and priorities, but still wanna do a volunteer trip and use my pipefitting skills to help those who need it.
It's not just Puerto Rico. Just down from where I live, the town centre looks dejected due to land banking. Simple, charge full business rates on the properties (work out the maximum building could be let out for). Force landlords to develop it or loose money to hold it. Same if you allow people with second homes. Either they live there all year and pay tax in that country or you remove tax caps.
years ago, I considered buying a retirement property in PR but felt it was wrong to do so unless I was committed to move there and contribute to PR. These equity locusts should be taxed heavily.
They need to stop letting certain people buy certain properties in Puerto Rico. 🇵🇷 I as an American Puerto Rican believe that if you are gonna buy, especially in SJ, you need to make it flourish! It has to be historically beautiful and for the island! 🏝️ My ancestors are from here and this breaks my heart to see a beautiful place without a roof. Something needs to be done because in all actuality this isn’t fair
Hence why there should be laws in place to require buyers to renovate or develop within 1 year; that how the Italian €1 home purchase project works, they’re forced to pay a fee and build within the first year ownership.
Its a dilemma that A) People are free to do or not do as they please and B) Their Social & Moral Responsibilities and finally C) What obligations, if any, are there for perhaps poorer persons who buy commercial properties for investment or practical use and are slow to make improvements? Its important that all three scenarios be addressed properly.
It’s called forced appreciation. It absolutely devastates local communities.
That’s not what forced appreciation is. As someone who invests using a forced appreciation strategy, that’s a gross misunderstanding of the term. What he’s done is called being a scumbag.
@@marcweisiYes, zoning policies should not allow this practice.
Capitalism...
I believe that forced appreciation is improving the property to add value. For example, adding another bedroom, bathroom, etc.
@@meta5291 That isn't capitalism. That is socialism and regulations support it.
The problem is the Puerto Rican politicians that grease up their pockets. Hold them accountable for once.
@ElCarnivoroBBQ I agree with you there, too many people don't give a shit as long as they're not tied down. It affects everyone around them. That still doesn't negate the fact that politicians don't give a shit but lining their own pockets to benefit themselves. And that is all over the island.
all politicians do that. rotate them …
This is the worlds problem.
@@SkylineMMedia it happens in DC - what do you expect.
@@SkylineMMediaThat’s all over the world and has been that way since beginning of man kind since kings and queens existed.
This is EXACTLY whats wrong with housing all over the world, distilled to its simplest form. Ty for sharing these, stay safe.
It's not a problem in China...
🇵🇷 needs autonomy to regulate who’s buying these properties and what for because the people on the island deserve the right to have access to these buildings and resources.
That building was a children's museum and activity center when i was younger. I was really sad when i saw it again a few years ago.
Crazy thing this is happening everywhere! One of the many reason housing has become so unaffordable
All part of the plan, keep the poor poorer and make the rich richer, but I'm just a crazy conspiracy theorist
Especially in California. There are a lot of foreign investors who buy up properties and just let them sit, and no one can live in them.
Venture capitalist and institutional investors getting into the single family as well as multi-family rental biz. It really sucks. I live in western Washington all the nice local owners of properties maybe they had three or four apartments to rent or a couple homes that they used to own that they now rent out to support them in their retirement all those people have been driven out of business.
Now if you have to make four times the amount of that rent and income before you're even eligible to apply to rent a place.
We have so many people coming from all around the country who have no idea how expensive it is to live here and the amount of people who are sleeping in their cars it's insane! Especially in the winter. It get's cold on the west coast. We get snow , ice and rain that will chill you to the bone. Living in a car during that sucks.
@@lani7148the whole West Coast has had an influx of Chinese money that needs to be parked. Wealthy Chinese being the wise individuals that they are. Have come and bought up multiple properties.
Unfortunately with a change in landlord tenant laws most of them have stopped doing anything with those properties.
You are correct they sit vacant because it's too much of a risk to rent them out.
Property taxes help with this.
Need to create a property tax for non-useage.That way it costs them more to keep it to do nothing than it is to revitalize the neighborhood
Look into vacancy taxes.
PR can't even collect regular property taxes. The last time valuations was done was in the 1960s and so everyone pays taxes on those amounts up to today. No politician will touch it because it would make everyone angry to tax property correctly.
So true....
