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

[abelenkpe]

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?

[Vincardog]

1. raise salaries or lower home prices? How would that help the Banksters? Face it the Government of

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

[abelenkpe]

14. Clearly you are right

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

[MineralMan]

2. Ah, OK. So someone buys a bunch of cheap rentals, a nice place,

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

Feh!

[valerief]

3. How will they get through the electrified fences? nt

[closeupready]

5. Trampoline?

:sarcasm:

[valerief]

7. Doesn't Cain's plan allow for trampolines? Maybe he only anticipated catapults. nt

[hobbit709]

4. The New Colossus has been redefined

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%.

[proverbialwisdom]

16. +1

Very poetic.

[Old and In the Way]

6. So if your house is well below $500K, I guess you're out of luck?

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.

[valerief]

8. Helps the 1%. Like EVERYTHING else. nt

[TwilightGardener]

9. Uh...no, thanks.

[City Lights]

10. Fuck that shit!

Another day, another outrage.

:argh:

[KamaAina]

11. This reminds me vaguely of the "economic citizenship program" in Belize.

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?!

[jwirr]

12. Chuck Schumer? Is he nuts?

[abelenkpe]

13. Was surprised he'd propose this honestly. nt

[jwirr]

15. That is why I posted - he usually has more sense than this.

[nadinbrzezinski]

17. Hmmm

Next outrage to feed this



You can never underestimate the idiocy in dc.

[Poll_Blind]

18. Disgusting. It is not uncommon to see Schumer whoring around the fringe but this unusual even for..

...him.

:puke:

PB