The Real Deal Miami

Lessening taxes for foreign investors will stimulate real estate market, Rudin says

October 06, 2009 04:44PM

William Rudin, president of Rudin Management, appeared on CNBC to discuss how lessening taxes for foreign real estate investors in the United States will spur a real estate market recovery. He also said the possibility of expanding the Public-Private Investment Program, the recent change in Real Estate Mortgage Investment Conduits rules and extension of the Foreign Investment in Real Property Tax Act are all good signs for a real estate market recovery. However, Rudin stressed the importance of lessening tax restrictions on foreign real estate investors. “There are billions of dollars waiting offshore for real estate in America. If the government lessens tax implications for foreign investors, there will be more activity in the market,” Rudin said. He added that if tax implications on foreigners are lessened, sales would be stimulated and create much needed activity in the overall market. In response to those opposed to lessening taxes for foreigners, Rudin said it’s about making a level playing field with other investments in the United States. “Foreign investors are looking elsewhere than the United States because of the high real estate taxes that are levied on them,” he said.