A Sore Spot in L.A.’s Housing Crisis: Foreign-Owned Homes Sitting Empty

SAN MARINO, Calif.—In an upscale Los Angeles suburb around 10 miles from a neighborhood charred by recent wildfires, unscathed seven-figure homes sit on lawns trimmed at precise 90-degree corners. Several are empty, with owners living thousands of miles away in China.

For years, wealthy international buyers have bought high-end homes in the U.S. 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 currency controls.