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The only beneficiaries I can think of for this program would be rich capitalists from China and the Middle East who are exporting their gains and sinking them i
by jellicle 15y ago
The only beneficiaries I can think of for this program would be rich capitalists from China and the Middle East who are exporting their gains and sinking them into foreign property already, and who would now get a fast-track for immigration as well.
I guess Congress would like to get campaign contributions from these people (once you have a green card, you can legally make political contributions to U.S. politicians).
Still waiting for Congress to do something - anything - for people who aren't millionaires (or indeed, are U.S. citizens).
- andreshb 15y agoI don't see a problem in these being the only beneficiaries, right now, they are already getting EB5 visas if they invest in a business. This approach would be similar, except with the added benefit of solving the issue (or at least help) of the housing market. I think this is a really creative approach.
- mixmastamyk 15y agoThe problem with housing is that it is too expensive for the common man. Propping up prices artificially is not a solution.
- flourpower 15y agoThe prices now will be less artificial, since more people will be involved in setting them.
- justincormack 15y agoMore artificial, since they are buying a visa with a free house attached.
- r00fus 15y agoIt is for the financial elite. They want to OWN and let the "common man" RENT.
- deleted 15y ago[deleted]
- 127001brewer 15y ago"The only beneficiaries I can think of for this program would be rich capitalists from China and the Middle East ..." Actually, Canadians are largest percentage of foreigners buying homes in the U.S. at 23%.[1] [1] Canadians Warm to Phoenix, Wall Street Journal http://online.wsj.com/article/SB10001424052970204010604576596830853187202.html http://online.wsj.com/article/SB1000142405297020401060457659...
- MiguelHudnandez 15y agoThey would extend the offer only to those that spend half a million dollars on a home. I have a feeling that excludes most of the Canadians bargain hunting for property in Phoenix.
- djb_hackernews 15y agoPass this proposal and half a million dollars will be a bargain.
- OstiaAntica 15y agoYou misread, it is only $250,000 for the first home, and the rest can be investment.
- brudgers 15y agoI didn't realize there was a slumlord shortage.
- sliverstorm 15y agoIn most of the country, $250,000 is quite a nice house. Let your mind think outside the Bay Area every now and again.
- mortenjorck 15y agoI just did a search in the most distant Chicago suburb I could name off the top of my head, and this was the closest I could come to exactly $250: http://www.trulia.com/property/31925157-723-Tiller-St-Elburn-IL-60119 http://www.trulia.com/property/31925157-723-Tiller-St-Elburn... What do you suppose that would run you in, say, Los Gatos?
- prostoalex 15y agoNot like they don't have any other choice if this proposal doesn't pass, if you look at immigration patterns to Vancouver and Toronto. This would just put US in competitive position with other countries catering to these customers. Potential visa troubles are a non-trivial deal-blocker for many.
- mcrider 15y agoAre you referring to business class immigration? In Canada, its $800k, and you don't get a house ([http://www.cic.gc.ca/english/immigrate/business/index.asp] http://www.cic.gc.ca/english/immigrate/business/index.asp]). But yeah, point.
- rhizome 15y agoThink of it this way: Schumer is (partially) owned by the finance industry.
- hugh3 15y agoThis doesn't do that much for the finance industry since it has to be a cash purchase. Still, I guess it'd drive prices up somewhat. The effect couldn't be huge, though... there's not that many foreigners with half a million bucks cash who want to leave their home countries and reside in the US. On the other hand, given a choice of all possible immigrants, I don't think there's any problem with the US moving "those with half a million bucks" to the top of the list.
- rhizome 15y agoWell, the finance industry does seem to have a backlog of repoed houses, no?
- abbasmehdi 15y agoYou'd be surprised how many people would take them up on this, Canada, China, the middle east and Asia in general have a lot of rich folks who's kids come to the US for university.
- hugh3 15y agoThey're not the only beneficiaries. I can think of a few moderately-wealthy foreign-born H1Bs (and equivalent) living in Northern California who might have half a million spare and wouldn't mind buying a $500K house and getting a free greencard if it'd save them the trouble of going through the usual immigration process. Picking, just as a random example, say, me. I'm not even sure whether I want to remain in the US long term, but if offered a free greencard I'd say yes.
- DeanCollinsLCC 15y agoyou might want to google Heart Taxation Act before you say yes to that proposal.
- dudewtf 15y agoDude, anyone with half a million dollars spare isn't moderately wealthy but filthy fucking RICH, with capital R, I, C, and H. $500.000 is more than 99.9% of people in this world will make in their entire lifespan.
- trevelyan 15y agoThe direct beneficiaries are American homeowners, who get higher prices for overvalued assets and financial institutions holding housing as collateral. The losers are lower-income Americans (often also recent immigrants) for whom the cost of housing remains out of reach.
- abbasmehdi 15y agoExcellent conclusion, David. I have seen this play out in vancouver, british columbia. Look it up.
- nobody314159 15y agoYou're forgetting people in with houses to offload and banks with foreclosed $1M homes that they might want to make 50% return on.