Skip to comments.Are rich foreigners the answer to America's housing crash? (Buy a $500,000 house, get a visa)
Posted on 10/27/2011 5:20:31 AM PDT by SeekAndFind
Have you got $500,000 (£312,000) to spare and hail from anywhere but America? If so, one Charles Schumer of New York wants you to get in touch.
That half a million dollars, according to Schumer, one of New York's two Democratic Senators, could be part of the answer to the country's housing crash. Schumer and Mike Lee, a Republican Senator from Utah, are trying to drum up support for legislation that will entice foreigners to invest 359,000, C$508,000, 78m yen or 3.1m yuan in US residential real estate. And the sweetener: a visa to live here as long as you own the property. Is it starting to look attractive? It might be to those who don't subscribe to the thesis that America's best days are behind it.
Until you read the small print. It has to be a cash purchase, you've got to live in the property for 180 days a year, it's not a staging post on the path to citizenship and the visa won't allow you to work in the US. That, of course, would stymie another central aim of US politicians, as the senator admits. "The bill [proposal] does not limit people from being productive," said Schumer. "It simply prevents them from coming here and taking jobs that would otherwise go to Americans." Schumer wants your money, not you.
But he and Lee have correctly fingered a number of trends. More than five years after US house prices began falling they still are. Prices edged down 0.1pc in August, according to the latest survey by the S&P/Case-Shiller index published this week, and were 3.8pc lower than a year earlier. The efforts by the Federal Reserve to drive down mortgage rates are having little effect.
(Excerpt) Read more at telegraph.co.uk ...
The powers that be are looking for ANY way they can keep the balls in the air for just a little longer, so they can milk every last bit of wealth out of the system before the crash.
When they get really desperate, more desperate than their fear of armed mobs, they’ll go after personal retirement savings.
This is just another scam to inflate housing prices for the banks and keep them out of reach for the average citizen...by selling US citizenship
How many are Islamists?
In response to my telephone inquiry, Senator Lee's staff assures me that the senator GUARANTEES that no money launderers, drug cartel CEOs, dealers, terrorists, fugitives, etc., etc., etc., will be able to purchase a home because EXTENSIVE background checks will be in place.Regards . . . Penny
Insulting my intelligence even further, she suggested I read Lee's press release (on his web site) listing the guarantees.
Please call your senators now to preclude such a sellout proposal from ever coming to a vote.
If you “need” to sell a house at this time,
say, if you’re moving to a different homestead out of the city,
probably the best thing to do is NOT sell it and brush up on landlording techniques, and rent it out at a positive cashflow.
That’s what these foreign investors are going to do.
This is kinda like wetting yourself wearing a dark pair of trousers. It gives you a temporary warm feeling, but nobody seems to notice.
Just how many foreigners have an extra $500K, willing to live here for 6 months/year and don’t need a job?
drug cartels looking to launder money and other foreign criminals welcome to apply?
Well, I haven’t agree with any of Charles Schumer’s proposals since Midnight Basketball / sarc... But, I actually agree with him on this one. Why not? Beats letting them sit abandoned, or worse, become crack houses. At least these people will probably keep the property up and pay their property taxes, spend money while here. What’s not to like? I can’t believe I’m saying this about a Schumer proposal. Somebody hit me...
“Just how many foreigners have an extra $500K, willing to live here for 6 months/year and dont need a job?”
Terrorists, drug smugglers and pimps fit that profile.
I think we should limit it further to rich hot women.
What hypocrites these Democrats are.
If you are a desperate South American without papers, willing to risk being shot or deported in order to do hard physical labor, for minimum wages - you are a problem.
If you are an affluent foreigner without papers you are provided legal status, in exchange for big bucks.
Pay that to marry a poor American, get a green card, and said American would go to jail.
“Whats not to like? I cant believe Im saying this about a Schumer proposal. Somebody hit me...”
