Posted on 11/03/2011 2:11:57 PM PDT by cowpoke
Cuba announced Thursday it will allow real estate to be bought and sold for the first time since the early days of the revolution, the most important reform yet in a series of free-market changes under President Raul Castro. The law, which takes effect Nov. 10, applies to citizens living in Cuba and permanent residents only, according to a red-letter headline on the front page of Thursday's Communist Party daily Granma and details published in the government's Official Gazette. The law limits Cubans to owning one home in the city and another in the country, an effort to prevent the accumulation of large real estate holdings. It requires that all real estate transactions be made through Cuban bank accounts so that they can be better regulated, and says the transactions will be subject to bank commissions...more
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Raul always wanted to follow the China model.
“an effort to prevent the accumulation of large real estate holdings”
Other than those held by the Cuban government, of course. :-)
The Lykes ranches, totaling nearly 20,000 acres in central Cuba and then worth $3.6 million, were sized by Castro.
An experiment in plantation politics.....just what the Democrat Party yearns for!
America should try a similar experiment.
Property tax liens
Mortgage crisis
Subprime
KELO
...
If the Cubans are able to leverage their new property as capital for a business, it could be an incredible boost to the Cuban economy. This will be an interesting experiment to follow, but I am happy for the long-suffering Cubans.
Now if only they were allowed to read books without being tossed in jail ( Orwell , U.S. Constitution, UN Human Rights reports,etc,etc,) vote freely and all that stuff.
Hopefully , President Perry will invade and liberate Cuba and execute the communists like Obama executed Qadaffi .
Probably worth less than Detroit property.
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