Buy a house, gain residency?

What if the U.S. granted resident status to foreigners who buy homes here? According to Richard Lefrak and Gary Shilling in the Wall Street Journal, it could do a tremendous amount of good for the housing market.

A better idea is to offer permanent residence status to the many foreigners who are clamoring to get into the U.S. — if they buy houses of minimal values (not shacks). They wouldn’t need to live in those houses, but in order to remove the unit from the total housing market, they couldn’t rent them. Their temporary resident status granted upon purchase would become permanent after, perhaps, five years, if they still owned the houses and maintained clean records.

The mere announcement of this program might well stop the ongoing collapse in house prices, especially in cities such as Las Vegas, Miami, Phoenix and San Francisco, where prices are down 40% — but where many foreigners like to live.

There is much sense in the piece — worth a read and worth a comment.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in Uncategorized. Bookmark the permalink.

3 Responses to Buy a house, gain residency?

  1. paul viau says:

    That’s the best idea I’ve heard in a while! I wonder if it will work in Canada too! Surely the US will fast track this! They would have
    to occupy the house for 3 years. What an excellent idea!

  2. Yeah i think that would be a great idea. It might help us out alot

  3. Daphne Lacey says:

    Gives us something to think about…it could work to get the markets moving again. Austin might be booming again if this happens.

Leave a Reply

Your email address will not be published. Required fields are marked *