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New Proposal to Spur Housing Market
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Chrisanddick's Blog

October 27, 2011

New Proposal to Spur Housing Market 
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“The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.  The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S.”  This was written in a recent article by Nick Timiraos for The Wall Street Journal.

It is no secret for anyone involved in Naples Florida real estate that foreigners are becoming more active in the market.  Canadians and Europeans are seeking out bargains due to good exchange rates and past housing market problems.

Timiraos goes on to write that “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-estate—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.”

He then quotes Sen, Schumer as stating “This is a way to create more demand without costing the federal government a nickel.”  “The provision would create visas that are separate from current programs so as to not displace anyone waiting for other visas. There would be no cap on the home-buyer visa program,” concludes Mr. Timiraos…

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