Immigrants in New York City Bolster Housing Values

Immigrants in New York City Bolster Housing Values

"Immigrants have helped stabilize New York City housing values over the past two decades and at the same time boosted property in once-troubled neighborhoods, according to a report to be released Thursday.

The report—sponsored by the Americas Society / Council of the Americas—credits immigrants with easing housing affordability by revitalizing areas such as Canarsie in Brooklyn and Morrisania in the Bronx that were in decline in the 1990s.

The report's author, Jacob L. Vigdor, a professor of public policy and economics at Duke University, said immigrants settled in developing areas because their own economic circumstances required it. As a result, they brought about "positive demographic changes and economic improvements" that enticed U.S. born residents to follow." - Wall Street Journal, Apr. 9, 2014.