We sell our jet technology to China and actually facilitate China stealing our secrets, we are giving away our drilling and mineral rights, our space program is ceded to Russians and Chinese, and the list goes on. We now have a new giveaway – our land. I guess you can buy your way into our country now. It’s quite an elite approach. If you have the money, you can get into the USA.
This misguided bill, which aims at relieving us of our foreclosed properties, gives foreigners residence visas if they spend at least $500,000 to buy houses in the United States. Chuck Schumer of NY and Mike Lee of Utah hope it will spur more foreign investment in our country. They won’t be able to work here without a work visa, which will involve a separate process.
Our “leaders” now substitute leadership and effective policy with a new sell-out. Why don’t our leaders stop spending us into oblivion instead of looking for foreign investors?
I wonder what this will bring. What’s next?
From the WSJ: “…But other industry executives greeted the proposal with skepticism. Foreign buyers “don’t need an incentive” to buy homes, said Richard Smith, chief executive of Realogy Corp., which owns the Coldwell Banker and Century 21 real-estate brands. “We have a lot of Americans who are willing to buy. We just have to fix the economy.”
The measure may have a more targeted effect in exclusive markets like San Marino, Calif., that have become popular with foreigners. Easier immigration rules could be “tremendous” because of the difficulty many Chinese buyers have in obtaining visas, says Maggie Navarro, a local real-estate agent.
Ms. Navarro recently sold a home for $1.67 million, around 8% above the asking price, to a Chinese national who works in the mining industry. She says nearly every listing she’s put on the market in San Marino “has had at least one full price cash offer from a buyer from mainland China.”Read here: WSJ