Why Trump's Immigration Crackdown Could Sink U.S. Home Prices
In San Francisco, an Indian software engineer on a work permit canceled plans to bid on a $900,000 home. In Washington, a Brazilian nonprofit executive passed on a fixer-upper near her office. And, in Mesa, Arizona, a 24-year-old son of undocumented Mexican immigrants won the trust of a bank — a green light for a mortgage — but now fears deportation.
President Donald Trump’s immigration policies threaten to crack a foundation of the American economy: the residential real estate market. Legal and otherwise, immigrants, long a pillar of growth in homebuying, are no longer feeling the warm welcome and optimism necessary for their biggest purchase.
While the Trump administration indicated it would exempt dreamers, stepped-up immigration raids and the travel ban on seven majority-Muslim countries — blocked in court — are creating panic in many who believed that their American dream was within sight.
“If Trump gets the immigration plan he wants, the housing market will get hit harder than any other,” said Alex Nowrasteh, a policy analyst for the libertarian Cato Institute. If “millions of people get deported and more people don’t come in to take their place, then you’ll have downward pressure on home prices, especially in urban areas.”
more"But nothing ever changes unless there's some pain" - Tears For Fears "Goodnight Song"
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