We need to do what we can to stimulate housing and the economy. Right?
That seems to be the overriding sentiment aimed at the new proposed bill authored by Senators Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) , the section titled, “Increasing Home Ownership by Priority Visitors,“ who want to give foreigners a visa if they purchase $500,000 or more in American homes.
It can’t be just any real estate, either. They can’t buy land, warehouses, or office buildings. We’re talking about residential real estate like town houses, homes, or condos. They’re free to use them as investment property but the minimum purchase is $250,000 per property. If they want to purchase 10, $50,000 homes they can do that but they won’t qualify for the visa.