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I'm a single, not-rich American who simply loves Portugal and has been trying to move for years. I'm actually very happy to hear about this development because housing prices have been ridiculous. Hopefully, once the Golden Visa program expires, the prices will decline and normal people can buy normal houses simply to build a life there.
As far as I know there are almost 700,000 foreigners living in Portugal and about 11,000 golden visa have been issued. Unfortunately I don't think that this decision will have a significant impact on the housing market.
I live in a resort town and we have seen our prices rise over 3 times in the last year, so if I sold my home I would never be able to afford to live here. So I understand the frustration of the native Portuguese.
With the D7 visa you can still buy a property anywhere in Portugal without a price cap and location restrictions as was with Golden Visa. The D7 is a very cheap and easy way to enter Portugal and those entrants will be retirees only or people who wont be authorized to work. They will still push the property prices up because of demand. I dont see any drastic drop in price with GV termination. The economy of a country will improve only when people spend money in the economy. The D7 should be modified to make the qualification more stringent like raise the passive income to 2-3 times national min wage. This way you bring in more money spend that will happen to jump start the economy. My $.02 comment
I am happy to hear that the golden visa will soon no longer be. I have visited Portugal 🇵🇹 Lisbon a few times and have taken tours and discovered about the impact this visa is having on the citizens of Portugal. It is outrageous!!! I love Portugal and would love to live there one day when I can afford to but not at the detriment of the people so will holiday instead. You guys are amazing 👏🏾 ❤️! I am having lovely spring like sunshine where I live in London. I am walking in the woods and it is awesome. Have a great trip 🖐🏽💙🙂
Thank God Golden Visa is ending. I hope everything that is causing huge gentrification of native people ends soon. 🙏 Thanks for mentioning some of the negative points of the golden visa and such schemes. We (portuguese) suffered and continue to suffer so much because of this.
It is a win-win situation, as we can't have it both ways. The golden visa residency program was created to stimulate the suffering economy and benefit the nation. Many international folks invested their hard-earned money to work and temporarily live and study in Portugal. Furthermore, many locals got rich and benefited by selling their overpriced junk properties to these newcomers. Housing prices will rebalance at some point....
I empathize with the plight of Portuguese people. Unfortunately Golden Visa only accounts for a very tiny rise in real estate transactions. In fact a lot of GV money created construction, service industry jobs which will be eliminated in the next few years. So this is more a marketing move.
This is not happening only in Portugal. I am in Slovakia right now and these days no one really moves here to retire, the country has become extremely expensive. Most young people are moving abroad because the salaries are so small here on average. It is happening across the globe. All places that were affordable are becoming unaffordable. That is just a manipulation of the markets. That is all. Unfortunately.
The government couldn't care less about it. They are ending the Gold Visa because they have something else in store with 15 Minute cities. Golden Visas are mainly a bridge for the rest of Europe so what they need is people coming over on resident-type visas to be established there.
If the government listened to the people they wouldn't have started the golden visa I'm the first place. The outcome was expected as Portugal is not the first country to implement the golden visa scheme.
Unfortunately, our government only cares for the money of foreign people. Our needs, basic needs such as health, education, housing, these are forgotten. For more than 20 years that we are stuck, there is no evolution. So yeah, they dont respond to our needs and dont care about us at ALL.
Only because of heavy pressure: initially, in 2012, from the so-called Troika (EU+IMF+World Bank) when the country was bankrupt and needed a loan, now because the resulting mess for locals, who are fed up to their eyeballs. Usually there is some political gain, it’s never an honest response to the needs of the citizenry. I wish..!
I really feel for the Portuguese people. They are essentially being pushed out of their own country because they cannot afford housing or daily essentials. Great video and love the casual vibe of it!
Thank you :) but yes, corruption is the root of the problem here, because if the program would have protected the right to housing for all, we would not have houses with the prices that we have now, instead they saw a way to get more money out of those who have to spend, and the small well they just don't matter.
You are so real for making this. One can tell how much you love Portugal, the place you live. Thank you for telling us how the golden visa program has affected the average Portuguese citizen.
I think this is a global problem everyone may flock to places that are cheaper to live in eventually raising cost of living. This is happening everywhere in the US Younger population cannot afford to buy a home.
Yes, I also think this is a global problem. I am myself right now checking out where I could live a rather decent live with my pension. Actually I am in Spain and I see how awfull expensive areas there are because of so many very rich persons buying properties. I don' t know how to solve this problems so that on the one hand people should be allowed to live wherever they want and on the other hand the foreigners, no matter in which country they are, contribute in a positive way to the local living circumstances.
Glad this is happening, saw it happen in my country Barbados. I am retiring to Portugal in a decade or planned to do so without using the Golden Visa. These schemes only hurt the locals.
Well-reasoned and level-headed. Thanks for giving it to us straight. I have no plans to move to PT but I have followed your channel for a long time. This was a good video and people need to hear this.
My former university roommate cast out of Fort Lauderdale Florida and the price started to drop significantly. Instead he moved his family to the southern part of France. There much relaxed and happier with the living standard and quality of life.
This happened in the SF Bay Area in the 90’s and hasn’t stopped. The tech industry and foreign investors have displaced so many families over the years. My family was born and raised in San Francisco from the mid 1800’s. But now we are spread all over the country as it became impossible to continue to afford our area. This kind of thing really breaks families apart. Same thing happened to Vancouver, BC. Very rare to find a native Vancouver family there anymore.
Lisbon prices are 308% of the national average. There are areas at just 30% of the national average where liveable properties can be picked up for €20,000 or less. Some new prefabs in Aveiro by the sea, with it's canals, the Venice of Portugal, being advertised for €5,000 or less on Facebook Marketplace. Avoid Lisbon and Porto. Ignores this. Go for that. Much lower crime. For a good island climate, go for Madeira. Temperatures 20-27 Centigrade all year round and houses for €60,000 there.
Buying a house or renting in Portugal, mainly on the big cities has become impossible for the average Portuguese citizens. All the immigration, and retired people from countries with better income, as well as digital nomads, has increased all the prizes and has simulated speculation. I sincerely hope that all this measures work and Portuguese people start living with conditions on their own country. All are welcome here, but please think it through before you come. The minimum wage here is 760€....and nowadays the minimum rent prices near or on the outskirts of the big cities are mainly 800€ for a T1 ou T2....on the city itself can vary from 1000€ and up. So it is not hard to see where the problem is....we are a beautiful country trying to attract people with money, but we are a poor country... we have no structure at all to receive so many people who want to live in a Beautiful, secure and cheap country. Portugal is great, and i love my country , but this is a problem that also affects me and my family.... my landlord just increased my rent in 180€ all of a sudden because he has foreigners that are paying better that me.... so please be thoughtful before making any decision.
