Can Immigrants Fix the Housing Mess?

According to an article at MoneyCentral.msn.com, one of their money editors has suggested that "Perhaps the US should consider a radical change in tactics to eliminate the housing surplus and stop falling home prices — without costing taxpayers a dime."

The article explains it this way:

All we have to do is to get Washington to listen to the idea of ending the decline of housing prices and thereby restoring our confidence in the most important assets most Americans ever own. The idea comes from economist A. Gary Shilling and real-estate developer Richard S. Lefrak.

Their suggestion: Don't think about artificially low mortgage interest rates and other stopgaps. Instead, eliminate the oversupply of houses. Too many were built during our speculative bubble. And, by the way, don't spend a dime of taxpayer money doing it.

How can this be done? Simple: Open our borders to immigrants who can buy homes in the U.S. Let a million immigrants a year do this for two years and the entire oversupply of homes and condos would be absorbed. Supply would no longer dwarf demand. Prices would stabilize. The most important assets of the vast majority of Americans would, once again, be a source of pride and security.

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