I like your thinking, run for President ❤
How people suppose to make money lol everybody wants other people to not make money lol. Haters
They do that everywhere. This is how they regentrified many parts of Brooklyn NY
So they did do improvements? Or they left it as trash. Confused, what are we talking about?
@@AverageJoe-12not sure what they eventually did in SanJuan. In Brooklyn many investors bought upward of 50 residential properties and sat on them. In many cases they were left vacant for a long time while they try to buy up other homes in the area. When they started selling they made loads and sold to a didifferent demographic.
Some of this was possible due to them tricking old people out of their homes. It's an ongoing issue across residential areas in NYC.
YEP pretty soon there will be No affordable housing in any part of NYC.
It wouldn't be gentrified if "y'all" took care of it. Typical of you to blame someone else.
@@lloydavery2and2make5 what do you think gentrification is?
The worst thing that can happen to a community is rich people showing up.
You say rich people lmao call it. When old yt men come seed the young girls and buy industry. It’s a takeover how all yt men conquer. Through the women and money😊
@@VeneerDeptwhat the fuck did i just read
Tell that to Compton. Haaaaaaaaa
@@lloydavery2and2make5 your example is a community destroyed by rich people. lol. Because five people having a house is so good that we can ignore thousands without them. VERY big brained take coming from Lloyd Avery, everyone.
@@chuntguntley8771 how? You have to be "rich" to have a tight knit community that's not destroying itself?
I love that you're exposing these injustices.... keep it going ❤
It is disgusting. The Puerto Rican people need to remove the endorsers of tax incentive law from the Puerto Rican government. Thanks Bianca. I love that you point out these abuses.
About half of the people don't vote, and those who do end up voting for the same system. It's not about voting for a better Puerto Rico. It is about protecting their pensions and government benefits. Nothing else drives the voting block.
As a Boricua, we can't do anything about it. No matter how much we try and fight, scream and do anything we can to help our community, the government won't do anything. They're all corrupted, in here and in the rest of the world.
@@bonillapras another boricua, I concur 100% 😢
I mean we try they just corrupt af
I think you mean the United States government. PR is a colony cant do much without their aproval
Land Value Tax. Don’t tax the building, tax the land, or else speculators will profit from the work everyone else does.
Code Enforcement. Weekly fines for dilapidated unsafe buildings. You don't pay the fines the they get liens on property if its sold the fines have to get paid inorder to get the title.
@@juanvaldez7279 this doesn’t happen in reality when it comes to speculators. If the building is not being used, code doesn’t get enforced against an unused build that “isn’t a danger to anyone”.
So speculators will buy a building and let it become dilapidated and decrepit to lower the tax burden from the value of the building so they can speculate on the value of the land.
On the mainland it dose. My friend owns commercial building in our downtown one of them had a fire they had 2 months to make it look good, new windows and pain or it will $150 fine each day if not made to look presentable. Also the owners around that building could sued them for loss of property value being lookated next to a decapitated building. The city would have to fix it and put liens on the building.
lol... the taxes will hurt people that aren't him.
@Unknown987X 100 years ago the Land Value Tax was the most popular tax idea. A solution to the industrialization and urbanization of society.
Even Milton Friedman declared it “the least bad tax”. Can you find an even more anti-tax economist?
Unfortunately land owners proved too powerful and the Land Value Tax was distorted into what we know as the Property Tax.
So are you a landlord apologist?
This is literally real estate investment 101 all over the U.S.
EXCEPT THEY GET PAID TO MOVE HERE PAY NO TAXES REAP THE REWARDS AND LEAVE
@@starkistunaand we’ll continue to do so.
Read "Behind the green mask" by Rosa Korie
Yup this is happening everywhere unfortunately
And exactly why 10s of millions of ppl cant afford to buy houses that are trash. Millions of homes being stockpiled with no ppl living un them just to drive up the price. Once the bubble bustrs the taxpayers that cant even afford a home will be footing the bill. Fuck that 101 shit its just greed.
Thank you for bringing attention to these types of issues.
It's appalling what happened to the Museo del Nino! I met Carmen Vega, may she rest in peace, a beautiful, intelligent lady who came from NY and raised approx. 3 million dollars to start this children's museum. She became founder and president. It was amazing all the educational activities that were there for children and going on for many years. She worked so hard and put 100% of her blood, sweat, and tears for quality programming for children. OMG! She is rolling in her grave. It's utterly heartbreaking. I miss you, Carmen! 😢
People need to rise up, protest, and change laws. This is unfair. Similar things happened in Hawaii and now many Hawaiians live in cars, tents, or go to the mainland. It's unfair to the natives. If Puerto Ricans don't stand up now, they will wind up like the Hawaiians with no homeland.
