The two biggest cities in California, the state with America’s worst affordability crisis, were near the bottom of Knight Frank’s ranking. Los Angeles rose 0.2% from a year earlier and San Francisco was flat.
The U.S. is already home to more Hong Kongers than any country outside of mainland China, and recent data suggest more are looking to leave. Applications for a key emigration document, the “good citizenship card,” are up 54% in the past year, according to official data.
But anti-immigrant political rhetoric, high-profile incidences of gun violence and impending changes to the “investor visa” program have encouraged Hong Kong’s would-be emigres to consider alternatives such as Australia, Canada, Singapore and Taiwan.
“Everybody’s pulling back -- it’s a crazy time,” Edward Mermelstein, a partner at One & Only Holdings in New York, which runs family offices for foreigners. “The wealthy have always been an easy target and now that’s a popular theme globally. It’s now so much more difficult.”
This article was provided by Bloomberg News.