Truly appreciate this analysis, Amon! As a resident in Portugal for 12 years, I fully agree. Something has to be done because otherwise regular people won't be able to afford to live here, we've seen it happen in other places. Thanks!
Interesting to hear your perspective. I am an American who is in the Golden Visa program. Hopefully, they won't cancel my application which has been in process since July 2021. I chose the Golden Visa b/c I don't have the ability to move to Portugal at this time but would like to do so at a later date. It gives me the opportunity to earn citizenship while I prepare to move in 5-6 years. So, I'm grateful for the program and glad I jumped at the opportunity to support this great country.
Hey Amon! Great seeing you! Always dropping knowledge. 😀 Still a bucket list for me and Ellen, is to share a Latte with you and Christina. Be well my friends. 🥰
This is actually a good thing! I was there end of last year and it was sad to see how many foreigners were buying up property and making it harder for locals (Portugues) to be able to afford a decent place at an affordable price.
If I knew you guys where in the UK I would have bought you a coffee.. but come back in the summer when the weather is better! Its been a while since I've watched your channel but once again great informative content. I really liked how you breaked down the situation while still being able to give a netual perspective. I really feel for the locals. Portugal is a country that I've visited many times and love it not just for its beauty but for the people as well. I actually had a conversation with friend about a year ago who was doing the same thing that these investors that you spoke about where doing. To be fair she lives there but I couldn't understand why she was reluctant to even attempt to learn the language or even mix and embrace the people and their culture.
I just want to say thank you both, you have given me a lot of info in so many ways. My brother and I plan on moving there in the next year or two and it is great to see black Americans our age doing well. I want to move to Portugal for all the reasons you guys moved there and when I found your YT page and you clarified my concerns, I was like “yup that’s all I needed to hear” so thank you.
Thanks for this valuable information. We are from South Africa, retired here via the D7 route. I love your calm way of talking. It makes it so much easier to absorb everything.
Thank God, I'm tired of being stuck in this rental problem and trying to get a home for myself. Sincerely, A Portuguese citizen with minimum wage (700€)
It would make sense if the Gold Visas were valid in Porto and Lisbon, which they aren't. Due to the reasons you mentioned, yes it could be seen as a problem IF the sales of houses to foreigners was expressive (wich hasn't been). Now, since the program is no longer valid for investments in Porto and Lisbon, it actully benefis the rest of the country. Ending it will just increase the already existing discrepancy between what are those 2 cities and what is the rest of Portugal.
Golden Visas have not yet been cancelled as the law needs to be discussed and then passed by Parliament and it could end up in the Constitutional Court for review. There is a serious housing crisis in PT but getting rid of GVs won’t remedy the issue. In fact, there are many more wealthy foreigners who have moved to PT under the D7 visa (and now the new Digital Nomad visa) who will continue buying properties and who are willing to pay much more than the locals, continuing to drive the prices up. It appears getting rid of the GV is more for optics for the PT electorate and to appease the EU which has been pressuring countries to get rid of their GV programs. However, it does not address the issue of wealthy foreigners moving to PT and buying property. The PM also mentioned that they want to get rid of new AL licenses (which allow short term rentals), and limit their renewals going forward. What are your thoughts and how will this affect the various properties that you have purchased in PT and placed on Airbnb? What are you recommendations to other foreigners contemplating moving to PT? Has it become too expensive to move to PT due to the escalating price of real estate and cost of living? Are you guys thinking of other business opportunities in PT that don’t involve properties and Airbnb? Thanks.
Well here in the U.K. we don’t have anything to compare with the Golden Visa, but what we do have is pretty much a free for all approach to foreign investors investing in property. The upshot is that property prices here are unaffordable. In many large cities people don’t even live in these properties - thus they rob local people of the chance of ever owning a property.
the same happens in Canada and in Poland and in other countries where I have friends. Except in Asia where foreigners are not allowed to buy property, they can only rent it. It's global and it's done on purpose.
As a third generation Portuguese-American who still has very close familial ties to the old country and Portuguese culture, it’s been so upsetting to hear about Portuguese people being priced out. And particularly in Lisbon - which has one of the highest population of elderly people in Europe - where grandparents were being pushed out of their homes. It angers me that so many wealthy Americans were contributing to this problem and that digital nomads have been taking over the city. Even though I would have loved to live in Lisbon and would have been eligible for a visa, this is one of the reasons I decided not to do it. I’m so glad they are stopping it. It’s long overdue.
I’m an American wanting to move to Portugal but I won’t do it if it’s going to harm a native Portugal person . I think I’d by a small slice of land outside the city and have my home built instead . Portugal country side . If I moved to Portugal I’d stay in Portugal .
This is incorrect. Americans are not even mentioned under which nationalities immigrate. Housing markets is one, but foreigners with cash help local economy. What is really harming are professional real estate companies buying up properties and boost prices.
I agree. I have always wanted to retire to Portugal since it’s the place where I was born. It makes me sad that I may not afford to live there one day. 💔
Same problem of inflated housing & rent prices in Canada, the US, & Australia. So many foreign investors have bought up homes in the US, forcing average buyers to compete with cash investors, also creating a supply/demand issue. It’s insane!
Unintended consequences.~ famous last words. Portugal is correct , if not a little late , in closing the gate to " investors " to protect their citizens. Empty houses and houses purchased ONLY to be hotels ( airbnb) mess up most communities. Hopefully Portugal can find a way to keep their citizens (and workers!) in the country.
There has been a huge influx into Portugal in the past say decade. Some have come from the Golden visa, while I believe many have simply come from other parts of Europe. It's a combination of the two. But the result has been huge inflationary pressure on property prices, while wages have remained all but stagnant. Many Portuguese cannot now afford to live ooin their own city, being pushed out into the suburbs and cpountryside. I am a working class immigrant from Ireland living here and find it very difficult now. It's almost impossible to move anywhere as rents have gone through the roof. With greedy landlords looking to cash in on the windfall. It has gutted much of hwta makes Lisbon, Lisbon. Now with mainly tourists in Air B&Bs and foreigners inhabiting the city centre and nice surrounding neighbourhoods.