Hawaii has a everyone wants to live in Paradise problem, especially Paradise that has generous welfare benefits. This has attracted people from many places for 40-50 years now. More recently a tragic cheap drug addiction problem has significantly to the mental health, crime and homeless problems. Crystal Meth has ruined at least 2 generations there. There are families who have drug use and abuse as a part of their lifestyle. This is not unique to Hawaii but since Hawaii was mentioned, these facts must be mentioned. A lot of SE Asian countries, the US as well as some Asean Island nations have been targeted by drug suppliers & dealers. Crystal Meth recipes and guided instructions are freely online! Yes, there is not enough affordable housing, but there are other extremely urgent problems that are encroaching on the safety of otherlocals and tourists alike. The Pandemic killed a lot of tourism based jobs as well. The resulting hyperflation has been unbearable for local residents, immigrants and tourists. The working poor with children were pushed over the edge by losing their income and 1M median housing prices that continue to climb. Both locals born and raised there and global immigrants who've came within the last 50 years are all being priced out of permanently living there. Living with family, camp living or leaving are the remaining options for many.
Well it will be the boricuas fault they are the one selling their properties, a lot of gringos are buying shit properties a high price and boricuas are selling like crazy so let them sleep in their cars money doesn’t last forever as simple as that
I care because I’ve travelled a lot (always with work or to a job, I’ve never done it with time-off & never just for “fun-zies.”) And it has fascinated me to learn from either 1st-hand experience or direct interviews that the way people of modest-income live is NOT naturally or automatically exactly like what’s considered normal in the two-hour radius around Boston. Being ethnically Irish, extended family and community gave me indoctrination regarding colonialism (pretty typical stuff about contempt for the English), but I’m older now and I’m curious about Neo-Colonialism (example: Mainland China “helps” some African countries, but there are many many strings attached. Rare minerals and oil get exported, yet the local people are not getting educated abroad for high-paying, high-skills, transferable jobs related to resource extraction. They’re not acquiring degrees in geology, or the types of science related to refining minerals & oil. The locals are told they’re lucky because now they can have low-paying, zero-benefits, physically dangerous, jobs such as welding with no eye-protection while wearing flip-flops 😡🤬 [the World-Bank / IMF also does this “We shall help, but only with many, many, strings attached thing ]). And being ethnically Irish, I’m compelled to ask and research again and again: At what point did Irish people give-in & start thinking and feeling “well, we’ve got to pay the land-lord: if we don’t, we’ll be forced off our land.” Must every tenants’ association from Brooklyn to Dublin to San Juan have military contractors to ‘back it up’ ? 🤷♀️
@ElCarnivoroBBW
Your post had interesting points but that last sentence you included needs removal. Tellin’ It like it is. 💐
they waste their time making noises with pots and pans - bunch of idiots. There is the power of the written word. The governor does not have any power. No one there has any power. Look at the legislation - it says the US Congress is responsible. That is where the people have to appeal. They allow anyone to spit on their faces and do nothing. Even the PR in US Congress are socialists/communists They live well, have the best retirement in the USA but they do not want those benefits for PR. Hypocrites.
I sadly blame this on the Puerto Rican government. People shouldn't be allowed to do this unless they are living in it. If the government actually gave a damn, they would make a law that anyone buying property has a certain amount of time to build or it will be confiscated. This would stop these crooks.
Ya this should be the law everywhere, make property tax by default very high and then have steep reductions if its your primary residence or if you improve the property. If someone wants to buy and sit on a lot fine let them but tax that heck out of them then they will quickly be losing money even with property values going up. Also property values will stay more realistic in general because speculation will be discouraged.
Crowd funding and purchase everything - every piece of land. Stop complaining. Enough BS and vote out the communists and socialists. I would hate to see people draining in the ocean trying to escape the island. At least they have. good passport to get out and go anywhere in the world. .
*US government
it sounds like communist Cuba. That is what they are doing. But when Fidel Castro passed away, he left $900 million to his family. Wow - communism is good.
@@juanhaver6584 wow a bunch of communists here. It sounds like Nicaragua, Cuba, & Venezuela.
