April 30, 2013

IMPORTING AMERICANS:

Immigrants boost US housing recovery (Pan Kwan Yuk and Anjli Raval, Financial Times)

The litter-filled streets of Sunset Park are an unlikely setting for a housing comeback. Flanked by an elevated six-lane highway on one side and a 478-acre cemetery on the other, the Brooklyn neighbourhood has seen house prices climb since the economic downturn.

For that it can thank immigrants such as Liu Song Yan, whose dreams of home ownership are driving the neighbourhood's housing market recovery - an increasingly common pattern across the US.

"It is important for me to own my own home," says 66-year old Mr Liu, who started life in New York as a clothing factory worker after arriving from Taishan, China in 1985. After 20 years of long working days, scrimping and saving to build a cash stash, he put down a deposit on a modest two-storey brick house in Sunset Park, an area that has long been a magnet for working-class immigrants.

"It is about financial security. Even if you have nothing to eat, at least you have a roof over your head. For me, this is the American dream."


Posted by at April 30, 2013 8:04 PM
  

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