The Federal Government is desperate to improve the situation of joblessness and a tanked real estate market… but what can they do about it? Doesn’t the market have to simply run its course? Don’t prices simply have to drop? Don’t investors need to snap up as many properties as they can to rebuild neighborhoods? Doesn’t the average American need to buy when they have a job again? There is a new proposal on the table – a Bipartisan Bill that would allow foreigners who spend $500,000+ on US real estate to obtain Visas to live in the United States.
Advocates of the plan say it could really boost the California market, which is attractive to Chinese real estate buyers. Nationwide, sales to foreigners and new immigrants reached $82 billion, up from $66 billion last year, said the National Association of Realtors. Florida and California led these real estate transactions, but Colorado, New York, Hawaii, and Texas will also see huge increases in demand. Sandra Miller, a Santa Monica realtor, said 10 percent of the luxury market is comprised of foreign investors, but offering them US visas to live here could easily triple that figure.
It’s the Government’s hope that these international tourists would take advantage of another offer once here – to get on the fast track for a green card if they invest at least $500,000 in an American business that creates at least 10 jobs.
According to New York Senator Chuck Schumer who introduced the legislation, “Many people want to come and live in the United States. They will be here spending money and paying taxes, and the most important thing is they'll sop up the extra supply of homes we have right now compared to demand, and that's what's dragging our economy down."What do you think? Will this help our real estate market and unemployment rates?To check out what is happening in the Bethesa real estate market, make sure to visit http://dcrealestatemarketplace.com/
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