If this helps the Portuguese people afford their own country, I am all for it ending. It also seems to have run its course. I do have a question about the AirBnB licenses, which are supposed to end or be limited. If this is something you know about, can you please do a video with your take on this?
Afaik existing licenses will be kept in place, New licenses won't be issued. Also, existing Golden visa holders will have to prove they or a family member lives in that house or the house will have to be rented
I think this is a good change. It would help if some of the other proposals to encourage long-term rentals over short term are approved and put in place. These types of visa programs, as well as tax regime's like the NHR, do change, so anyone considering them should keep that in mind.
this was very good to know. no one wants to move to a country that is overly expensive for no reason. prices everywhere are at an all time high but wages are stagnant.
One reason we are looking at Portugal was because living was more affordable, now even on the FB pages Americans that have moved to Portugal are charging 1k+ just to rent ONE of their bedrooms (ie no Kitchen, shared bathroom with another renter etc) so sad
Great perspective Oman!! We purchased a home outside of Coimbra and that purchase was inspired by finding your TH-cam channel! We will be moving full time to Portugal over the summer, and will be starting the D7 process soon. I agree with you thoughts on the Golden Visa, and feel it is time for that program to go away. Looking forward to meeting you at one of your meet ups over the summer!! Glad we joined the journey.
@@towhitby1 I agree with your statement about the number of D7 applications, but I think Oman’s point was there were many properties listed at prices way over there value targeting people looking to take advantage of the “Golden Visa” program. Those who apply for the D7 are required to live in Portugal for at least half a year with only 1 re-entry on the initial visa. I know we shopped around before finding our house and did not over pay for it. If there are people who are on a D7 and are overpaying they did not do their homework. I know there are those who are signing leases sight unseen, and many of those people are overpaying especially in Lisbon and Porto. Again, you should never sign a lease sight unseen!!
fiat currency is dying so fast ("inflation") that people are trying to save their purchasing power by buying up hard assets (ex. real estate). Part of the price of realestate is comprised of this "monetary premium".
Most of the people moving to Portugal are from Europe; may it be French, German, Belgian, Italian, Scandinavian or Brits - and many Americans as well. So the entire discussion with golden visa driving up prices - I'm not so sure about that. It's less than 10% of everyone moving to Portugal that comes from Asia or other countries where this is popular. House prices are going up around the world - and have done so for a long time. This will not stop it.. What's happening at the moment is mainly that rents increase, 10-25% in Lisbon - but apartment prices are similar or even go down for some objects. Until we see more growth, this it's likely to continue like this..
Previously the Portugal Golden Visa program where you only needed to stay 7 days a year to meet requirements for citizenship included creating jobs. Are they getting rid of that also? I'm an entrepreneur building a company where we will have people everywhere once we secure our final capital raise and I want to know if I still create 10 jobs etc, can I still get through on this? It would not make sense to me if the government got rid of this piece because this is beneficial to Portuguese citizens.
How interesting that you're talking about golden visas. There's a YTber who discusses the pros and cons of GV programs and which countries offer them. It's not at all surprising that the program has driven up property values in Portugal. GV programs are taken advantage of by wealthy people who specifically invest in countries in order to obtain residency status and eventually a passport. The purpose is to create flexibility and freedom for themselves and their families by obtaining multiple passports and having multiple residency options, banking options, and owning real estate in countries where they aren't necessarily required to reside in, but, importantly, this aids them in being able to reduce taxes from their home countries and retain much more of their wealth. The homes they purchase are usually for personal use to live in whenever they choose to spend time in the country (or not) depending on a country's laws for establishing residency status and foreign investments in real estate.
The Portuguese government seems to have made the right decision on this. Agree there are other visa routes for moving to Portugal. Great job covering the ‘breaking news!’
I started watching your channel because I plan to retire in Portugal. I have already bought a home in the Algarve, but I have another. year of work before I can do the D7 because of the remain in Portugal til it comes through part. Keep reports like this coming, I hope things don't change too much before I can get there
“11,628 investors and 18,962 family members have benefited from the Portugal Golden Visa. 10,668, 92 percent of Golden Visa Portugal applications, were done through a real estate investment” - the golden visa hasn’t increased house prices - EU migration and the D7 visa has seen far far greater numbers. 10,000 golden visa property purchases does not move the dial
I was in Portugal earlier this week and heard that the GV had been canceled. I'm in Spain now but I'll be back next week, and I'm going to be asking questions!
This has occurred here in the US. People from California with their higher paying tech jobs moved to several states with cheaper property prices and then increase the cost of living for the people who had been there all long. So now there’s about fives states who don’t want anyone from this state migrating to there’s any longer. So that’s now happening there in Portugal. Well the greed of those initial seller were also the ones a fault for their desire to make a financial haul, but set the base for property at a prohibitive high cost, which means they shot themselves in the foot. Those people that benefited from the beginning of the program are the only ones who did. Lack of foresight has wreaked havoc on the housing market in many locations around the globe. It has left houses vacant here as well sitting empty. While others trying buy a house to live in can’t afford to.
As a child of Portuguese immigrants, I used to go to Portugal quite regularly with my family when I was young. Was back there last September and stayed for a few weeks. Stayed at a VERY popular beach town in the North. After the 17th September the entire town was like a ghost town. All the apartments were pretty much boarded up. Local people I know were now the only ones remaining on a specific floor and one of few remaining in the entire building until the following summer. The town felt very apocalyptic 😢
Recently on a winter holiday in the Algarve and I heard numerous cases where they cannot get hospitality staff due to the high rent of nearby accommodation. Buying property and then letting pushes up rents for locals as well. Needs a full rebalance which takes time. UK has a similar problem with second homes ie holiday homes in Cornwall or Devon owned often by Londoners/SE residents (ie wealthier people). AirBnB et al has not helped the problem.
Yeah, it's been getting progressively tougher for people to move to Portugal over the past few years. I think these changes will make it impossible for me to move there because I won't be ready for another year or two. I get it though. If you are a typical Portuguese citizen watching your rent or housing purchase prices skyrocket, you probably feel like you are being invaded. I think raising the minimum investment required to get the Golden Visa was a mistake because it made it less accessible to middle class people and instead only attracted high-end buyers which drove up market prices. I can't imagine the housing inflation that caused. I LOVED Portugal so I can understand what makes it so desirable. I guess you guys landed in just the right window of time.
