Okay, I honestly think this is a longshot, but it once again speaks to the depth of the challenge in the U.S. housing market.
As you know the current situation is a distinct advantage for Canadians who want to invest in U.S. real estate. Now, the LA Times is reporting that two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States.
Yep, you read that right. Buy a home and get a resident visa.
For Canadians, this may not be a major drawing card due to the ‘out of country’ timelines set by the Canadian government. But if the creators of the bill are right and it gets some traction, it will certainly be of interest to foreign nationals other than Canadians. An increase in their purchases of U.S. homes could start the process to some increases in the housing market. That reinforces my belief that we are in the direct centre of the window of opportunity.
“Many people want to come and live in the United States,” said Sen. Charles Schumer (D-N.Y.), who introduced the legislation Thursday along with Sen. Mike Lee (R-Utah). “They will be here spending money and paying taxes, and the most important thing is they’ll sop up the extra supply of homes we have right now compared to demand, and that’s what’s dragging our economy down.”
I’ll be keeping an eye on this one particularly for it’s spinoff effect on Canadians.