The people of Puerto Rico have to hold the government accountable. Sadly, it means that you will have to unite on the streets and protest, and continue until the guilty ones are out of office! You cannot be half-hearted in the protesting either!
Unfortunately, people do not read. They vote for a music jingle.
75% of the island is welfare.
May I have these people are going to ruin Puerto Rico... I haven't been there since I was a kid (early 90s) but it's sad that some people are taking advantage of the situation down that way... be careful
Your videos are as enlightening and educational as always. Love the way you say Puerto Rico. Thank you for educating us on this stuff.
Lol yes when she says it with a strong accent but talks perfect English without the accent when saying everything else lol
Thank you for sharing this. It is getting worse all over the island. Buyers with no specific plan for the community, only purchasing to make a profit.
Which is 100% legal
@@danielsiegel8619 Respect towards the people of the island and their culture is also legal and honorable.
That land would eventually be sold and the next person will buy it and not use it, if you wanted to make a change then you buy if. Your whole community buy it
@@juang5424 Since you do not know many buyers and sellers who are staying on the island, I will inform you they are selling only to
those with plans to stay, pay taxes, and make the country better for the locals. Locals have caught on to the racket of buy and sell for a profit.
@@danielsiegel8619 No it isnt.. foreigner buy American land all the time. A Scotsman just bought like thousands of acres.
While this is terrible, at the end of the day, there are only two things that are going to stop this from happening:
1. the people themselves buying land and property in Puerto Rico
2. The government putting restrictions on who can buy property
But if you think an investor, who has the opportunity to buy at $24K and sell at $200K won't do so because he wants to be "a good person", you can forget it. That's not going to happen!
You already started wrong
‘People themselves buying land’ is the most capitalistic excuse possible. Not how gentrification works but that’d be awesome
‘Restrictions on who can buy property’? Hahah you gotta learn a little more about how the US is abusing their territory. Cause they do the opposite which is why they are more than allowed to but invited to do these things.
The grand majority of puerto ricans cannot afford these properties, since prices are already jacked up by said investors and the minimum wage here is not enough.
The people can’t afford it and the government wants to see this speculation happening because it makes dollars. But it’s just gambling at the expense of the people living there. It doesn’t bring business in, it doesn’t raise the quality of living there, and the money passes from investor to investor without ever actually channeling it to Puerto Rico What will happen when the market crashes? The properties will stay vacant lots forever
American Indians are buying all the land they can around their reservations.
form housing co-operatives and land trusts, buy it all, leave nothing for foreign investors
You think she’s going to do that!? Her thing is complaining and spreading anti-American propaganda. It’s not convenient to teach the locals how they can too do this and generate wealth!
😅😅😅 As if they could do that without foreign investors. The whole island is basically built with foreign funds!!😅😅😅
@@davidd.c.9344 What I described doesn't require funding.. what you described is called foreign occupation and colonization.
I was able to tour old San Juan and 1983 and fell in love with San Juan and I hate to see and hear what is happening. I would love to be in a position to go in and restore and renovate some of these old properties in such a way The neighborhoods would benefit in the best way possible.
Corruption is everywhere
I’ve been living in San Juan for 3 months now and I’ve seen more abandoned buildings here than any other place in my life. It’s honestly insane.
Apparently you haven't been to Detroit!
Storm damage. If insured they took the money and left.
It's the whole island bro
@@reyesbiz101 10 months in now. You’re correct. The whole island is riddled with them. What’s even crazier is when you think it’s abandoned and hear a tv or people talking inside the house. And I don’t mean homeless people either.
There's Detroit Michigan San Francisco California then Portland Oregon vacant property everywhere. It's getting worse.
As a puertorican, i can understand this bc our government sucks
forget the PR government. They have Zero power. Write to the Congress people and to the WH. - a couple million letters will catch their eyes.
realll
@@tomfoolery666 yes. Someone has to log and read the incoming correspondence. Thanks to Obama, PR is no longer a Commonwealth. It is operating as pre-1949.
@@tomfoolery666 Yes real. Obiobi turned back the clock and PR is pre-1949
Then stfu and do something
Those politicians will sell you out until you vote for someone better. Vote for someone better. There is absolutely zero other choice if you're not gonna leave the island.
