"Thank you Senator Schumer for helping us buy our new home in America, and for the lovely visa. Sorry about the nuke." -The Araz Family
Posted on 10/21/2011 6:00:55 AM PDT by listenhillary
Edited on 10/21/2011 6:26:31 AM PDT by Admin Moderator. [history]
International purchases of American homes are ramping up, and a new Senate bill designed to boost the ailing real-estate market would encourage globe-trotting investors to buy even more.
The bill, co-sponsored by Charles Schumer (D-N.Y.) and Mike Lee (R.-Utah) would grant a U.S. visa to international investors who agree to spend at least $500,000 on residential real estate here.
(Excerpt) Read more at money.cnn.com ...
As an American, try buying land in a foreign country. Good luck. I have no idea why we are doing this, unless we are pawning the family silverware at this point.
It sure beats the present system of encouraging millions of no asset illegals and their dependents who come here to live off the public teat.
Deuteronomy 28:
43 The foreigners who reside among you will rise above you higher and higher, but you will sink lower and lower. 44 They will lend to you, but you will not lend to them. They will be the head, but you will be the tail.
There should be two ammendements to this bill if not more.
a) You must live in the home (owner-occupied), and
b) you must pay 50% more in property taxes than the current rate e.g. if the property tax rate is 10% you pay 15%.
An attempt to re inflate the bubble?
Once the O administration is flushed away I would love to be sitting on a bunch of heavily discounted real estate.
I think the article said they must live in the home 150 days per year.
Enough with granting visas to every Abdul, Mohammad, and Ackmed. Stop it already. Why are we giving them our country on a silver plater?
That was one of my original questions. Are we selling easy access to bases for terrorists?
Little secluded 10 acre tract way off the beaten path. No neighbors.
Yes, and they get a 3-year visa. What happens after the third year.
It is incredible that we are selling off real estate to foreign interests to begin with. Now, they want to open the door even more.
wasn’t American real estate what suckered a lot of dollars out of Japanese hands in the 1980’s real estate boom/bust?
NYS recently hired over 50,000 people during a hiring freeze. NYS is also about to lose 2 House seats to do depopulation. The state has to feed the beast somehow since citizens can’t afford to live here.
A bank in Florida originated mortgages on Miami Beach condos to foreigners. These units were going for $500-$1000 a square foot.
When the economy soured, they boogied back to their home countries and defaulted on the loans.
“I have no idea why we are doing this, unless we are pawning the family silverware at this point.”
In a way, yes. We’re exporting our housing stock, since we can no longer afford to own it. No different from what Mitch Daniels did in Indiana when he sold off his toll road to a foreign company (or what Governor Perry tried to do here in Texas, except at 20 times the scale).
I would suggest the lenders have more common sense in that situation.
Yep, our government is desperate to keep the housing market up. A lot of American’s net worth is tied up in their house, so I see this as a cheesy way for these bastards in DC to try to keep their jobs, even for short period of time. Come 2020, Foreigners will be the new slum lords for the renters.
"Thank you Senator Schumer for helping us buy our new home in America, and for the lovely visa. Sorry about the nuke." -The Araz Family
CNNMoney is all over this. Anyone want to bet the VERY powerful Realtor lobby is behind all this?
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