Flipping isn’t a scam.
Who said anything about government? What do appraisers do?
Tell you what similar houses in the area have sold for recently. That in no way precludes any buyer from being willing to pay more, nor should it.
Oh and flippers mostly rely on those same appraisers to identify houses that are currently selling for less than similar homes in the area they can make a profit on from bringing it up to the standards of surrounding properties.
You’re talking about legitimate flipping. I’m talking about the scammers.
https://www.fbi.gov/video-repository/newss-property-flipping/view
What the people I’m talking about are doing isn’t even legal. And yes that was born in California. Think that’s just a coincidence?
That isn’t flipping and the crime he is talking about is not selling it at a higher price without making substantial improvements. It’s not remotely a crime to buy a property and sell it for much more without doing anything to it. The crimes he is talking about are straw buyers and bribing appraisers, defrauding the bank.
I lived in Yorba Linda for seven years before bailing two years ago for Las Vegas. A few inputs:
The city was required by the state to build/supply "high density, affordable housing units or face being cut off from getting any of the real estate taxes the city paid-back.
The common argument is that it will be housing for “teachers, fire, and police.” Indeed there may be a few such folks initially, but they move on and ghetto rats on Section 8 move in, takeover, and ruin the development with various criminality. Surrounding neighborhoods see an uptick in property crime. Property values nosedive as people move somewhere as yet unruined.
Let’s contrast that with the horrors of ‘gentrification’ - yuppies start to fall in love with the micro culture of an area where prices are low (because no one who could live elsewhere lives there) and over time, prices go up as desirability and safety go up. Activists complain that the ‘culture’ is being destroyed (code for Whitey’s raisin’ rents). The city council either ignores the activists and the area and its schools continue to improve, or like San Francisco, they ban further development to preserve the ‘authenticity’ of the neighborhood, poverty, crime, decay and all.
We left CA for Las Vegas - downside - summer heat; upside for less money we live in a larger, new home with a strip view, in a guard gated golf community with very upscale amenities, and five minutes from the 15 freeway. Oh, and no state income tax (buh bye 13.8% prison rape).
Home prices reflect desirability - only an idiot thinks that a home overlooking the ocean in Newport Coast - some of the most desired real estate on the planet- should cost just a bit more than the same home in Santa Ana with hoopties serenading the neighborhood with muffled thumpa thumpa music, and occasional gunfire. Democrats don’t believe this, they just want to force their way in.
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What are they spending the housing money on? (this should be funny): go go go!