Sometimes there's no one better and a community needs to band together
This happen to us black people in America in the early 40-70
I get it. But why aren't we holding sellers responsible and why not just take that property back. Feels good to complain about it but honestly it's being allowed by the commi.
im puertorican and its the gov that allows that bc they dumb af... and all they think of is about money... and unless all puertorico stands up and makes a riot they wont do fking sht. americans keep coming and taking land and making the price high to just make money or save money on tax while fking up the ones who live here...
noting the average salary is 8.50 rn and 9 ish later on july so unless they make it like 15 an hour minimun salary we are fkd.. bc of this type of sht
The community isn't allowing this. We can't do anything to protect ourselves or our beloved Island. There's corruption everywhere, the government won't protect us.
This is a case where “eminent domain” could ostensibly be subverted to benefit locals and the continuity of local culture & self-determination. I’m for it. However, I’ve gotta caution & publicly predict that if the Commonwealth started taking properties (with good, valid, reasons or not), armed military contractors (or maybe even regular US marines) would soon be showing up 😢
My dad(step dad but loved him as my own) is from Caguas. He served in the army as a drill sergeant. I’ve never been to Puerto Rico, but I know for sure this would’ve made him upset. It’s terrible what greed can do smh 🤦🏾♂️ RiP Papa 🙏🇵🇷🇬🇶
as a puerto rican this shit is sad asf. we just living to survive, not to live.
I’ve seen a few of your videos on Puerto Rico and as someone who was born and raised there I just want to say thank you for going out of your way to say Puerto Rico properly.
Thank you for the work that you are doing ❤
kek. this is work? im so sorry for u
Instead of bitching about it, local people need to pool their money and buy it up for themselves. I'm from Hawaii, prices there are so high, unless you have a legacy property from family, the average local person is screwed. Let it be a cautionary tale for the people of Puerto Rico. I remember Native Hawaiians complaining about outsiders buying up properties back in the 1970's. They bitched about it but you know what they didn't do? They didn't BUY. Puerto Rican peeps need to do what they have to do (pool their money) and BUY up these properties because if they don't, in 10, 20, or 30 years from now, they'll be living on the beach in a tent like many Native Hawaiians are today😢
They do… they’re called realtors. They don’t talk to you unless you’re willing to spend more than $200k. I know! Sounds cheap compared to where you live but the value of a home here can be half of that on average
They need a investor group of Puerto Rican that local residents can invest in to buy the vacant properties
this is actually the best way to fight back, money fights money
To give it back to the people of Puerto Rico 🇵🇷
Anything but WORK and buy your own properties, right?
No investors should be allowed to let projects just overlap and overlap
Send a message to each investors and plus they do not pay taxes they do not pay property taxes.
Keep them out of the island and San Juan Puerto Rico.
From The Arecibeno 😊😊😊😊😊
I wish we could all get on the same page and just stop purchasing. Watch how fast the market flops over. It’s a hard ask but it would be so beautiful to watch
All abandoned properties that become a public hazard can be impounded by law. However, it is easy to bribe politicians in PR. Many are mired in drug and sex trafficking, but they don't get caught because they always backstab their partners. As a islander myself, this needs to get seriously bad before it can show faint signs of it getting better.
This is so frustrating. Thank you for highlighting this.
I live in San Juan and even in the nicest neighborhoods there are devestated houses, their inheritance laws leave places vacant for years, theres no tax sale structure and property taxes are low so they sit vacant for years , the disfunction is what holds them back
Yes quite often the result if siblings fighting over the property. If you don't pay your property taxes in the mainlaind they sieze it and auction it off.
Yep. Complaining about Act 60 is fine, but there are so many worse problems that would make such a bigger difference. Act 60 is actually fine in the short term to bring money to the island. Long term it needs to go away.
Puerto Rico has beautiful people just like yourself. Don't let these stupid celebrities take your land from you
Why dont community members buy it then??? Why they keep letting investors buy it???
Good reason to have an land value tax. It makes it more expensive to sit on properties and generates tax revenue.
CRIM doesnt enforce it. Blame the PR Government for that.
How about limiting what outside investors can buy essentially a freeze so native Puerto ricans have access to what is rightfully theirs ... GENTRIFICATION IS WHITE SUPREMACY
What? No property tax in PR?
@@danpan001 Land Value Tax isn't exactly the same as standard property tax. I can only speak for where I live in Upstate NY, but as a general idea, most property tax is assessed on the value of the building you have on a property, and only a small portion of the tax is based on where that building is.