OK, I’ll try. What’s not to like about the idea of an unaudited central bank creating trillions in fiat money, spreading it throughout the world through “foreign aid”, bailouts of foreign banks, and whatever currency value manipulations that transfer wealth from working people to the foreign political class you can think of, then letting the crooked foreign beneficiaries of this transfer of wealth out of country “buy” citizenship and a fine home on a piece of American land with these artificially created dollars?
I guess it beats the mass of unwashed masses from south of the border who need to learn what a bathroom and toilet paper is for. (no, That isn’t a joke). Agricultural companies who go south of the border find out real quick that providing port-a-potties is useless if the farm workers don’t know how to use it.
more Democrat hypocracy - hate the American wealthy but love those monied foreigners.
Most of these houses will be purchased with CASH.
This is not going to help inner city houses that are abandoned. It will help affluent suburbs like Scottsdale, AZ and Darien, CT or selling your $2.2 million condo on the upper East side.
These are the type of immigrants WE WANT. Rich people who pay taxes , go out to restaurants, hire landscapers , put in home theater systems, NEED granite counter tops and SS appliances, hire trash removal, cleaning and maid services , have multiple automoblies , send their kids to MIT and in general DRIVE THE ECONOMY.
They are not the people that fly here when nine months pregnant to have their anchor baby at a hospital in Miami.
But they could buy a house under this program, obey all the requirements, get pregnant, and have the kid her. Then the kid is a citizen, and now the parents have preferential status as far as getting into the US. AAnd they can always sell the house.
Wealthy Asians are responsible for keeping real estate prices high in San Francisco, in addition to the geography.
Were it not for them, real estate prices there would have tanked; like say Portland Oregon.
Get real, America is a sovereign nation, not to sold out to rich foreign effers juts because they can come up with $500,000.
The investment can be a house for $250,000 plus the investment of $250,000 in another piece of real estate.
The visa awarded for this/these investment(s) is for three years. What happens after three years? The door has been opened.
There is always a way to get around certain restrictions, and I am thing "frontmen."
Before we moved, we lived on the East Coast in a rather high end (300K+) housing development. One house was bought by a hispanic family who over time took in 3 or 4 additional families, so that there was multiple families in that 4000 sq ft home. Cars parked up and down the street, kids everywhere.
America is a nation of immigrants. If they can buy a $500K house and contribute to society, let them in. That is what America has been built on for the last 300 years.
My great grandparents came here in 1885 and bought a dairy farm outside of Buffalo. What is the difference ?
Obviously, you still need to do backround checks on these people. We do not need any more felons(ie Tony Montana in Scarface).
Please, please, please make it stop.
Just let housing and housing backed securities find their market clearing level.
I don't care who you tax.
I don't care what programs you cut, and how much.
I don't care what programs you raise, and how much.
I don't care if Michelle Obama takes away my Magic Hat #9.
I don't care if Justin Bieber is revealed to be Donald Trump's love child with Lucianne Goldberg.
I DON'T CARE ABOUT ANYTHING ELSE.
FAHCRYINOUTLOUD, JUST LET HOUSING AND HOUSING BACKED ASSETS FIND THEIR MARKET CLEARING LEVEL!!!
Canada did this about a decade ago, and this is what happened.
Poor families in China, India and Pakistan got all their clansmen together to get $500,000 together. They paid exhorbitant prices for cheaper houses, which put regular Canadians out of the market. After the new immigrants got their visas, they were able to get family reunion visas for the others in their clans, eventually bringing in all those poor relatives.
Canada eventually altered this, limiting it to business investors or those willing to buy Canadian bonds, and limits the visa to the businessman and family only and put other restrictions on the visa.
No it isn't. I am a native American....I am not an immigrant and neither are you. My parents were not immigrants either
That is no kidding. Surrey BC is Punjab West and has the
only South Asian gangs I’ve ever heard of.
Do not do this!
Is this deal open to ILLEGAL ALIENS? I bet it is!
The U.S.A. Home of the Sell Outs. This isn’t a nation anymore; it’s a supermarket.
