'Real Estate Friend'

February 14, 1993

RE the article by H. Jane Lehman, "Does Real Estate Have a New Friend?" (Jan. 17).

It is self-destructing for California real estate developers to urge the Clinton Administration to rescue them by raising FHA loan limits so their customers can go deeper in hock to buy their overpriced products. The country is too deep in debt as it is.

Many of California's problems are rooted in our outlandish cost of housing. Propping it up with government subsidies will only exacerbate the problem in the long run, and keep market forces from applying an overdue, if painful, corrective.

GIDEON KANNER

Professor of Law, Emeritus

Loyola Law School

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