How does immigration today differ from the wave at the start of the 20th century?
In the first decade of the 20th century, immigrants added almost 12 percent to the U.S. population, but during this decade they’ll add less than 4 percent. A century ago, most immigrants came from Europe. Today a majority are from Latin America or Asia. A century ago, most immigrants went to the Northeast. Today most go to the South or West. Immigration, in general, is a very positive force for real estate professionals; it will provide home buyers long into the future. What fallout do you see from the current backlash against illegal immigration? First, I would take out the word illegal, because even legal immigrants are feeling discriminated against in the current backlash. There are three bad consequences to shutting the borders. The first is the loss of tax revenue. People come here to work, so we’ll lose their spending power and the sales taxes they generate. Second, we’ll lose jobs because the entrepreneurial spirit of immigrants creates jobs. Third, without that labor pool, larg
