A sore spot in LA’s housing crisis: foreign-owned homes sit empty

For years, San Marino has been a hot spot for international home-buyers looking to buy high-end investment properties. (Image: EagleView)

The Wall Street Journal

Sat, 15 Feb 2025

By Rebecca PicciottoIn San Marino, an upscale suburb about 16km from a neighbourhood charred by Los Angeles' recent tragic wildfires, unscathed seven-figure homes sit on lawns trimmed at precise 90-degree corners. Several are empty, with owners living thousands of kilometres away in China.For years, wealthy international buyers have bought high-end homes in the US as offshore investments. Buyers from China often led the way. Many flocked to Los Angeles, though their appetite started to dry up in 2018 after Beijing implemented new curre...

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