By Ian Jobling • 2/4/08
A reader calling himself “Euronation” has sent in an excellent article describing the influx of Asians into California and how it is being encouraged by corporate elites. Here is the article in full:
The US housing bubble has burst and the real estate market is reeling. But in some quarters, more immigration—particularly from Asia—is seen as a solution.
My friend, a successful real estate agent in Orange County, California, reports she is seeing growing numbers of wealthy Asian immigrants buying houses in the area. Recently in one neighborhood in Irvine, a single Asian investor bought four homes.
These new settlers benefit from the large Asian community that already exists in the region. The city of Irvine, for example, is already about one third Asian. Entire neighborhoods have become Asian, seemingly overnight. Chinatowns are being created in the suburbs. There are shopping plazas in Irvine, for example, that contain only Asian stores, restaurants, and service companies.
The same thing is happening in nearby Newport Coast, a new community just north of Laguna Beach overlooking the Pacific Ocean. The first phase of a brand new development, where homes are selling for $8-$10 million each, has completely sold out—reportedly mostly to Asian buyers.
All of this is bound to have a negative effect on community spirit and social cohesion, as the Asian community tends to be highly insular, ethnocentric, and unsociable. Levels of trust are low. In many cases new home-owners refuse to deal with American moving companies, and will only use Asian-owned firms. Asian moving trucks are a common sight in new neighborhoods. Asian banks have started moving into the area to cater to the burgeoning Asian colony.
As a resident of Newport Coast, I have witnessed first hand the hostility exhibited by Asian settlers. Unlike my white, Arab, and Persian neighbors, who are very affable, the Asians on my street are singularly reserved and rarely acknowledge a friendly hello. One can’t help but discern a measure of distaste and arrogance in the behaviour of Asians towards Americans.
This attitude if exemplified by an incident in my neighborhood. An older Asian couple recently purchased a house and immediately rented it out to their son, a student at the nearby University of California-Irvine medical school, and two of his fellow medical students. Unfortunately, the boys began hosting out-of-control parties, to the extent that neighbors complained. The police were called. Last October, during one such party, a neighbor and I approached the young men to ask them to tone it down. They called us “white boys” and told us that we should put up with it, as one day we would need them as doctors.
Indians, in particular, are renowned for their arrogance. One of my professional colleagues, a private banker at Wachovia Bank, is an Indian immigrant who refers to white men as “hillbillies” and will only work with other Asian financial professionals.
Are Asian immigrant home-buyers seen as saviors of the faltering US housing market? I think they are, in some circles. Gary Watts, a real estate economist, states in his “2008 Economic & Housing Report,” sponsored by the United General Title company and distributed to California real estate agents, that “over the next decade, Asians will become the fastest growing segment of the U.S. housing market, concentrating on the West Coast.”
Using data from the 2005 Census, State of California, and the National Association of Realtors, Watts reports: “Immigrants are growing into a powerful buying force, and today they represent 14% of buyers…Immigrants represent 35% of the first-time home-buying market.”
The housing bubble may have burst, but a population bubble is taking its place. Indeed, the real estate industry is working diligently to sell off big chunks of America to foreign settlers. The growing numbers of immigrant home-buyers, gushes Watts, “will profoundly affect our economy in a most positive way and once again, we will grow our way out of this downturn!”
Ultimately it is white Americans who will bear the brunt of corporate greed and treason as our marginalization and dispossession proceed apace.
EuroNation is a registered investment advisor in Newport Beach, California.