What Effect Will SB1070 Have on the Housing Market?

by Evette Cecena, the Queen of HUD on September 7, 2010

Yes, I know, I know… talking politics is not the in thing, but oh well.  Regardless, his has to do with Arizona real estate, so if you don’t agree then feel free to comment.  Be tactful, of course.  Real estate in Arizona is indirectly affected by legislation.  New legislation has the power to turn the tables for the housing market.

SB1070 was, by its sponsor’s own admission, written with the intention to make it so uncomfortable for illegal immigrants in Arizona they would no longer want to live here. If SB1070 has its desired results, our migrant population will immediately decline. Demand for housing is directly related to population. If the intended exodus occurs, it’s only logical home prices and sales volume will drop in the neighborhoods being vacated, but unlike Vegas, what happens in Maryvale may not stay in Maryvale. (Ruff, 2010)

Polls show 70% of the people surveyed support SB1070.  Many of my readers probably do as well.  However, business owners and real estate investors as a group may not find SB1070 quite so favorable.  Both business leaders and government analysts have economic concerns.  Many rental properties will be vacated leaving investors susceptible to foreclosure.  In addition, school enrollment and sales tax revenues will likely decline along with the population.

Citation: Ruff, Tom. (2010).  SB1070.  Retrieved on July 31, 2010 from: http://cromfordreport.com/member-only/news/commentary.html

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