Chapter 220: Harvesting to the Roots

"Because of our interest rates?!"

"Exactly. This interest rate makes them feel that living here in Douglas is more reliable! If they can settle here, their lives will be more stable."

Goodman found it somewhat amusing:

"If you announce your candidacy for mayor now, I think Benjamin wouldn't stand a chance. Everyone's opinion of you has elevated recently."

"No, no, you know I have no such intentions. It's just that all these people are flocking here... Is there no reaction from Robert's side? We can't provide that many jobs!"

Carter felt overwhelmed. Normally, having people interested in buying the bank's land is a good thing, but this situation was deviating completely from his plan.

Instead of the rising land prices due to the highway commercial area, it turned into a game of outlasting each other?

Carter felt that the current scenario seemed like everyone was just letting things slide. His interest rates seemed low, but as he just explained to Goodman, they weren't that low. Compared to other banks charging 15% or 16%, his rates seemed quite reasonable.

In reality, business was still business.

Making money is nothing to be ashamed of!

"Our savings bank indeed has a responsibility to maintain local stability, but we've done enough! We've created jobs, increased loan volumes. They can't expect us to do everything!"

Carter was irritated. Having land and prices but not being able to sell it was a headache.

If Benjamin could be more proactive and create more jobs, Carter could sell the land and recoup some funds. Even if the profit wasn't high, just getting back what was tied up in bad loans would be satisfying. Reviving these stagnant assets would be enough to make Carter happy.

"Benjamin is likely still busy lobbying the council to pass proposals. Our town..."

Goodman didn't want to demean his hometown, but the truth was harsh. It's hard to create jobs out of thin air in a small, stable market.

"Then don't sell! I'd rather have Robert come and complain than be treated like a miracle worker."

The influx of new residents was an irresistible temptation for any American mayor. But letting them in would strain the limited resources, making it impossible for Carter to manage everything.

He still hadn't figured out what to do with the increasingly idle part-time investigators. Adding more burden was out of the question.

And who else could Benjamin turn to but Carter?

Not to be arrogant, but if new residents were allowed in, Benjamin would be at Carter's door the next day, asking for help.

"But what about the others?"

"Hmm..."

"The land on the south side of Douglas along Highway 23 is mostly ours, but other directions are owned by different landowners. Carter, they won't resist this temptation."

Goodman referred to other landowners near Douglas, and Carter couldn't argue with that.

"Damn, what a mess! Sell it! What was the point of asking me if it only makes me more frustrated?"

As part of stabilizing local economies, savings banks in the U.S. have to consider various factors when deciding not to sell land. Limiting land sales to control population growth and protect the local economy was one of these considerations.

But other landowners didn't have such concerns. To them, not selling was foolish.

"No, no, I wanted to say that their actions are likely also influenced by our low interest rates. For example, if I were Arson from Ocilla, I could mortgage my house there for a loan at 16% interest from Cannut Bank. Then, I'd come to Douglas, build a new house, and use it as collateral to get a loan from us at 12% interest to repay the old loan. Essentially, they're relocating their families at the lowest cost."

"When the economy improves, they can sell their house in Ocilla, or rent it out to cover the interest. Especially since our low-cost loans make relocating here more attractive."

"So, you're suggesting we raise the loan interest rate?"

Carter, feeling a mix of frustration and resignation, wondered why he had to endure this predicament. He just wanted to make some money; was that so wrong?

Raising the rates would disrupt the HT plan's progress. Higher rates would deter borrowing, reducing the number of new stores and directly impacting future profits from various ventures. But if they didn't raise rates, these savvy individuals would keep exploiting the situation.

"Can you urge Benjamin to expedite the residency restriction? This shouldn't take so long to pass."

"I can try, but I doubt it'll help much. Even if they can't become citizens, if they move here, you can't just kick them out."

Goodman shook his head, dismissing Carter's hope of using administrative orders to make them leave.

"But I have an idea. Not sure if you'll like it."

"Go ahead."

Lighting a cigarette, Carter didn't have high hopes. If he couldn't solve it, what could Goodman, a steady manager, come up with?

"Why don't we set up a construction company? Use the land sale money and add some bank funds. Hire these new arrivals as workers to build their own houses."

Hmm? Hmm? Hmm???

Using their money to pay them wages, then selling the houses back to them and recouping their wages...

The logic seemed sound, but...

"Damn, you're ruthless! You're fleecing them to the bone, Goodman!"

"You, you... You're a real genius!"