Everyone Wins

I do not understand the continuing fear and anger over foreign purchases of U.S. real estate. Richard S. Pavelec writes (Letters, Oct. 23), “American soil and property should remain just that. There ought to be a law!” To protect whom? From what? How can foreign purchase of real estate represent a threat? We still have the buildings and land (they cannot be moved away) and now we have the billions of dollars.

The dollars taken in upon sale of these buildings do not go into mattresses. They are recycled and reinvested into other job-creating, business-developing ventures.

I am opposed to rent control of any type, as it has been shown clearly to work against the very people it is designed to help. But if it came to that, our local government could control the rents charged in these office buildings, owned by foreigners or not.

Far from representing the “selling of America,” foreign investment increases ties to and dependence upon America by foreign interests. If I can keep it, use it and control the rental cost of using it, foreigners can buy anything of mine they like. We all win.

WILLIAM E. DAUGHERTY

Manhattan Beach