This tends to discourage development. Say you own a rundown set of rental houses, and maybe a couple empty lots where houses used to be. Generally speaking, it's a run down part of town. You are actually making pretty good money though. You may not be able to charge a lot in rent, but you don't need to because you aren't really paying to maintain the buildings and you aren't paying much in taxes because you are assessed mostly on having run down buildings.
Under a Land Value Tax the tax burden shifts more to the land. You are in the heart of the city. Under LVT you end up paying much higher taxes, so you have three real options- fix up your houses, tear down your houses and redevelop, or sell your property who someone who will.
At first, that sounds like it would be bad for poor people, but it ends up actually being progressive. You could build a few luxury apartments, or you could build a higher density low income housing project (or a mixed use project). You are also less likely to build a Burger King with a big parking lot on a lot that could have several side by side businesses if you work with the city to make the neighborhood walkable. Because every landlord is under the same pressure lots of empty lots and under used lots get redeveloped, so the total supply of housing goes up (at least if you also can reign in the NIMBYs who don't want poor people in the neighborhood). Because there is more housing prices stay low, and because a tenant has more options if their landlord isn't maintaining the place landlords have to compete to provide amenities and keep their places in good order. It discourages sprawl.
I read PRs in the area are taking those stagnant properties, fixing and using them for the community. If this is done to everyone of those greedy investors it will stop.
Someone should start a page or RUclips channel that lists properties that are at risk of getting squatters to spread awareness
Stand for PUERTO RICO 🤟🥺🤟
Sounds more like money laundering to me, you just have to find the next buyer to pay more than you did. Once enough launders cannot be found to keep inflating the values you end up with real estate crash like 2008 in mainland USA.
Make them pay fines for code violations and delay?
The same people who complain about act 60 are the same ones who don't do anything to renovate/restore the same abandoned.. properties.. what hypocrites..(come mierdas)
The same people complaining about investors not fixing up their properties are the same people that complain about gentrification when they do fix up a property.
Wheres is the illegality?
Thank you for exposing the greedy actions of business people while ignoring the population at large !💕🌸
They've been doing that on the south side and the west side of Chicago for years, and they left it abandoned for years and now they made townhouses and condos😮😢
The Puerto Ricans that live in the mainland of the states need to apply pressure on these politicians. Too many walk around with pride in their homeland but do nothing to help it once they leave.
They’re on line for bad bunny tickets
Have u seen pr neighborhoods in nyc? Flags and trash everywhere.
@@buk6708 NYC destroyed Puerto Ricans. The 80s was the height of crack/cocaine & it caught blacks and Puerto Ricans off guard.
Puerto Ricans weren't going to do anything with it either .
If they were they would have.
It was only $24000.
Why didn't someone from the community buy it ?
🤮
If they weren’t going to do anything with it the former owner could’ve done the same thing but sold it anyway. Something is off. 🤔
The whole area looks like that building…. It’s a hot mess
Try getting and holding a good paying job so you can afford it
It's called corruption.
Cant someone just squat on it and keep it under lawful squatting?
Ye but that takes a couple months but these buildings are not developed so it's not much than sleeping outside
if he owns it... he can do whatever the hell he wants with it
These people need to be stoped. How is this legal. Housing is a right not business model
Housing is not a right. Says who? You have to work and pay for it. Why does everyone here expect everything for free?
This is the same thing that happened in Tennessee back in the 80s (This used to be a poor area.) It depends on what you want your community to be. Some of the locals saw what was coming and bought up as much land as they could get and made millions, even billions in a couple cases. If you want to save the Puerto Rico you know and love and want to make it better at the same time you need to get proactive, not reactive. It's coming guys, whether you want it or not. Buy everything/anything you can get your hands on and make it what you want it to be. Good luck and God bless.
Dang I need to start buying in Puerto Rico
Those people aren’t the guilty here but the government.
They need government. Puerto Ricans can't even govern themselves
The government of Puerto Rico are the ones allowing it. The claim Puerto Ricans dont want to sell/clean up their abandoned homes in PR, however, these investors are doing the same AND making a profit by this buy and hold thing going on. WHAT DOES THE GOVERNMENT HAVE TO SAY ABOUT THAT… these investors buying and not repairing these derelics !!!!
