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.