I buy what he's selling. And consider that Phoenix home values have declined 52% from their peak, are still off on a year-over-year basis, and declined in both January and February of this year. As Mr Sumner put it, now might not be the optimal moment to send out a signal to property markets that Hispanic immigration is about to slow sharply.
He is Richard Green, who is selling that immigrants are vital to the recovery of the housing market and Arizona is shooting itself in the foot. During an economic crisis, many of us have a bad tendency to bite the hand that feeds. Arizona is intent on punishing immigrants for the reversal of fortune. Less inmigration of any kind will deepen the malaise.
The nativist mood swing could further impede domestic migration to Arizona. The state has a history of intolerance. Some of you may remember the resistance to observing the birthday of Martin Luther King, Jr.:
Most famously, all three Arizona House Republicans including current Senator and former presidential candidate John McCain, voted against the bill in '83. The state did not vote in favor of recognizing the holiday until 1992, not only rejecting pleas from Reagan and then Arizona governor Evan Mecham but also losing the NFL's support when the league moved Super Bowl XXVII from Sun Devil Stadium, in Tempe, to California in protest.
I'll be interested to see how Major League Baseball reacts to the racial profiling of its players during spring training in the Cactus League. But nothing could be more damaging to Arizona's economy than a prolonged slump in the housing market. Apparently, the state politicians have no plan to deal with the crisis other than to find a convenient scapegoat and make the situation worse.