27.10.2011 - Are rich foreigners the answer to America's housing crash?
Have you got $500,000 (312,000) to spare and hail from anywhere but America? If so, one Charles Schumer of New York wants you to get in touch. That half a million dollars, according to Schumer, one of New York's two Democratic Senators, could be part of the answer to the country's housing crash. Schumer and Mike Lee, a Republican Senator from Utah, are trying to drum up support for legislation that will entice foreigners to invest 359,000, C$508,000, 78m yen or 3.1m yuan in US residential real estate. And the sweetener: a visa to live here as long as you own the property. Is it starting to look attractive? It might be to those who don't subscribe to the thesis that America's best days are behind it...............................................Full Article: Source
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