October 20, 2008

WHY NOT LET THE 7 MILLION WHO ARE ALREADY EMLOYED HERE BUY HOUSES?:

Houses For Sale--To Immigrants (Diana Furchtgott-Roth 10.20.08, Forbes)

We should consider ameliorating the underlying problem--the weak American real estate market, with its large overhang of unsold housing--by increasing visa quotas for immigrants who want to come here to live and work.

Many potential immigrants have money. We have empty homes, whose spiraling downward prices are contributing to our financial chaos. Why not raise visa allowances to encourage home purchases, at no cost to the government?

Currently, more than 2.25 million vacant homes and condominium units are for sale, according to the Census Bureau, and the vacancy rate is 2.8%.

This is far higher than the 1 million and 1.8% that were the norm before 2006.

A study by the Kauffman Foundation, which promotes entrepreneurship, concludes that 1 million skilled workers are competing for 120,000 permanent residency visas, causing talented workers to choose to live--and buy or rent homes--elsewhere.


It's no coincidence that the housing market started receding when the House GOP killed immigration reform.

Posted by Orrin Judd at October 20, 2008 6:35 PM
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