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US economy: Foreign home-buyers sought

Two US senators have proposed a plan to offer visas for foreigners buying homes worth $500,000 (£314,000) or more.


Democrat Chuck Schumer and Republican Mike Lee, sponsoring a bill, say it is a move to increase housing demand.


The proposal is similar to an existing Green Card program for
foreigners who invest at least $500,000 in an American business that
creates at least 10 jobs.
The US Chamber of Commerce has announced its support for the new legislation proposal.


"Our housing market will never begin a true recovery as long
as our housing stock so greatly exceeds demand. This is not a cure-all,
but it could be part of the solution," said Mr Schumer, a Democrat from
New York.
Mr Lee, a Republican from Utah, described the bill as a "free market method for increasing demand for housing".


Residential restrictions
Sales of previously owned homes in the United States dropped
to 3% in September following a jump in August, according to the National
Association of Realtors.
The same group said residential sales to foreigners and
recent immigrants totalled $82bn between April 2010 and March 2011, up
from $66bn.
Some 31% of all international housing buyers choose Florida.


The proposal would provide a three-year residential visa for foreign owners.


Prospective buyers would need to spend at least $250,000 on
one property that would serve as their primary residence, and could make
up the $500,000 requirement with additional rental properties.
To qualify for the visa, however, the purchases must be in
cash, and the owners would have to reside at the primary residences for
180 days out of the year.
They would also have to apply for a separate work visa in
order to be employed in the US, and would not be eligible for government
aid programs.
"The bill does not limit people from being productive," Mr
Schumer said. "It simply prevents them from coming here and taking jobs
that otherwise would go to Americans."
The idea has also been supported by billionaire investor Warren Buffett.


"If you wanted to change your immigration policy so that you
let 500,000 families in but they have to have a significant net worth
and everything, you'd solve things very quickly," Mr Buffett told PBS's
Charlie Rose in August.
Mr Schumer said he was working to get the backing of the Obama administration on Thursday.




http://www.bbc.co.uk/news/world-us-canada-15406776


Added: Oct-24-2011 Occurred On: Oct-21-2011
By: jaydenfre
In:
Regional News
Tags: housing, mortgage, crisis, visa, immigration
Location: United States (load item map)
Views: 2657 | Comments: 27 | Votes: 1 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • You should instead have a law that forbids absentee landlords, it stops you becoming tenants in your own country.

    Posted Oct-24-2011 By 

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  • Uhm...how about no. Make those homes come down to prices people can afford. They are way over priced.

    Posted Oct-24-2011 By 

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  • likes allways banks getting more help

    Posted Oct-24-2011 By 

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  • That happened in Hawaii in the 1980s when Japanese yen doubled in value. They bought many properties in Hawaii. Then the local Americans who sold their properties has no place to live.... and have to buy it back from the Japanese, at you guess it, double the price. Some people never learn.

    Posted Oct-24-2011 By 

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  • Comment of user 'Gusr' has been deleted by author (after account deletion)!
  • Un-fucking-believable. Let's drive housing prices back up into the fucking twighlight zone, and make it perfectly impossible for any american citizen to afford anything but a bullet-riddled shack in the ghetto.

    That's brilliant.

    Posted Oct-25-2011 By 

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  • Vote these clowns out of business. The immigrants with the money are not the ones crossing the desert into our southern states.

    Posted Oct-25-2011 By 

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  • I've ¬£10,000 ready, what can I purchase for that much money?

    Posted Oct-24-2011 By 

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  • It's the beginning of the invasion. 15 years from now, the first language of the USA will be Chinese followed closely by Hispanic.

    Posted Oct-25-2011 By 

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  • Same as other countries do, like Australia.

    Posted Oct-24-2011 By 

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  • Or you could just charge an appropriate price for the houses so people can buy them.

    Maybe if all the uneducated retards out there (the people who bought homes, real estate agents, appraisers) didn't go along with the idea that homes instantly appreciate $20K+ upon each transaction, this mess wouldn't be as big as it is.

    Always made me laugh when I came across people who had some fucked up little notion in their head that their house instantly appreciates by a huge amount the very second they More..

    Posted Oct-24-2011 By 

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    • Comment of user 'chrisgordon1973' has been deleted by author (after account deletion)!
  • i think they're already doing it and have been for years. My ex-wife and her 3 kids moved into a 3000 sq fft rental in Irvine, Calif. The owner was some fellow named Wong Way (to protect the quilty). Wang demanded $5000 move in and my ex-wife, being familiar with these things, said there's no way in Hell we're ever getting a nickel of that 5 grand deposit back for a year lease. We split up while we were living, actually she kicked me out, because i deserved it - and i couldn't afford to pay More..

    Posted Oct-24-2011 By 

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  • Comment of user 'POLUX' has been deleted by author (after account deletion)!
  • Another stupid idea that's bound to go wrong.

    Posted Oct-24-2011 By 

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  • Bullshit! Send congress to Europe and let them live there.

    Posted Oct-24-2011 By 

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  • So, you want your cake and eat it too?

    Posted Oct-24-2011 By 

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  • These senators need thrown out of office.

    Posted Oct-24-2011 By 

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  • It makes a lots of sense since The White House, Congress and Senate floors are already owned by foreign banks and foreign corporations (they call them multinationals). They've already sucked dry the American middle class, why not go for the other middle classes in China and India. It's all cash to them you fools...



    .

    Posted Oct-24-2011 By 

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  • Comment of user 'Zardoz003' has been deleted by author (after account deletion)!