The bipartisan Senate bill would allow foreigners who spend at least $500,000 on a residential property to obtain visas allowing them to live in the United States.
A reader comments
Welcome aristocracy
Here’s the deal. They are going to buy homes in wealthy enclaves (because they are wealthy)or they are going to buy up beautiful homes in more lovely areas
Hershey PA was a company town of beautiful homes. wealthy people moved in and drove out working people.
Working people used to be able to live in manhattan… now wealthy drove them out
and … might I add … now we will pay rent to the Chinese landlord.There is nothing to prevent them from taking that money out of the country & spending it elsewhere whereas we as investors & landlords spend our money here.
like I said … welcome (especially Chinese) aristocracy. They’ll really own us now.
That’s going to help us … how?
It’s going to help the banks by getting rid of the backlog.
It’s going to help the trade deficit by bringing dollars back from China.
But it’s going to help us … how?
The fine piece of crony capitalism helps the elites, which is what the Senate does best. The number of homes that might be bought when compared to the huge numbers of foreclosures is piddling. It will do little to help, especially since the homes must be over $500,000. This is simply a gift from elites to elites.
While history oft repeats itself, it doesn’t necessarily do so precisely. We owe China enough that pretty much any solid member of the Chinese Middle Class could own an American Houseboy.
I’m of the opinion their economy is frothy bubbleciousness and will be imploding soon enough too.
Think of the numbers of what is produced in China and then imagine their bubble bursting. Where would anything you want be manufactured. There can’t be an immediate swing back to manufacturing in the West, it would take years. If the the China bubble bursts, look for chaos world wide. Of course we are somewhere on the brink at the moment.