I'm not 100% sure as to why, but the Golden visa has also been stopped in Ireland too. Someone quoted almost three quarters of the applicants were Chinese, so there is definitely a perceived security threat. Along with the housing in Ireland is even worse than Portugal. Vastly overinflated prices nationwide and a severe lack of rentals throughout the country.
Had never heard of the golden visa, good to know about the fact there are still ways to go their. It does look beautiful and I would , I think, like to live there. Thanks for the info. Enjoy London.
Thanks for this! Def helps push us a bit for the move sooner than later. However, I read it’s not passed yet (the golden visa program) and only after a discussion in March will they end it officially. Do you know anything about this and your thoughts?
I want to move to Portugal and this initially scared me however I completely agree. Immigration should be welcome but golden visa people were not true immigrants hoping to move to portugal and contribute to society. On the contrary it was people just trying to use their money to game the system hurting the people living in Portugal. This makes me want to move to Portugal even more because it seems that they have a government that serves the best interest of the people their not just the rich. In the USA underhanded investment also makes buying and renting accomadations unreasonably expensive because computer programs buying and holding property only to make a profit yet the usa does not nothing to help the situations.
If you wanted to actually move to Portugal, the golden visa was never for you anyway. Portugal has a variety of visa options that are far better for actually moving here. The processing times for the GV are awful and the costs beyond the actual investment are quite high, too. Also, there's a lot of shady lawyers and other "GV experts" like sharks in the water, conning people out of a LOT of money without any actual results. Portugal still loses more people than it gains each year, due largely to the poor job market for younger folks forcing them to relocate elsewhere in the EU to have a shot at a decent salary. Hopefully that will be the next focus for the Portuguese government.
I'm sure many in Government wish that their plan (to help the local Citizens and the Economy), wasn't taken advantage of. Seems like they would've kept the program open a little while longer. However, the pressure from the Residents and EU was too unbearable. Portugal is beautiful. I lived in Spain for some of myTeen years but shortly lived in Portugal (Lisboa) too. When the Escudo was the currency. I hope those that truly want to be in Portugal, get that opportunity. Flushing out those that don't have the Country in their best interest.
I was just reading about this investment & that led me to ur video / what ur talking abt is a problem across The globe in any place that is allowing unabashed real estate "investment" thats like flipping homes etc. It leaves out real ppl, local homeowners & ppl who want a place to live to suffer the changes the foreign investors did in the areas. They did it in my state of Oklahoma too now we have lots of homeless & high taxes and insurance. It really sucks!
Nothing is official until March 16 at the earliest. Given the blowback, I wouldn't be surprised to see changes, but on the other hand, the Socialists have a complete majority, so who knows. The EU/EC has been trying to get countries to end golden visas for a couple of years because of corruption concerns, so there's a lot of pressure to get rid of it. The potential new rules around AL licenses are more concerning to me. I really like staying in a neighborhood AL, not a tourist development here in PT. So I hope they can find a way to balance the needs of residents with the different types of visitors that make up PT's tourism economy.
Yet the program has not been placed. Based on history if put in place it will probably be a year before it is implemented based on my research. Would appreciate your thoughts and/or commentary on this. Appreciate your content, great channel.
Hello Amon, thanks, 6:19 as always, for one of the most well informed and articulate explanation on the GV discussion. Not even the government of Portugal 🇵🇹 or the Portugal News have been able to explain this situation so very clearly for the consumer. May God continue to Richly Bless and Favor you and your family beyond measure with wisdom and understanding. Amen 🙏👏🏼✅✌️🙌🙏
Agreed! Great point and info. Same here in Canada foreign investement properties are banned for the next 2 years to slow down foreign buyer that used to push the prices up and not even live here and lots of local resident cannot even afford to buy a home in the city they work and live with high income i.e a couple making each over 6 figures but still cannot afford to outbit foreign money. It seem to be a global issue so you can't blame Portugal for doing what's good for it's Citizens! I am intending to move to Portugal because I like the people culture weather etc but if your intention are good and you are able to demonstrate that I am sure you will always find a way! Good luck to you all and enjoy you trip in the UK hope you get some better weather 🙂!
I knew it was too good to be true. This move does not surprise me but it is a shame as that location seems so magical. This will give me something to think about. I hope the sun comes out over there. Cheers! Enjoy that coffee.
I think AirBNB is a bigger issue that needs to be addressed, but I fear that the upperclass, like politicians are themselves heavily invested in it, so will not change the policies, any thoughts someone?
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I'm a single, not-rich American who simply loves Portugal and has been trying to move for years. I'm actually very happy to hear about this development because housing prices have been ridiculous. Hopefully, once the Golden Visa program expires, the prices will decline and normal people can buy normal houses simply to build a life there.
As far as I know there are almost 700,000 foreigners living in Portugal and about 11,000 golden visa have been issued. Unfortunately I don't think that this decision will have a significant impact on the housing market.
I wouldn't hold my breath hoping for the prices to decline
I live in a resort town and we have seen our prices rise over 3 times in the last year, so if I sold my home I would never be able to afford to live here. So I understand the frustration of the native Portuguese.
With the D7 visa you can still buy a property anywhere in Portugal without a price cap and location restrictions as was with Golden Visa. The D7 is a very cheap and easy way to enter Portugal and those entrants will be retirees only or people who wont be authorized to work. They will still push the property prices up because of demand. I dont see any drastic drop in price with GV termination. The economy of a country will improve only when people spend money in the economy. The D7 should be modified to make the qualification more stringent like raise the passive income to 2-3 times national min wage. This way you bring in more money spend that will happen to jump start the economy. My $.02 comment
@@carlyndolphin
Yes, eco friendly self sufficient off-grid.
I am happy to hear that the golden visa will soon no longer be. I have visited Portugal 🇵🇹 Lisbon a few times and have taken tours and discovered about the impact this visa is having on the citizens of Portugal. It is outrageous!!! I love Portugal and would love to live there one day when I can afford to but not at the detriment of the people so will holiday instead. You guys are amazing 👏🏾 ❤️! I am having lovely spring like sunshine where I live in London. I am walking in the woods and it is awesome. Have a great trip 🖐🏽💙🙂
Thank God Golden Visa is ending. I hope everything that is causing huge gentrification of native people ends soon. 🙏 Thanks for mentioning some of the negative points of the golden visa and such schemes. We (portuguese) suffered and continue to suffer so much because of this.
