He did offer one suggestion: "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."
what BS
i just read an article depicting the difficulties our college grads are having finding jobs and that frequently, the jobs they are getting are not related to their degree, and that they are 'under-employed'...
the best thing that can happen for our kids is for home prices to continue to CORRECT, not 'stabilize' (at unreasonably high and unsustainable prices)
instead he wants even more 'competition' for our current college grads, who by 'virtue' of our debased currency allows them to buy at an even greater discount than our kids who have to save in US dollars...
there seems to be no end to the fiscal insanity that comes out of this man in his grossly misguided attempts to fix the mess that greenspan made
note to AG:
please go away and just SHUT UP |
