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Land Poor

April 18, 1993

Stewart's article addresses a subject that has troubled me for years. I consider the real estate-building industry as the major cause of Southern California's problems. That these vultures are finally taking a hit brings joy to my heart.

Historically, Southern California land prices are spuriously high. Buying a house, waiting for it to magically increase in price (not value) and selling it to buy a more expensive one is a form of usury in which the only winners are bankers, developers, real estate agents and speculators. The economy, society and the environment lose.

The economy suffers because jobs created by this madness are only temporary. Society loses because what's being built are merely places to sleep, not neighborly communities. The environment suffers the devastation of pollution brought about by overdevelopment and overpopulation.

Even in recessions there are silver linings; maybe now the vultures will leave and go to Vegas, or wherever. Stewart won't find sympathy for the poor, beleaguered real estate industry here.

D. L. FLETCHER

Solana Beach

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