It is a win-win situation, as we can't have it both ways. The golden visa residency program was created to stimulate the suffering economy and benefit the nation. Many international folks invested their hard-earned money to work and temporarily live and study in Portugal. Furthermore, many locals got rich and benefited by selling their overpriced junk properties to these newcomers. Housing prices will rebalance at some point....
I empathize with the plight of Portuguese people. Unfortunately Golden Visa only accounts for a very tiny rise in real estate transactions. In fact a lot of GV money created construction, service industry jobs which will be eliminated in the next few years. So this is more a marketing move.
not sure if it will make a huge difference. People on temporary visa can buy properties as well.
Junk properties?
So portuguese are going to have better salaries and higher quality of life without foreigners? Just like they did before the golden visa.
This is not happening only in Portugal. I am in Slovakia right now and these days no one really moves here to retire, the country has become extremely expensive. Most young people are moving abroad because the salaries are so small here on average. It is happening across the globe. All places that were affordable are becoming unaffordable. That is just a manipulation of the markets. That is all. Unfortunately.
Wow a government that responds to the needs of its citizens, that makes me want to move even more!
The government couldn't care less about it. They are ending the Gold Visa because they have something else in store with 15 Minute cities. Golden Visas are mainly a bridge for the rest of Europe so what they need is people coming over on resident-type visas to be established there.
If the government listened to the people they wouldn't have started the golden visa I'm the first place.
The outcome was expected as Portugal is not the first country to implement the golden visa scheme.
Unfortunately, our government only cares for the money of foreign people. Our needs, basic needs such as health, education, housing, these are forgotten. For more than 20 years that we are stuck, there is no evolution. So yeah, they dont respond to our needs and dont care about us at ALL.
No problem I will now apply for an Irish passport
Only because of heavy pressure: initially, in 2012, from the so-called Troika (EU+IMF+World Bank) when the country was bankrupt and needed a loan, now because the resulting mess for locals, who are fed up to their eyeballs. Usually there is some political gain, it’s never an honest response to the needs of the citizenry. I wish..!
I really feel for the Portuguese people. They are essentially being pushed out of their own country because they cannot afford housing or daily essentials. Great video and love the casual vibe of it!
Thank you :) but yes, corruption is the root of the problem here, because if the program would have protected the right to housing for all, we would not have houses with the prices that we have now, instead they saw a way to get more money out of those who have to spend, and the small well they just don't matter.
You are so real for making this. One can tell how much you love Portugal, the place you live. Thank you for telling us how the golden visa program has affected the average Portuguese citizen.
You sound like a true Portuguese and you have my eternal respect for that.
I think this is a global problem everyone may flock to places that are cheaper to live in eventually raising cost of living. This is happening everywhere in the US Younger population cannot afford to buy a home.
Yes, I also think this is a global problem. I am myself right now checking out where I could live a rather decent live with my pension. Actually I am in Spain and I see how awfull expensive areas there are because of so many very rich persons buying properties. I don' t know how to solve this problems so that on the one hand people should be allowed to live wherever they want and on the other hand the foreigners, no matter in which country they are, contribute in a positive way to the local living circumstances.
They aren't moving to the cheap places. Those places are losing population like the hinterlands.
Glad this is happening, saw it happen in my country Barbados. I am retiring to Portugal in a decade or planned to do so without using the Golden Visa. These schemes only hurt the locals.
When people stop hating the rich?
I appreciate your authenticity and ethical outlook.
Well-reasoned and level-headed. Thanks for giving it to us straight. I have no plans to move to PT but I have followed your channel for a long time. This was a good video and people need to hear this.
Obrigada por este vídeo! Obrigada pelo interesse em explicar o quão difícil está a ser para nós. Keep it up 😉😊
I agree with you Amon,it served it's purpose and it is raising prices of properties that would never sell for those prices in a normal market.
Same problem happening in Florida. Getting too expensive for locals. 😡
My former university roommate cast out of Fort Lauderdale Florida and the price started to drop significantly. Instead he moved his family to the southern part of France. There much relaxed and happier with the living standard and quality of life.
Eat alligator or 🐍 Good resource of proteins 🤣🤣🤣🤣🤣🤣
This happened in the SF Bay Area in the 90’s and hasn’t stopped. The tech industry and foreign investors have displaced so many families over the years. My family was born and raised in San Francisco from the mid 1800’s. But now we are spread all over the country as it became impossible to continue to afford our area. This kind of thing really breaks families apart. Same thing happened to Vancouver, BC. Very rare to find a native Vancouver family there anymore.
Getting?!? Florida has always been expensive.
Lisbon prices are 308% of the national average. There are areas at just 30% of the national average where liveable properties can be picked up for €20,000 or less. Some new prefabs in Aveiro by the sea, with it's canals, the Venice of Portugal, being advertised for €5,000 or less on Facebook Marketplace. Avoid Lisbon and Porto.
Ignores this. Go for that. Much lower crime. For a good island climate, go for Madeira. Temperatures 20-27 Centigrade all year round and houses for €60,000 there.
Buying a house or renting in Portugal, mainly on the big cities has become impossible for the average Portuguese citizens. All the immigration, and retired people from countries with better income, as well as digital nomads, has increased all the prizes and has simulated speculation. I sincerely hope that all this measures work and Portuguese people start living with conditions on their own country. All are welcome here, but please think it through before you come. The minimum wage here is 760€....and nowadays the minimum rent prices near or on the outskirts of the big cities are mainly 800€ for a T1 ou T2....on the city itself can vary from 1000€ and up. So it is not hard to see where the problem is....we are a beautiful country trying to attract people with money, but we are a poor country... we have no structure at all to receive so many people who want to live in a Beautiful, secure and cheap country. Portugal is great, and i love my country , but this is a problem that also affects me and my family.... my landlord just increased my rent in 180€ all of a sudden because he has foreigners that are paying better that me.... so please be thoughtful before making any decision.
Truly appreciate this analysis, Amon!
As a resident in Portugal for 12 years, I fully agree.
Something has to be done because otherwise regular people won't be able to afford to live here, we've seen it happen in other places.
Thanks!
Interesting to hear your perspective. I am an American who is in the Golden Visa program. Hopefully, they won't cancel my application which has been in process since July 2021. I chose the Golden Visa b/c I don't have the ability to move to Portugal at this time but would like to do so at a later date. It gives me the opportunity to earn citizenship while I prepare to move in 5-6 years. So, I'm grateful for the program and glad I jumped at the opportunity to support this great country.