Both parts are guilty
People keep forgetting this government's leadership are the vende patrias " wannabe" who can care less for their own people and history, the only thing they want is to make the island a State and replace the people here for blond white and rich people. That's not new, they've always been like that, that is their forever agenda.
They are guilty as well
what am I missing? it was abandoned, it's not like the building would be in better condition if they didn't buy it
What you missing is that a white man had the audacity to try to make a profit in a nonwhite country… we’re expected to instinctually hate him. Who cares if he’s done no harm? I suppose it’s progressive to tell rich white guys to go back where they came from to live with their own kind.
Exactly
Why do these people have permission to disrespect our land and our culture these lands and buildings that remain should be left for us Puerto Ricans suffering to live on this island
This makes me so sad. As a carpenter it breaks my heart to know jobs are being lost by letting these sit. I feel even worse for the locals having to watch their community rot while it pads someone else's pockets.
The realtors are the first criminals doing what they want and the government that help
I’m sorry, what did the realtor do wrong in this situation? 😂 Put a sign up front on behalf of the sellers?
We need a land value tax in PR.
We buy it back all together, The People together combine our finances together, have PR Islanders go in the set up True Home in mighty power, and kick them out of the Country for Good.
that’s very close to the c word
@@freepalestina48
This is not by Government.
This is by private Islander Citizens in Collective Housing Group.
Such as a Condominium Collective.
It’s life, the alternate side is, PR are not developing their island either. The world has changed and people can go to other places and do business. I bet you wouldn’t be upset if you bought it for 24k and held it long enough to sell it for 200k. I feel your pain but that’s the way of the entire world. Money does what it wants.
I agree and although I can relate bc my family is from Eastern Europe and my dad sent me there most summers.
There was a very old Roman style bath house that used mountain hot spring water. It was free to the public and open 24/7. I had a lot of great memories bc after the bath, there was always vendors selling ice cream outside after and the bath was like a giant swimming pool of hot spring water so for an American kid like me, very cool and unique.
Ten years ago, someone bought it and now its a private spa- you can't enter unless you book a hotel room/ package
It's frustrating bc it felt like something for the community that was there forever but at the end of the day, it's business and someone managed to convince the govt to allow it be privatized. The fault is with those in power, not the entrepreneur
Thanks for the tip!!
Whose fault is it really? I just went to PR and I was astonished at how many abandoned & destroyed properties were there. So sad. PR is part if the US & this beautiful island is unkempt the roads are horrible it looks like a third world country in many areas. Sad. I can't even imagine what it would look like if it wasn't a commonwealth if US. The PR government are the ones who came up with the tax incenve laws. Get over yourself
What tax incentive laws? Is PR losing population? Ask Jennifer Lopez and other people to come back
Wasn't it abandoned via the original owner?
Why the local boricuas cannot come up with 24,000?
Because we are too comfortable en el mantengo, which has killed ambition, and makes it more attractive to spend 24,000 en porquerías instead of investing for the future.
Stop whining about " others" buying our shit
Exactly!
Finally
Amen
Yes!
Get them out!!!!!
Exactly. Throw them ALL out
@Westcoastrocksduh Just because it happens elsewhere doesn't mean it has to be allowed in Puerto Rico.
Many countries don't allow foreigners own properties. PR can pass similar laws
@Westcoastrocksduh They are you idiot. By US legal terms (the terms that THEY THEMSELVES SET AFTER COLONIZING THE ISLAND) they are not foreigners but by the Island’s residents terms, gente como yo, we call them foreigners because it’s what they are. We were invaded and conquered, to us they are foreigners.
Did slaves TRULY belong to their masters? In any other sense than legal?
@danpan001
There doesn’t seem to be enough native buyers willing to sustain something like what you’re suggesting. Some people WILL buy land on their homeland to maintain the community - nowadays most people cannot afford to do so,. And the threat of Hurricanes scared the heck out of everyone. To me, that is a sadder story than this. To be in love with your land and scared to invest in it. It’s the ones that have faith in G-d/HP/Dios that stay!
Bought a house in 1991 at $172,000 valued now at 1.6Mil ( AUD) and it has been sitting 🪑 there since with no issues or repairs .. real estate over time makes money … but only buy what you can afford. I’ve never used credit cards or anything..
