The Real Deal Miami

Immigrants could help end real estate slump

March 18, 2009 01:11PM

One solution to the housing slowdown is offering immigrants permanent
residency in the United States if they purchase a home here,
Newsweek’s Dan Gross told CNBC. Not only would the strategy help reduce excess housing inventory, it could revitalize areas that have experienced depopulation, such as Buffalo, NY. Under the terms of the proposed plan, immigrants who purchase homes would first get temporary, then permanent, status in the United States as long as they own a home. They wouldn’t have to live in the house, but would not be able to rent it out.