I think you missed the point…your support is no longer needed✌🏻
If you’ve already filed you’re fine - it just takes ages….
You are safe.
Hey Amon! Great seeing you! Always dropping knowledge. 😀
Still a bucket list for me and Ellen, is to share a Latte with you and Christina. Be well my friends. 🥰
I feel I have to apologise for the weather in London,
This is actually a good thing! I was there end of last year and it was sad to see how many foreigners were buying up property and making it harder for locals (Portugues) to be able to afford a decent place at an affordable price.
Loved the ending how you spun the camera around & got Big Ben & Parliament in the shot from across the Thames! Gorgeous!
If I knew you guys where in the UK I would have bought you a coffee.. but come back in the summer when the weather is better! Its been a while since I've watched your channel but once again great informative content. I really liked how you breaked down the situation while still being able to give a netual perspective.
I really feel for the locals. Portugal is a country that I've visited many times and love it not just for its beauty but for the people as well. I actually had a conversation with friend about a year ago who was doing the same thing that these investors that you spoke about where doing. To be fair she lives there but I couldn't understand why she was reluctant to even attempt to learn the language or even mix and embrace the people and their culture.
I just want to say thank you both, you have given me a lot of info in so many ways. My brother and I plan on moving there in the next year or two and it is great to see black Americans our age doing well. I want to move to Portugal for all the reasons you guys moved there and when I found your YT page and you clarified my concerns, I was like “yup that’s all I needed to hear” so thank you.
Thanks for this valuable information. We are from South Africa, retired here via the D7 route.
I love your calm way of talking. It makes it so much easier to absorb everything.
Thank God, I'm tired of being stuck in this rental problem and trying to get a home for myself.
Sincerely,
A Portuguese citizen with minimum wage (700€)
It would make sense if the Gold Visas were valid in Porto and Lisbon, which they aren't. Due to the reasons you mentioned, yes it could be seen as a problem IF the sales of houses to foreigners was expressive (wich hasn't been). Now, since the program is no longer valid for investments in Porto and Lisbon, it actully benefis the rest of the country. Ending it will just increase the already existing discrepancy between what are those 2 cities and what is the rest of Portugal.
Golden Visas have not yet been cancelled as the law needs to be discussed and then passed by Parliament and it could end up in the Constitutional Court for review. There is a serious housing crisis in PT but getting rid of GVs won’t remedy the issue. In fact, there are many more wealthy foreigners who have moved to PT under the D7 visa (and now the new Digital Nomad visa) who will continue buying properties and who are willing to pay much more than the locals, continuing to drive the prices up. It appears getting rid of the GV is more for optics for the PT electorate and to appease the EU which has been pressuring countries to get rid of their GV programs. However, it does not address the issue of wealthy foreigners moving to PT and buying property.
The PM also mentioned that they want to get rid of new AL licenses (which allow short term rentals), and limit their renewals going forward. What are your thoughts and how will this affect the various properties that you have purchased in PT and placed on Airbnb? What are you recommendations to other foreigners contemplating moving to PT? Has it become too expensive to move to PT due to the escalating price of real estate and cost of living? Are you guys thinking of other business opportunities in PT that don’t involve properties and Airbnb? Thanks.
Well here in the U.K. we don’t have anything to compare with the Golden Visa, but what we do have is pretty much a free for all approach to foreign investors investing in property. The upshot is that property prices here are unaffordable. In many large cities people don’t even live in these properties - thus they rob local people of the chance of ever owning a property.
the same happens in Canada and in Poland and in other countries where I have friends. Except in Asia where foreigners are not allowed to buy property, they can only rent it. It's global and it's done on purpose.
As a third generation Portuguese-American who still has very close familial ties to the old country and Portuguese culture, it’s been so upsetting to hear about Portuguese people being priced out. And particularly in Lisbon - which has one of the highest population of elderly people in Europe - where grandparents were being pushed out of their homes. It angers me that so many wealthy Americans were contributing to this problem and that digital nomads have been taking over the city. Even though I would have loved to live in Lisbon and would have been eligible for a visa, this is one of the reasons I decided not to do it. I’m so glad they are stopping it. It’s long overdue.
I’m an American wanting to move to Portugal but I won’t do it if it’s going to harm a native Portugal person . I think I’d by a small slice of land outside the city and have my home built instead . Portugal country side . If I moved to Portugal I’d stay in Portugal .
This is incorrect. Americans are not even mentioned under which nationalities immigrate. Housing markets is one, but foreigners with cash help local economy. What is really harming are professional real estate companies buying up properties and boost prices.
I agree. I have always wanted to retire to Portugal since it’s the place where I was born. It makes me sad that I may not afford to live there one day. 💔
Same problem of inflated housing & rent prices in Canada, the US, & Australia. So many foreign investors have bought up homes in the US, forcing average buyers to compete with cash investors, also creating a supply/demand issue. It’s insane!
Unintended consequences.~ famous last words. Portugal is correct , if not a little late , in closing the gate to " investors " to protect their citizens. Empty houses and houses purchased ONLY to be hotels ( airbnb) mess up most communities. Hopefully Portugal can find a way to keep their citizens (and workers!) in the country.
There has been a huge influx into Portugal in the past say decade. Some have come from the Golden visa, while I believe many have simply come from other parts of Europe. It's a combination of the two. But the result has been huge inflationary pressure on property prices, while wages have remained all but stagnant. Many Portuguese cannot now afford to live ooin their own city, being pushed out into the suburbs and cpountryside. I am a working class immigrant from Ireland living here and find it very difficult now. It's almost impossible to move anywhere as rents have gone through the roof. With greedy landlords looking to cash in on the windfall. It has gutted much of hwta makes Lisbon, Lisbon. Now with mainly tourists in Air B&Bs and foreigners inhabiting the city centre and nice surrounding neighbourhoods.
If this helps the Portuguese people afford their own country, I am all for it ending. It also seems to have run its course. I do have a question about the AirBnB licenses, which are supposed to end or be limited. If this is something you know about, can you please do a video with your take on this?
Afaik existing licenses will be kept in place, New licenses won't be issued. Also, existing Golden visa holders will have to prove they or a family member lives in that house or the house will have to be rented
I think this is a good change. It would help if some of the other proposals to encourage long-term rentals over short term are approved and put in place. These types of visa programs, as well as tax regime's like the NHR, do change, so anyone considering them should keep that in mind.
this was very good to know. no one wants to move to a country that is overly expensive for no reason. prices everywhere are at an all time high but wages are stagnant.