Thanks for the info.
as a puertorican, you complain to much about everything
They're not doing anything wrong
Just because something is legal doesn't mean it's moral
@@dc2guy2 The morality here is ambiguous, to say that this is "bad for society" requires an understanding of its implications that no one can truly reach. You can merely hypothesize that it is, but hypotheses require testing.
@@marcosrodriguez830 or instead of trying to sound smart you could have looked for other examples where this has already happened and see the implications those places are now having to face like in Baltimore. Investors treating properties as speculative financial vehicles does not provide any real investment to the local area but only serves to transfer money around to other (often out of state) investors. All the while the detoriating buildings cause further harm by becoming a public nuisance as they are susceptible to fires, hazardous materials, etc which cost the city real money to send firefighters out to deal with the problem.
Source: Baltimore Sun Newspaper | Baltimore City Council introduces legislation to combat vacant properties
God Bless You And All That U Do Sunshine 🌞 May All Of Your Future Endeavours Be Fruitful My Love 2U I Send From England 🇬🇧 😘❤️🙏
The worth comes from people needing homes. This is disgusting
Thanks for the investment tip
We have a similar-ish problem going on in my local town too. Private investors have somehow been allowed to buy up the listed (protected for historical reasons) buildings from our town's founding and have done nothing with them, allowing them to fall further and further into disrepair. This is because the buildings are sitting on prime real estate close to the town centre and they want to turn them into expensive apartments, but due to the listing of the building the regulations prevent it. So instead they're waiting for not only the land value to go up, they're also waiting for the building to collapse on it's own which they will then argue removes it's listed status and allow them to demolish the remains and build brand new apartments in it's place. It's dispicable and corrupt and our council should take the buildings off their hands but they won't cos they're getting large yearly "donations" from companies owned by the same investor.
This is not just Puerto Rico this is everywhere in the world. It is what investors do. No changing that.
As a Puerto Rican, I'd love to find trustworthy resources in order to buy land to keep people like him from doing so. All I want is to keep it in our family.
This is part of why we have so many homeless in the US, the occupancy rate in all major cities is horrible. There should be some kind of incentive for investors to keep buildings occupied (aside from helping their communities).
Should be illegal
This is actually true for every major city housing market in the United States or adjacent to US properties, if you buy a property and just let it sit it takes supply out of the housing market artificially increasing prices nearby if more than one investor does this the housing market suffers from several losses of properties causing the price to continue to rise then you sell it. Coordinated interests are not a conspiracy but people tend to work together even if it's accidentally
I wanted to move to PR about ten years ago, researched all the time, but messed up my back and my goal of owning and operating an aquaponics farm disintegrated. Now single and 37 ive got other goals and priorities, but still wanna do a volunteer trip and use my pipefitting skills to help those who need it.
Good girl ❤ U go girl ! Ur destined for the stars !!! We love U ❤
The American Greed is catching up to Puerto Rico
It's called capitalism. The land appreciates primarily because Government valuations are linked to tax revenues.
It's not just Puerto Rico. Just down from where I live, the town centre looks dejected due to land banking.
Simple, charge full business rates on the properties (work out the maximum building could be let out for). Force landlords to develop it or loose money to hold it. Same if you allow people with second homes. Either they live there all year and pay tax in that country or you remove tax caps.
Squatters rights! If it's not being used...
years ago, I considered buying a retirement property in
PR but felt it was wrong to do so unless I was committed to move there and contribute to PR. These equity locusts should be taxed heavily.
Tax the shit out of it.
They need to stop letting certain people buy certain properties in Puerto Rico. 🇵🇷
I as an American Puerto Rican believe that if you are gonna buy, especially in SJ, you need to make it flourish! It has to be historically beautiful and for the island! 🏝️
My ancestors are from here and this breaks my heart to see a beautiful place without a roof.
Something needs to be done because in all actuality this isn’t fair
It shouldn’t always be about money
I hear you and understand your point . Greed at its worst.
Hence why there should be laws in place to require buyers to renovate or develop within 1 year; that how the Italian €1 home purchase project works, they’re forced to pay a fee and build within the first year ownership.
BECAUSE HE IS A SCAMMER!
Its a dilemma that A) People are free to do or not do as they please and B) Their Social & Moral Responsibilities and finally C) What obligations, if any, are there for perhaps poorer persons who buy commercial properties for investment or practical use and are slow to make improvements?
Its important that all three scenarios be addressed properly.
That is a investment tactic, which is done in the USA as well. Someone will buy it and fix it just give it time.