Bill Seeks To Entice Foreigners To Buy U.S. Homes With Visa Offer

Bill Seeks To Entice Foreigners To Buy U.S. Homes With Visa Offer

http://www.huffingtonpost.com/2011/10/20/visa-house-real-estate_n_1021582.html

The government may turn to foreigners to shore up the weak housing market.

A bill co-authored by Senators Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) aims to use the appeal of U.S. residence visas to entice foreigners to buy American homes, according to The Wall Street Journal. If passed, the bill would offer a U.S. residence visa to any foreigner who makes a cash investment of at least $500,000 in U.S. residential real estate.

"This is a way to create more demand without costing the federal government a nickel," Schumer told the WSJ.

Foreign demand for American homes has been growing as prospective American buyers remain skittish. Foreign purchases of U.S. residential real estate rose 24 percent to $82 billion in the year ending in March 2011 compared to the year before, according to the National Association of Realtors.

(more at link)

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US salaries don't support home prices (especially here in LA) so let's get foreign investors to buy them? No attempt to either raise salaries or lower home prices?

the people By the money For the Corporations has no interest in helping people.

That's what I think of austerity too. It's designed to keep the people indebted (slaves) and the banks and corporations whole.

and then moves here to become a slumlord. What an opportunity! Instant US resident, with a steady source of income.

Feh!

:sarcasm:

From:
"Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"

To:
You're welcome if you are one of the 1%.

Very poetic.

I know they want to limit the program to the investor class, but I don't see this helping the vast majority of Americans. Probably will certainly help in Schumer's district, though.

Another day, another outrage.

:argh:

If you invested a certain amount of money in Belize, you could gain citizenship, passport and all.

Do we really want to start emulating Belize?!

Next outrage to feed this



You can never underestimate the idiocy in dc.

...him.

:puke:

PB