Yes, folks, blogs can make a difference. Thanks HP'ers for fighting the good fight. Now do the right thing - contact Harvard's president here and ask for the immediate firing of Nicholas Retsinas
Housing Crisis Solution For U.S.: More Immigration?
An interesting op-ed in the Boston Globe last week from Nicholas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University. The premise: baby boomers had better embrace immigrants, because they’re the ones who are going to buy their homes.
Retsinas makes a strong supply and demand argument, citing that “the cornerstone of housing robustness is strong demand, and the foreign-born constitute a major segment of that demand.” He throws out some strong numbers; like that 40% of net new household formation in the first five years of this century was foreign-born, up from only 15% in the 1980s.
I get it, but is this really the argument we want to be making as a solution to the nationwide downturn in housing sales and prices? I don’t know that I want to jump into the immigration debate, but here goes: this feels something like the outsourcing argument. If we can’t support our own housing industry, then should we just bring in more foreigners to save it?