Foreign Buyers
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Robert A. Jones’ column (“Sayonara to the Best of California,” Part I, May 30) on the selling and buying, by foreigners, of our best California real estate concludes that “This is a game we can no longer afford.” Wrong! We could afford it, but we choose to spend what should be our savings on fancy toys, rich men’s toys for everybody, bought on credit.
In fact, we cannot afford them either.
Someone once said that those who will not discipline themselves will eventually be disciplined by others.
So such a time may never arrive, our tax system should be changed to encourage savings, and to discourage frivolous spending, specifically for super luxuries which must be paid for by long-term borrowing.
FRANCIS J. MONTGOMERY
Los Angeles
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