Hoping to give a boost to the stagnant housing market, two Senators are about to introduce a bipartisan bill that will offer residence visas to any international buyer willing to spend at least half-a-million dollars on a house.
The Wall Street Journal reports that the bill is part of a larger piece of immigration legislation being introduced by Senators Charles Schumer (D., N.Y.) and Mike Lee (R., Utah) aimed at bringing foreign investments into the U.S.
International buyers have been a huge boost to the South Florida, Southern California, and Arizona housing markets where buyers are benefiting from low home prices and great foreign exchange rates.
To qualify under the new bill a buyer will have to spend at least $500,000 on a piece of residential real estate: home, condo, or townhouse.
Buyers can spend half that amount if they spend the other half on investment properties that can be rented out.
“This is a way to create more demand without costing the federal government a nickel,” Sen. Schumer told the Journal.
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