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But the Associated Press reported that at the rate of foreigners’ acquisition of land here, “it would take about 19 more years for foreigners to acquire 1 per cent of (all) US farmland.”
And the AP cited a “government estimate” of foreigners’ ownership in the US at 1 per cent of the nation’s 1 billion' acres of privately owned farm and ranch lands. The AP also reported that Congressional investigators meanwhile found that for every $1 now invested in US property by foreigners, American interests own almost $5 worth of property abroad.
While legislation to require disclosure to the state was pending in the Virginia General Assembly, an Eastern Shore grain farmer warned a senate committee in Maryland that foreign ownership “would lead to critical food shortages, deterioration of farm property, manipulation of food prices, a dropoff of farm jobs and a threat to American freedoms.”
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