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 ...
There is a strange psychosis within business/government/think tank circles: whatever the problem, the answer is always more immigration.
We do not need to re-inflate the housing bubble but we do need to deflate the immigration bubble (one million green cards, 100,000 or more H1-Bs, and the entire list of other visa types offered each year).
A nation is more than just a random collection of people. It is not just the meeting of factors of production and units of consumption. A “proposition nation” does not, indeed cannot, exist.
I am not surprised that someone like Schumer would propse this. Sadly, many on the right, who love the “proposition nation” idea, may fall for this. We need an immigration pause not a further boost.
Maybe the Kelo vs. New London SC decision can be used to our advantage!
US buyers are scooping up foreign autos.
Why not disallow foreigners to own land or housing in America? The way to go is to limit them in scope of ownership. They can lease it for 50 years, but never own.
These people will be paying taxes, utility fees and buying local services and retail goods. Sounds ok to me, better than foreclosing or just having them sit there empty. Their money spends in a capitalist society as well as ours.
"Capitalists will sell us the rope to hang them with." - Vladimir Lenin
Perhaps he was right...but he’ll never find out.
They won’t be living in the homes.
At best, they’ll rent them out through a management company.
I wasn’t implying it was Communists, but it would apply to any enemy.
“Might I suggest a third requirement: the homes must be 100% owned, i.e. no debt.”
I would not be suprised if this is the way most of these houses will be purchased anyway. The US dollar is so cheap right now, there are already a lot of foreigners, especially those extremist Canadians(SARC), that are buying up vacation homes in Fl and AZ.
I agree with you though, that a minimum percentage of purchase price be a condition. I would think it would be difficult for a foreigner to get financing for more than 50% anyway.
Deuteronomy 28:43 The stranger that is within thee shall get up above thee very high; and thou shalt come down very low. 44 He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail. 45 Moreover all these curses shall come upon thee, and shall pursue thee, and overtake thee, till thou be destroyed; because thou hearkenedst not unto the voice of the LORD thy God, to keep his commandments and his statutes which he commanded thee:
Isaiah 3
New International Version (NIV)
Judgment on Jerusalem and Judah
1 See now, the Lord, the LORD Almighty, is about to take from Jerusalem and Judah
both supply and support: all supplies of food and all supplies of water,
2 the hero and the warrior,
the judge and the prophet,
the diviner and the elder,
3 the captain of fifty and the man of rank,
the counselor, skilled craftsman and clever enchanter.
4 “I will make mere youths their officials;
children will rule over them.”
5 People will oppress each other—
man against man, neighbor against neighbor.
The young will rise up against the old,
the nobody against the honored.
6 A man will seize one of his brothers
in his father’s house, and say,
“You have a cloak, you be our leader;
take charge of this heap of ruins!”
7 But in that day he will cry out,
“I have no remedy.
I have no food or clothing in my house;
do not make me the leader of the people.”
They will still pay taxes, utilities, etc. Money spent, is money spent.
What about the non-enemies that are buying?
It gets pretty clear that this country needs to get back to God or the future is going to be an ugly one. I’m so thankful that scripture also teaches that those who are faithful will be provided for.
You'd be surprised how easy it was, of course times have changed.
The borrower had an attorney or CPA prepare the papers for an LLC, which became the borrower. The Tax ID for the LLC was used on all of the documentation, obfuscating the fact that the real borrower was a foreign national whose country is not approved under the Visa Waiver Program, such as Mexico or Argentina.
Any bank will gladly take back a house that they only loaned 50% of it current value. Think about it. The downside risk is minimal at this point in the market. Loan out 100K on a 200K house. If the borrow defaults they sell it for $175 and make a PROFIT of $75k. Not a bad return on investment. I am simplifing the numbers and I know there are other expenses involved. However, it is still a pretty good bet. I would approve it if I was the bank president.
Actually, I think this is a good idea. People that can afford to buy a $500k house are exactly the type of immigrant the USA needs(along with MIT grads).
What we do not need are a bunch of illiterate freeloaders that move here to go on welfare.
Someone that can afford a $500k house typically does not fall into that category. They would be most likely additive to our society & economy. Obviously, there should be backround checks on these people too. We do not need any more Tony Montana’s emigrating into our country.
“Say ello to my litla frien”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.