Who dunnit?

Across the US - particularly in crowded urban markets like New York City - a shortage of new, affordable housing has helped home prices eclipse their highs from the pre-crisis years, leaving the dream of homeownership hopelessly out of reach for millions of heavily indebted millennials.
With homes so unaffordable, it's hardly surprising that existing home sales are mired in a 14-month-long slump - though the return of mortgage rates to multi-year lows in May is certainly cause for cautious optimism among real-estate brokers.
But there's one segment of the housing market that, judging by all available anecdotal evidence and the data, has continued to soften after posting its worst quarterly slump in years during the opening months of 2019.
From Greenwich to the Hamptons to Billionaires' Row, sellers of luxury homes have struggled to find buyers amid a glut of oversupply and the disappearance of the marginal bid from wealthy Chinese buyers, who were once willing to pay a premium for real-estate in places like NYC.


And in the latest indication that the American real estate market has finally topped out, WSJ reports on a troubling new trend on the West Coast: A foreboding glut of luxury spec homes in Los Angeles that is creating serious headaches for developers and lenders alike.

There were years around 2011-2015 in which the labor market seasonal adjustment seemed screwed up.  I thought it was warm weather and Chinese home buyers fouling the labor coefficients for the bean counters. 

Anyway, we now see the Chinese buyers were hiding wealth from Xi Ping Pong and the Commie Rats.  And that sort of action is caused by what? None other than the right to coin in China, which the Commie Rats operate off equlibrium.  Now the Chinese buyers are taking a bit of a loss.