Congress is ready to pass a ‘Buy a house get a VISA Bill’

The Congress IS gonna do this U think…

The Bill has support from BOTH sides of the aisle…

I’m surprised….

I could see the left and right NOT being happy with this legislation…

But in reality it’s offering a US VISA for $500,000 isn’t it?

[IMMIGHOME](Getty Images)

Supporters of the bill, co-authored by Sen. Charles Schumer, say it would help make up for American buyers who are holding back.

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-estateā€”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.

The measure would complement existing visa programs that allow foreigners to enter the U.S. if they invest in new businesses that create jobs. Backers believe the initiative would help soak up an excess supply of inventory when many would-be American home buyers are holding back because they’re concerned about their jobs or because they would have to take a big loss to sell their current house.

Backers believe the initiative would help soak up an excess supply of inventory when many would-be American home buyers are holding back because they’re concerned about their jobs or because they would have to take a big loss to sell their current house.

“This is a way to create more demand without costing the federal government a nickel,” Sen. Schumer said in an interview.

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  1. Democratic Socialist Dave

    In other words, prop up housing prices to stop the market do its savage, brutal work of putting homes within reach of those who already live here.

  2. Yup….

    DSD…..

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