I’ve been thinking about this past Memorial Day weekend and how all of us are free to purchase whatever we want and to do so in a manner and environment that allows us to decide independently how, when, and where we can do it. I believe to some degree we take for granted and forget how easy life is to excel, prosper and do and be whatever we want to be without any interference.
Buying real estate is one thing that comes to mind since in some other countries one has no right to possess their own home or investment property. China, Laos and Vietnam are Communist countries that do not allow personal ownership of property. I am quite sure those in the inside of government and those who have connections might have a way to circumvent the strict policies. Foreigners, too, are restricted from ownership in Vietnam, Mexico, Greece, and Thailand, but again it’s not what you know but who you know that allows those that are connected to sidestep the normal rules and layers of restrictions.
Communist countries, unfortunately, control property and don’t allow their citizens ownership (except Cuba, which changed its constitution in 2019 to allow one to own their own home and investment property while also assuring the central government’s authority over the regulation of production and land). However, foreigners cannot own property directly but use third parties indirectly to obtain ownership.
In Communist countries, the competitive spirit is squashed and the government controls almost everything that is consumed. However, Russians can use their wages to purchase their home and goods as needed. But whether it is a foreigner or citizen, one cannot own the land beneath the property which is controlled by the government. The value is more or less controlled by the state. It is much more difficult and takes more time to save to be able to be in a position to purchase due to the value of the Ruble. The exchange rate of one dollar equals 73.32 Rubles as the currency is far less valuable.
Romania has the world’s highest homeownership of 96 percent, followed by Singapore with 90.8 percent and Slovakia with 90.3 percent.
We as Americans have truly no restrictions on purchasing our own homes or investment properties as long as we have the ways and means to accumulate the necessary funds to close the transactions. We take for granted how free we are to amass our own individual wealth by ownership when some other countries do not provide that right to their citizens. The concept of appreciation and getting rich is extremely limited to those who are connected to the insider group.
Can you imagine what your life would look like if you couldn’t own your own home or an investment property? How would you accumulate long-term wealth? It would most likely have to be in ways that would be illegal in countries that restrict ownership of property. The Black Market proliferates where severe policy restrictions occur.
What would the United States look like if we had those restrictive policies in place? I am quite sure many would move out of the country. Our economy would seriously falter over time and would not be the once “free to earn and invest” in an unrestrictive environment that it once was. I believe that is why so many have come here and still yearn for the “American Dream” in being able to immigrate to the United States, which has now been more restricted in gaining U.S. citizenship.
A few questions come to mind if and when tax laws are altered and changed in the U.S. Over the next few years what effect will it have on our real estate? Will the benefits and values that currently exist be radically changed? Will owning one’s home and/or investment property be worth the time and effort? Are we at the crossroads of change that will adversely affect our economy and country?
My professional opinion is that those in charge must be made very carefully as to what changes are being considered and whether or not we lose or win the battle of fairness and equity. The distribution of wealth to those who truly deserve it because of their entrepreneurial, physically earned “sweat equity” efforts and those who do not deserve sharing should be a major factor to be considered. The future could be quite beneficial for a greater number of people or quite bleak if decisions are made to benefit only a small minority.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 39 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S). For a “FREE” 15 minute consultation, a value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com
FAQs
Article 17 of the Universal Declaration of Human Rights (UDHR) enshrines the right to property as follows: (1) Everyone has the right to own property alone as well as in association with others. (2) No one shall be arbitrarily deprived of his or her property.
What is Aristotle's theory of property? ›
Aristotle's ideal system of property is one in which “we own possessions privately, but make them common by our use of them.” At first blush, Aristotle's meaning is unclear. Is he arguing for some sort of proto-social democracy as later authors such as Martha Nussbaum have argued?
Did Plato believe in private property? ›
Both works demonstrate Plato's conviction that virtue is the end of politics and that private property—to the extent that it detracts from public virtue—can be limited, though material possessions are no moral evil in and of themselves.
What rights and privileges are connected with real property? ›
The term “bundle of rights” describes the set of legal rights associated with ownership of real property. The “bundle” is made up of five different rights: the right of possession, the right of control, the right of exclusion, the right of enjoyment and the right of disposition.
How are property rights different from human rights? ›
In short, there are no human rights that are separable from property rights. The human right of free speech is only the property right to hire an assembly hall from the owners, to speak to those who are willing to listen, to buy materials and then print leaflets or books and sell them to those who are willing to buy.
Is property a right in the US? ›
The Fifth Amendment protects the right to private property in two ways. First, it states that a person may not be deprived of property by the government without “due process of law,” or fair procedures.
What was Plato's idea of property? ›
Another aspect that stems from Plato's ideas is that of wealth and private property. The abolishment of wealth leads directly to the decay of the traditional family. Plato also argued that there should be no legacies, private property or nepotism, as these create negative inherent idioms for the whole society.
Which philosopher believed in the right to have property? ›
John Locke proposes his theory of property rights in The Second Treatise of Government (1690). The theory is rooted in laws of nature that Locke identifies, which permit individuals to appropriate, and exercise control rights over, things in the world, like land and other material resources.
What is the possession theory of property? ›
The "first possession" theory of property holds that ownership of something is justified simply by someone seizing it before someone else does.
What did John Locke believe about private property? ›
Of course, Locke believed that private property was favoured by God, and that He created the world and its resources with the intention that individuals should acquire rights over it in this way.
Locke held that individuals have a right to homestead private property from nature by working on it, but that they can do so only "...at least where there is enough, and as good, left in common for others".
Did Socrates believe in private property? ›
In Book III of The Republic, Socrates suggests that the rulers of an ideal city would be prohibited from owning any private property that is not “wholly necessary” (416d).
Are property rights universal? ›
Everyone has the right to own property alone as well as in association with others. No one shall be arbitrarily deprived of his property.” So declares article 17 of the 1948 Universal Declaration of Human Rights.
What is an exception to property rights? ›
Exception in deed is a reservation of a property interest in the deed for the transferor. The transferor is explicitly keeping some part of the property being given to the transferee such as an easem*nt or a life estate.
What are the 3 property rights? ›
This attribute has three broad components, and is often referred to as a bundle of rights in the United States: the right to use the good. the right to earn income from the good. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)
What is Aristotle's view of private property? ›
Aristotle believed that using one's property to aid friends was a great practice; “doing favors and helping friends, guests or mates is most pleasant, and this only happens when property is private.” In his opinion, generosity and charity can only exist in a society which upholds private property.
What are the three theories of Aristotle? ›
For Aristotle, "all science (dianoia) is either practical, poetical or theoretical" (Metaphysics 1025b25). His practical science includes ethics and politics; his poetical science means the study of fine arts including poetry; his theoretical science covers physics, mathematics and metaphysics.
What is Aristotle's view on natural law? ›
Aristotle (384–322 bce) held that what was “just by nature” was not always the same as what was “just by law,” that there was a natural justice valid everywhere with the same force and “not existing by people's thinking this or that,” and that appeal could be made to it from positive law.
What is Aristotle's theory of natural slavery? ›
In his work, the Politics, Aristotle describes a natural slave as "anyone who, while being human, is by nature not his own but of someone else" and further states "he is of someone else when, while being human, he is a piece of property; and a piece of property is a tool for action separate from its owner." From this, ...
