Open the Borders, End the Housing Glut
December 11, 2008
Washington, D.C.--As the housing glut continues to send home prices spiraling downward, leaving millions of homeowners unable to unload houses they can’t afford, Washington is debating ways to address the oversupply of housing.### ### ###
“This crisis was caused by government intervention into the economy, yet every proposal to fix the housing market involves more power for Washington,” said Yaron Brook, executive director of the Ayn Rand Center for Individual Rights. “Instead of more government distortion of markets, we should be looking for ways to get the government off our backs. That will require us to think outside the box, so here’s one--admittedly radical--suggestion to get us started: free up immigration.
“At a time when Americans are suffering from an oversupply of housing, it is tragic that the government continues to forcibly prevent millions of peaceful people around the globe from bringing their wealth, talent, and ambition to this country.
“Imagine if the number of annual immigrants increased from around 650,000 a year to, say, five million. Virtually overnight we would see money pour into the American real estate market, as millions of new businessmen and workers bought and rented homes. Not only would this eliminate the oversupply of houses, we would enjoy the broader, long-term economic benefits of welcoming legions of highly skilled and motivated individuals into the American economy.”
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