One reason we are looking at Portugal was because living was more affordable, now even on the FB pages Americans that have moved to Portugal are charging 1k+ just to rent ONE of their bedrooms (ie no Kitchen, shared bathroom with another renter etc) so sad
As much as I would love to move to Portugal, I applaud the Portuguese government for taking care of their citizens.
A great video with a good balanced point of view
I loved the format of this video!
I am not even planing on moving to Portugal, but I watched the whole thing just because I loved the video so much 🙌
Nice clear even handed explanation. Put into words a lot of things I've been musing about
Great content. Really enjoyed the unscripted (or more casual) presentation.
Great perspective Oman!! We purchased a home outside of Coimbra and that purchase was inspired by finding your TH-cam channel! We will be moving full time to Portugal over the summer, and will be starting the D7 process soon. I agree with you thoughts on the Golden Visa, and feel it is time for that program to go away. Looking forward to meeting you at one of your meet ups over the summer!! Glad we joined the journey.
Just FYI the D7 program is much greater in numbers than the golden visa program and so has had a much greater effect on house prices…
@@towhitby1 I agree with your statement about the number of D7 applications, but I think Oman’s point was there were many properties listed at prices way over there value targeting people looking to take advantage of the “Golden Visa” program. Those who apply for the D7 are required to live in Portugal for at least half a year with only 1 re-entry on the initial visa. I know we shopped around before finding our house and did not over pay for it. If there are people who are on a D7 and are overpaying they did not do their homework. I know there are those who are signing leases sight unseen, and many of those people are overpaying especially in Lisbon and Porto. Again, you should never sign a lease sight unseen!!
Thank you for the update, and I can't agree more.
Thank you for sharing!❤ Good content and loved 🥰 the background. So peaceful.
Thank you for presenting this information in a clear and thoughtful way.
Same issue going on in the US. But nothing will be done about it. Especially if you live in the South.
Definitely… especially rural or mountain areas near national parks
fiat currency is dying so fast ("inflation") that people are trying to save their purchasing power by buying up hard assets (ex. real estate). Part of the price of realestate is comprised of this "monetary premium".
Thank You for WISE & Enlightening information. Have a great Life❤❤❤❤
Great job in explaining this issue. Very clear and understandable. Thanks.
I’m here in Portugal 🇵🇹 now visiting. It’s really nice.. so interesting how the Golden Visa Program has played out!
Thanks for your perspective. Great shots of Parliament there.
Thank you. You always give great info in an easily understood manner.
Awesome video. Loved hearing your authentic voice.
Most of the people moving to Portugal are from Europe; may it be French, German, Belgian, Italian, Scandinavian or Brits - and many Americans as well. So the entire discussion with golden visa driving up prices - I'm not so sure about that. It's less than 10% of everyone moving to Portugal that comes from Asia or other countries where this is popular. House prices are going up around the world - and have done so for a long time. This will not stop it.. What's happening at the moment is mainly that rents increase, 10-25% in Lisbon - but apartment prices are similar or even go down for some objects. Until we see more growth, this it's likely to continue like this..
This may be the best video you have ever done!
Previously the Portugal Golden Visa program where you only needed to stay 7 days a year to meet requirements for citizenship included creating jobs. Are they getting rid of that also? I'm an entrepreneur building a company where we will have people everywhere once we secure our final capital raise and I want to know if I still create 10 jobs etc, can I still get through on this? It would not make sense to me if the government got rid of this piece because this is beneficial to Portuguese citizens.
How interesting that you're talking about golden visas. There's a YTber who discusses the pros and cons of GV programs and which countries offer them. It's not at all surprising that the program has driven up property values in Portugal. GV programs are taken advantage of by wealthy people who specifically invest in countries in order to obtain residency status and eventually a passport. The purpose is to create flexibility and freedom for themselves and their families by obtaining multiple passports and having multiple residency options, banking options, and owning real estate in countries where they aren't necessarily required to reside in, but, importantly, this aids them in being able to reduce taxes from their home countries and retain much more of their wealth. The homes they purchase are usually for personal use to live in whenever they choose to spend time in the country (or not) depending on a country's laws for establishing residency status and foreign investments in real estate.
Good job at keeping us informed Lamont
The Portuguese government seems to have made the right decision on this. Agree there are other visa routes for moving to Portugal. Great job covering the ‘breaking news!’
I started watching your channel because I plan to retire in Portugal. I have already bought a home in the Algarve, but I have another. year of work before I can do the D7 because of the remain in Portugal til it comes through part. Keep reports like this coming, I hope things don't change too much before I can get there
Great content and message Amon--thank you for your perspective.
“11,628 investors and 18,962 family members have benefited from the Portugal Golden Visa.
10,668, 92 percent of Golden Visa Portugal applications, were done through a real estate investment” - the golden visa hasn’t increased house prices - EU migration and the D7 visa has seen far far greater numbers. 10,000 golden visa property purchases does not move the dial
I was in Portugal earlier this week and heard that the GV had been canceled. I'm in Spain now but I'll be back next week, and I'm going to be asking questions!
Good job, thank you for taking the time to create this informative video👍🏻❤️
Thanks for the update on visas. Hope the weather improved
This has occurred here in the US. People from California with their higher paying tech jobs moved to several states with cheaper property prices and then increase the cost of living for the people who had been there all long. So now there’s about fives states who don’t want anyone from this state migrating to there’s any longer. So that’s now happening there in Portugal. Well the greed of those initial seller were also the ones a fault for their desire to make a financial haul, but set the base for property at a prohibitive high cost, which means they shot themselves in the foot. Those people that benefited from the beginning of the program are the only ones who did. Lack of foresight has wreaked havoc on the housing market in many locations around the globe. It has left houses vacant here as well sitting empty. While others trying buy a house to live in can’t afford to.
As a child of Portuguese immigrants, I used to go to Portugal quite regularly with my family when I was young.
Was back there last September and stayed for a few weeks. Stayed at a VERY popular beach town in the North.
After the 17th September the entire town was like a ghost town. All the apartments were pretty much boarded up. Local people I know were now the only ones remaining on a specific floor and one of few remaining in the entire building until the following summer.
The town felt very apocalyptic 😢
Well said. You clearly have a heart for where you live.
