Report Boris In Favour Of Housing Foreigners in House prices and the economy Posted March 5, 2012 Didn't get the Telegraph today so actaually read the article - your not a Daily Mail writer are you? No I'm not. 1. The article is not about 'housing' foreigners it is about a small amount of people buying expensive properties in central London which actually has F**** all to do with the market at large including London. Since when was Mayfair or Maida Vale cheap and accessible? It has always been populated by wealth that is beyond the ordinary man I suspect there are zones like that in every world city. Before the Russians, it was Chinese, before that some of the up and coming African sataes, before that Arab wealth in the late 60's and 70's before that landed gentry. All groups the majority of us couldn't hope to be in. Every property affects every other one. If a rich person cannot buy a place in Mayfair because a rich foreigner gets the place, they buy somewhere further down the ladder, which in turn means someone else gets bumped down the ladder and so on. These markets are not isolated. 2. He actually says they should pay the correct amount of tax Yes, I gave him credit for that. It makes you wonder though why these uber rich are spending so much effort ducking a trivial amount of tax. 3. As for your penal rate of tax, does that apply to the japanese corporations and executives who have put billions into our manufacturing sector? Yes it would. I would like to see a progressive land value tax, with a higher rate paid by non-UK nationals. This is in recognition that there isnt enough residential land for UK citizens. There is a big debate to be had about unfettered immigration and the impact on the working man and woman which looks more and more like a top down conspiracy to me. But one oligarch buying a house you couldn't possibly afford isn't it. My personal experience of the Russians having worked with them for is they pay well, employ almost exclusively Brits and contribute a great deal to the UK economy. I dont mind foreign people coming here, but as the UK becomes poorer, there is a large danger that UK citizens are going to be pushed out of the housing market by richer foreigners. Sure we may get a short term kick of more money, but in the long run we end up paying far more in reduced housing space per head of population. We are all feeling the affects of that now in one way or another. As Boris said in the article.... Of course it is a good thing for London if people want to come and live here, and to invest huge sums in bricks and mortar. Well no it isnt. The Tories are supposed to be cutting back immigration to zero net immigration. If that is the policy, then it isnt a good thing at all for people to come here. And no matter how you care to frame the issue, if someone from abroad buys a house here, someone somewhere loses. When the little one says roll over, we all roll over, down the housing chain, and someone falls out of being able to own a house all together.