Buy House, Get a Visa

[Locutus]

The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.
The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S.


Foreigners have accounted for a growing share of home purchases in South Florida, Southern California, Arizona and other hard-hit 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.


To fuel this demand, the proposed measure would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—a single-family house, condo or townhouse. 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.


more

Bill Would Give U.S. Visas to Foreign Home Buyers - WSJ.com

 

[Machjo]

Not an entirely stupid idea, depending on the details of course.

Actually it's a pretty good idea depending on the details.

 

[Highball]

The Banks are the Mortgage Brokers, Car financiers, Credit Card system owners and any other financial venture you can think of roots from a Bank. What do banks do best? Screw the consumer and they do it in a legal way made possible by the politicians their Lobbyists own. If you don't want to get screwed by a Bank do business with your local Credit Union.

 

[Bar Sinister]

I give such a bill a snowball's chance in Hell of passing. This is the USA we're talking about. American xenophobia will almost certainly win out over any other consideration.

 

[Kreskin]

Sounds like a good plan.