Farmland the new hot property
Jeff Wilson, Bloomberg News, February 21, 2007
Farmland from Iowa to Argentina is rising faster in price than apartments in Manhattan and London for the first time in 30 years.
Demand for corn used in ethanol increased the value of cropland 16 per cent in Indiana and 35 per cent in Idaho in 2006, government figures show. The price of a Soho loft appreciated only 12 per cent, while a pied-a-terre in Islington near London's financial district gained 11 per cent, according to realtors.
This is evidence that corn ethanol is reaching its peak and that we need to place a moratorium on new corn ethanol plants and wait for cellulosic ethanol to be cost effective. How about placing some emphasis on biodiesel from algae and clean up our CO2 emissions from power plants.