http://bottomline.msnbc.msn.com/_news/2011/10/20/8413642-buy-a-home-get-a-us-visa-senators-propose

Quote :

Buy a home, get a US visa, Senators propose



A home for sale in Newton, Mass.
By Roland Jones

Two Senators have come up with a plan to boost the moribund U.S. housing market: Give residence visas to foreigners who spend at least $500,000 to buy a home in the U.S.

A report in The Wall Street Journal says Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) are preparing to introduce the idea as part of a larger package of immigration measures. The idea is to help make up for the lack of American buyers in the housing market, according to the report.

The Journal notes that foreigners now account for a growing share of the homes purchased in South Florida, Southern California, Arizona and other hard-hit housing markets.

“Chinese and Canadian buyers, among others, are taking advantage not only of big declines in U.S. home prices and reduced competition from Americans but also of favorable foreign exchange rates,” the paper said.

The plan aims to fuel this demand by offering visas to any foreigners making “a cash investment of at least $500,000 on residential real-estate — a single-family house, condo or townhouse,” the Journal reported.

“Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, which can be rented out,” the paper added.

It sounds good at first glance but I'd want to know if there's a downside to having American property/real estate in the hands of non-citizens. Could there be "blow back"?

very nice.

They're already buying up property here. Eh, whatever.

I'd like to know how the people of Hawaii felt about the Japanese doing this very thing back in the 80's.

I don't like the idea! Housing market dropped largely because costs eventually escalated into the stratosphere and people couldn't afford them, especially after the job economy tanked. People struggle just to pay the property taxes in many places. Foreigners with their Visas won't be bring in any contribution to the job economy except to fill the pockets of realtors.

No, thanks.

Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) want immigrant homeowners who pay $500,000 or even more for a home to immediately obtain residence visas. The bipartisan bill, which will soon be considered by Congress, is meant to attract extra international investment in the U.S.