Should We Let Foreigners Buy Homes for Visas?


Image: Robert Burns/LA Times

The stimulus didn't work. The bank bailouts didn't work. Homeowner assistance and refinancing didn't work. So could the key to solving the US housing crisis be letting foreigners buy real estate for visas?

The bipartisan proposal, part of a package that also would make it easier for international tourists to visit the U.S., is similar to an existing program that puts foreigners on a fast track to a green card if they invest at least $500,000 in an American business that creates at least 10 jobs.

"Many people want to come and live in the United States," said Sen. Charles Schumer (D-N.Y.), who introduced the legislation Thursday along with Sen. Mike Lee (R-Utah). "They will be here spending money and paying taxes, and the most important thing is they'll sop up the extra supply of homes we have right now compared to demand, and that's what's dragging our economy down."

The legislation would create a new homeowner visa that would be renewable every three years, but the proposal would not put them on a path to citizenship. To be eligible, a person would have to buy a primary residence of at least $250,000 and spend a total of $500,000 on residential real estate. The other properties could be rented.

Jim Puzzanghera and Lauren Beale of The Los Angeles Times report: Link


Newest 3
Newest 3 Comments

None of it worked because it was all corrupted to favour the politicians' backers.

Sad to see my nation offer immigration for sale with the BANKS benefiting and the people, once again, getting bent over for it.
Abusive comment hidden. (Show it anyway.)
Co-incidentally I read this before coming to Neatoland
http://www.huffingtonpost.com/blake-fleetwood/how-hillary-clinton-can-c_b_1024498.html

TLDR: Make it easier for tourists to visit the states and maybe you won't have to bring in these sorts of plans.
Abusive comment hidden. (Show it anyway.)
Commenting is closed.





Email This Post to a Friend
"Should We Let Foreigners Buy Homes for Visas?"

Separate multiple emails with a comma. Limit 5.

 

Success! Your email has been sent!

close window