Another really bad idea coming from the treason lobby.
“Before we moved, we lived on the East Coast in a rather high end (300K+) housing development. One house was bought by a hispanic family who over time took in 3 or 4 additional families, so that there was multiple families in that 4000 sq ft home. Cars parked up and down the street, kids everywhere.”
Sounds just like here in California. Be sure to thank the idiot politicians who enabled this.
‘Family values don’t stop at the Rio Grande’- Dubya
“That is what America has been built on for the last 300 years.”
Sounds like the public school history books have really gone to the dogs.
When my own ancestors ventured here they were colonials, not immigrants. The locals were a variety of often hostile Indian tribes and not a welcome wagon selling citizenship.
“The U.S.A. Home of the Sell Outs. This isnt a nation anymore; its a supermarket.”
Uhhh, say what? A conservative from Chicago? Really....?
I think it is great that you can trace your ancestery back to the “colonial” period. However, they were still immigrants to North America. Even “Native Americans” emigrated here during the iceage from Asia across the Bering Strait.
By the way I went to a private grammer and High School associated with the Catholic church.
By and far most people in these United States can not trace their heritage back to the Mayflower. Most people emmigrated here in the 1800’s from Europe. However, keep in mind :
“Santa Fe is one of the oldest cities in the United States. The founding of the city in 1610 pre-dates the settlement of Plymouth Colony (1620-1621) in Massachusetts and compares with Jamestown, Virginia (1607). It is the third oldest surviving city in the United States after St. Augustine (1565) and Pensacola (1559), both in Florida and the oldest capital city.”
Therefore, unless your ancestors were some of the original settlers of St. Augustine, Pensacola or Santa Fe they came after the original European settlers. Also, Hispanic settlers in Sante Fe were here well before the Pilgrims stepped on Plymouth Rock. Yet a lot of people look down on Hispanics as if they all were “wetbacks” that came here illegally in the last 20 years.
Foreign Buyer Visa Bill Backfires
by: Steve Cook Wed, October 26, 2011
Legislation introduced in the Senate last week to stimulate property sales by giving visas to foreign investors who spend more than $500,000 to buy US homes is creating a firestorm of opposition on Web sites and talk shows across the nation.
The initial reaction is not the sponsors expected. Overnight, the bill has become the focus of attacks from those opposed to US immigration policy and foreign ownership of real property.
It is also turning a spotlight on the increasingly important role foreign buyers are having in domestic real estate markets. Fororeigners spent $82 billion buying up U.S. homes in the 12 months ended in March, up 24 percent from a year earlier, according to the National Association of Realtors (NAR). That represents 8 percent of total U.S. sales. Since March, foreign buyers, largely from Canada and Central America, have been active buying up discount priced foreclosed condos and single family homes in Florida, Las Vegas and other resort destinations.
It’s a shame conservative Senator Mike Lee from Utah is stupid enough to propose this ticking time bomb.
“By and far most people in these United States can not trace their heritage back to the Mayflower. “
They probably don’t. But a good deal more can and do trace their ancestry to the Sarah Constant, the Goodspeed, the Discovery and other ships that landed at Jamestown. A very large number of southerners can trace their ancestry back to colonial Virginia.
“Therefore, unless your ancestors were some of the original settlers of St. Augustine, Pensacola or Santa Fe they came after the original European settlers. “
A statement remarkable for its lack of relevance to American history.
Those Spanish cities played no part in the 13 original colonies or the creation of the United States.
By contrast the New Amsterdam Dutch, the New Sweden Finns, some French Huguenots and German colonials actually were part of the mix in the British North America, which is the origin of the United States.
St. Augustine and Pensacola were minor outposts of a foreign power and became part of America when Spain sold them to the United States, much like New Orleans and Mobile became American when France sold its territory to the US.
Anyone wishing to learn what groups formed the American people could profit by reading David Hackett Fischer’s ‘Albion’s Seed’.