Recently on a winter holiday in the Algarve and I heard numerous cases where they cannot get hospitality staff due to the high rent of nearby accommodation. Buying property and then letting pushes up rents for locals as well. Needs a full rebalance which takes time.
UK has a similar problem with second homes ie holiday homes in Cornwall or Devon owned often by Londoners/SE residents (ie wealthier people). AirBnB et al has not helped the problem.
Yeah, it's been getting progressively tougher for people to move to Portugal over the past few years. I think these changes will make it impossible for me to move there because I won't be ready for another year or two. I get it though. If you are a typical Portuguese citizen watching your rent or housing purchase prices skyrocket, you probably feel like you are being invaded. I think raising the minimum investment required to get the Golden Visa was a mistake because it made it less accessible to middle class people and instead only attracted high-end buyers which drove up market prices. I can't imagine the housing inflation that caused. I LOVED Portugal so I can understand what makes it so desirable. I guess you guys landed in just the right window of time.
I'm not 100% sure as to why, but the Golden visa has also been stopped in Ireland too. Someone quoted almost three quarters of the applicants were Chinese, so there is definitely a perceived security threat. Along with the housing in Ireland is even worse than Portugal. Vastly overinflated prices nationwide and a severe lack of rentals throughout the country.
Somilar is happening in Mexico City, because of influx of American working remote, prices for citizens has become very expensive.
Had never heard of the golden visa, good to know about the fact there are still ways to go their. It does look beautiful and I would , I think, like to live there. Thanks for the info. Enjoy London.
Thanks for this! Def helps push us a bit for the move sooner than later. However, I read it’s not passed yet (the golden visa program) and only after a discussion in March will they end it officially. Do you know anything about this and your thoughts?
I want to move to Portugal and this initially scared me however I completely agree. Immigration should be welcome but golden visa people were not true immigrants hoping to move to portugal and contribute to society. On the contrary it was people just trying to use their money to game the system hurting the people living in Portugal. This makes me want to move to Portugal even more because it seems that they have a government that serves the best interest of the people their not just the rich. In the USA underhanded investment also makes buying and renting accomadations unreasonably expensive because computer programs buying and holding property only to make a profit yet the usa does not nothing to help the situations.
Excellent summation. Thank you!
Yes, I saw this coming. Unfortunately for those who really want to live in Portugal. Thanks for your video.
If you wanted to actually move to Portugal, the golden visa was never for you anyway. Portugal has a variety of visa options that are far better for actually moving here. The processing times for the GV are awful and the costs beyond the actual investment are quite high, too. Also, there's a lot of shady lawyers and other "GV experts" like sharks in the water, conning people out of a LOT of money without any actual results. Portugal still loses more people than it gains each year, due largely to the poor job market for younger folks forcing them to relocate elsewhere in the EU to have a shot at a decent salary. Hopefully that will be the next focus for the Portuguese government.
Great video. Thanks! Straight to the point with good insight.
Thanks for your perspective👍🏽 Always insightful.
Thanks for sharing I was interested in Portugal my cousin has visited Portugal. I don't need a Golden Visa.
Thank you for the video, I was thinking about that and wanted your feedback.
Thank you for explaining that so succinctly Amon!
I'm sure many in Government wish that their plan (to help the local Citizens and the Economy), wasn't taken advantage of.
Seems like they would've kept the program open a little while longer. However, the pressure from the Residents and EU was too unbearable.
Portugal is beautiful. I lived in Spain for some of myTeen years but shortly lived in Portugal (Lisboa) too. When the Escudo was the currency.
I hope those that truly want to be in Portugal, get that opportunity. Flushing out those that don't have the Country in their best interest.
Wow I didn’t know any of this. Thanks for the info!
did i miss something? can someone explain why christina isnt in the videos lately?
This was a great video. It’s good for me to know since I’m preparing to relocate to either Portugal or Mexico.
Thanks for explaining the nuances of a popular policy and its adverse side effects
I was just reading about this investment & that led me to ur video / what ur talking abt is a problem across The globe in any place that is allowing unabashed real estate "investment" thats like flipping homes etc. It leaves out real ppl, local homeowners & ppl who want a place to live to suffer the changes the foreign investors did in the areas. They did it in my state of Oklahoma too now we have lots of homeless & high taxes and insurance. It really sucks!
Nothing is official until March 16 at the earliest. Given the blowback, I wouldn't be surprised to see changes, but on the other hand, the Socialists have a complete majority, so who knows. The EU/EC has been trying to get countries to end golden visas for a couple of years because of corruption concerns, so there's a lot of pressure to get rid of it. The potential new rules around AL licenses are more concerning to me. I really like staying in a neighborhood AL, not a tourist development here in PT. So I hope they can find a way to balance the needs of residents with the different types of visitors that make up PT's tourism economy.
Yet the program has not been placed. Based on history if put in place it will probably be a year before it is implemented based on my research. Would appreciate your thoughts and/or commentary on this. Appreciate your content, great channel.
Hello Amon, thanks, 6:19 as always, for one of the most well informed and articulate explanation on the GV discussion. Not even the government of Portugal 🇵🇹 or the Portugal News have been able to explain this situation so very clearly for the consumer. May God continue to Richly Bless and Favor you and your family beyond measure with wisdom and understanding. Amen 🙏👏🏼✅✌️🙌🙏
Very interesting content - you are certainly enjoyable to listen to
very informative and thoughtful take on the dynamics of attracting foreign investment and citizenship. Thanks as always for your content!
Agreed! Great point and info. Same here in Canada foreign investement properties are banned for the next 2 years to slow down foreign buyer that used to push the prices up and not even live here and lots of local resident cannot even afford to buy a home in the city they work and live with high income i.e a couple making each over 6 figures but still cannot afford to outbit foreign money. It seem to be a global issue so you can't blame Portugal for doing what's good for it's Citizens! I am intending to move to Portugal because I like the people culture weather etc but if your intention are good and you are able to demonstrate that I am sure you will always find a way! Good luck to you all and enjoy you trip in the UK hope you get some better weather 🙂!
Great video with simple and straight information
Thank you! Well said and I am glad the Golden Visa is ending. It served its purpose.
I knew it was too good to be true. This move does not surprise me but it is a shame as that location seems so magical. This will give me something to think about. I hope the sun comes out over there. Cheers! Enjoy that coffee.
I think AirBNB is a bigger issue that needs to be addressed, but I fear that the upperclass, like politicians are themselves heavily invested in it, so will not change the policies, any thoughts someone?