A Cure For Real Estate Markets Downturn

Given by Alan Greenspan:

“The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants,” he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.

He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. “Perhaps 150,000 of those are loosely classified as skilled,” he said. “A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale — and hence help stabilize prices.”

The full article (paid, WSJ) can be found here.

14 Responses to “A Cure For Real Estate Markets Downturn”

  • This is great. Our immigration policies do need to be reformed. It’s great to see an economic perspective on why we need immigration reform.

  • I believe the majority of the problem in the housing market was caused by the same people that you are advocating to solve the problem. A lot of lower income individuals were given home loans even though the lenders knew the people could not afford to pay back the loan. Thus, the people had no choice but to default on their mortgage payments leaving the lenders holding the bag. Check to see how many of these people were immigrants, legal or illegal. You will not be surprised what you find. So, don’t say these same immigrants are the solution to the housing/realestate collapes. They are the cause.

  • Hey EYES OF TEXAS, it’s that kind of thinking why this country is doing a U-turn back into the Stone Age. Not all immigrants are low income families. Stop placing blame, wow I’ve never heard anything so far from the truth, Immigrants are the reason why the real estate make is tanking – let me guess Martian’s is the are the reason why the Ozone Layer is depleted, I should have known that!.

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