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BY WEN YAN


ANCHOR CHRISTIAN BRYANT

 

America might open its borders to foreign house buyers.


Senator Charles Schumer from New York and Mike Lee from Utah are planning to introduce a bipartisan bill which would give residence visas to foreigners who spend at least half a million dollars to buy houses in the US.

According to a Capital Economics report -- there’s an economic motivation for the bill.  The report cites low housing prices and a weak US dollar.

A Wall Street Journal reporter compares the bill to killing two birds with one stone.

Nick Timiraos:" We have a housing problem, and we have an immigration problem. It's too hard for some people to get in the country, and we want a lot more people in with money. This is a provision actually in a larger bill that would encourage tourism and more investment from foreigners."

The Huffington Post says the initiative will help soak up the excessive housing supply in a sluggish economy.

“Concerns about the job market and declines in household wealth may be keeping prospective American homebuyers from entering the housing market. In addition, declining home values are keeping current homeowners from buying a new house because they would need to take a large loss to sell their current home.”

The visa doesn't allow buyers to work in the U.S. and they have to live in the residence for at least six months out of the year. The Wall Street Journal says it may ease people's concern about increasing competition in the job market.

A reporter for CNBC says these limitations could keep the bill from being effective.

Reporter:" It has to be really wealthy to be able not to work for 6 months out of the year, Plus, if you sell this home, you have to leave the country immediately. The question is what kind of rich investors are gonna say, 'ok, I can buy the house, but I have to live in it; maybe I'll sell it, but I'm not gonna get any kind of profit in it. What investors today want is return."

According Politico -- The law would only apply to foreigners who can shell $500,000 on a home.  
 
Transcript by Newsy.
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U.S. News: A House for A Visa

Buy a House, Get a Visa

October 21, 2011
(1:47)
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Senator Charles Schumer from New York and Mike Lee from Utah could be introducing a bipartisan bill, which would give residence visas to foreigners.
   
Sources:Wall Street JournalHuffington PostCNBCPolitico
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