Illegal Immigrants Have Cash for Homes
- 29.05.2008
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The solution to the current real estate recession is as obvious as the noses on our faces. It is not loaning hundreds of billions of dollars to investment bankers. It is not more regulation of the capital markets. It is not offering new tax credits to home builders and home buyers. It is most certainly not engaging in demagoguery.
The solution is to offer qualified home buyers a green card for purchasing and living in a foreclosed home. This solution is like a modern day Homestead Act. And like the old western Homestead Act, this solution would unleash the economic power of some of the most industrious residents of America.
Illegal immigrants can be a significant source of money. According to reasonable estimates, illegal immigrants using bogus Social Security numbers pay about $6 billion a year in Social Security taxes. They also send billions of dollars back to relatives in Mexico.
