China’s largest cities are so overpriced that migrant workers are going back to the rice paddies – and I predict urban unrest in the years ahead from the younger migrant workers who don’t know how to farm or want to go back. There’s at least 150 million of that group.

In San Francisco, you have people living in cars and taking showers at the office, teachers having to live in dormitories and people renting out single rooms in houses.

In Vancouver, you have a 15% foreign buyer tax plus 12% to 16% on top of that if you flip within one to two years. Prices dropped at first but are now shooting to new highs despite that aggressive policy. You also have 400-foot micro studios with a fold-down bed for $400,000 or more.

In China, they have 66 square feet “closet” apartments. That’s the size of my 7’ X 10” carpet in my home office. A bed, a toilet and sink, a small drawer and closet… basically a jail cell.

In L.A., and more cities like San Francisco and Cleveland, there are increasing renter riots, while rents have just crashed 15% in Chicago.

This just can’t keep going on for much longer.

Learn more in my video below…

Harry

Follow me on Twitter @harrydentjr

Major Shifts Ahead for Real Estate in America

“Market bubbles are often a mass delusion, where investors wrongly assume that prices move in only one direction – UP! And nowhere is this delusion clearer than in real estate,” says economist… Read More>>
Harry Dent
Harry studied economics in college in the ’70s, but found it vague and inconclusive. He became so disillusioned by the state of the profession that he turned his back on it. Instead, he threw himself into the burgeoning New Science of Finance, which married economic research and market research and encompassed identifying and studying demographic trends, business cycles, consumers’ purchasing power and many, many other trends that empowered him to forecast economic and market changes.