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 BUY HOME & GET GREEN CARD.
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Posted on 05-20-09 8:29 PM     Reply [Subscribe]
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The Obama administration should seriously consider granting resident status to foreigners who buy surplus houses in this country. This makes more sense than the president's $275 billion housing bailout plan, which Americans greeted with a Bronx cheer.


The federal bailout forces taxpayers to subsidize overextended homeowners who bet on ever-rising house prices and used their abodes as ATMs, and it doesn't get to the basic problem -- the huge inventory of excess houses. We estimate that 2.4 million houses over and above normal working inventories are left over from the 1996-2005 housing bubble. That's a lot, considering the long-term average annual construction of 1.5 million single- and multi-family units.


Excess inventory is the mortal enemy of house prices, which have already fallen 27% since the peak in early 2006. We predict another 14% drop through the end of 2010 if nothing is done to eliminate the surplus.




[Immigrants Can Help Fix the Housing Bubble] Chad Crowe

Doing nothing to eliminate the excess inventory might well push the recession through 2010 and into a depression. Declining home values, for example, are eliminating the home equity that has funded oversized consumer spending for years.


As consumers retrench, production is cut, payrolls are slashed, and consumer confidence, incomes and spending are savaged in a self-feeding downward economic spiral. But if the government buys surplus houses and sells them at low market-clearing prices, other house prices will drop, destroying more home equity and driving many more mortgages under water. Bulldozing excess houses would be an inefficient end for perfectly habitable structures.


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.


Each year, 85,000 H-1B visas are granted for foreigners with advanced skills and education, and last year, 163,000 petitions were filed in the first five days after applications were accepted. The Ewing Marion Kauffman Foundation estimates that as of Sept. 30, 2006, 500,040 residents of the U.S. and 59,915 individuals living abroad were waiting for employment-based visas. Many would buy homes if their immigration conditions were settled.


These people tend to be highly productive. In 2006, foreign nationals residing in the U.S. were listed as inventors on 25.6% of the patent applications filed in the U.S., up from 7.6% in 1998. A Council of Graduate Schools survey found that in the fall of 2007, 241,095 non-U.S. citizens were enrolled in graduate programs. Some 55% were in engineering and the biological and physical sciences, compared with only 16% of U.S. citizens. In 2007, more people on temporary visas received doctorates in physical sciences and engineering than U.S. citizens.


There is a high correlation between education and incomes, and in today's uncertain economic climate, many wealthy foreigners desire U.S. resident status just as a number in Hong Kong secured residences in Singapore and Canada before the British handover to China in 1997. They rapidly became over a quarter of Vancouver's population, and brought in billions of dollars to buy houses and make other investments.


We could benefit from such an influx. Merrill Lynch estimates that in 2007 there were 10.1 million individuals in the world, 7.1 million outside the U.S., with at least $1 million in financial assets that totaled $29 trillion. If new immigrants bought the 2.4 million excess houses at today's $184,000 median price with funds from abroad, they would bring untold billions. The immigrants would also buy consumer goods, pay taxes, and start many new businesses.


The blueprint for a program to sell surplus housing to immigrants is already in place with the EB-5 visa program. Each year, 10,000 EB-5 visas for this country are available for foreigners who each invest $1 million in a new enterprise ($500,000 in economically depressed areas) that creates at least 10 full-time jobs. After two years, the entrepreneur and his family can become permanent residents.


America's relatively open immigration policy makes this country better off than many other developed lands whose governments also must fund the pensions and health care for growing numbers of retirees. Yet there's still a huge need for more productive and skilled people, both current residents and immigrants, who will produce enough goods and services to provide for their own needs and for those in retirement. Otherwise, entitlement spending eventually will touch off intergenerational warfare.


Granting permanent resident status to foreigners who buy houses in this country will curtail a primary driver of the deepening recession and financial crises -- excess house inventories and the resulting collapse of prices. Since the people who will buy these houses will tend to have money, education, skills and entrepreneurial talents, they will be substantial assets to America in both the short and long runs.


Mr. LeFrak is chairman and CEO of LeFrak Organization, a real estate builder and developer. Mr. Shilling, an economic consultant and investment adviser, is president of A. Gary Shilling & Co.


 

Printed in The Wall Street Journal on 17 March, 2009, page A15

 
Posted on 05-20-09 8:39 PM     Reply [Subscribe]
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 Hey guys!!! What are your opinions about this probable policy?


 
Posted on 05-20-09 8:48 PM     Reply [Subscribe]
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How about this instead.


The Founder Visa
Paul Graham - April 2009
I usually avoid
politics, but since we now seem to have an administration that's open
to suggestions, I'm going to risk making one. The single biggest thing
the government could do to increase the number of startups in this
country is a policy that would cost nothing: establish a new class of
visa for startup founders.
The
biggest constraint on the number of new startups that get created in
the US is not tax policy or employment law or even Sarbanes-Oxley. It's
that we won't let the people who want to start them into the country.
Letting
just 10,000 startup founders into the country each year could have a
visible effect on the economy. If we assume 4 people per startup, which
is probably an overestimate, that's 2500 new companies. Each year. They wouldn't all grow as big as Google, but out of 2500 some would come close.
By
definition these 10,000 founders wouldn't be taking jobs from
Americans: it could be part of the terms of the visa that they couldn't
work for existing companies, only new ones they'd founded. In fact
they'd cause there to be more jobs for Americans, because the companies
they started would hire more employees as they grew.
The
tricky part might seem to be how one defined a startup. But that could
be solved quite easily: let the market decide. Startup investors work
hard to find the best startups. The government could not do better than
to piggyback on their expertise, and use investment by recognized
startup investors as the test of whether a company was a real startup.
How
would the government decide who's a startup investor? The same way they
decide what counts as a university for student visas. We'll establish
our own accreditation procedure. We know who one another are.
10,000
people is a drop in the bucket by immigration standards, but would
represent a huge increase in the pool of startup founders. I think this
would have such a visible effect on the economy that it would make the
legislator who introduced the bill famous. The only way to know for
sure would be to try it, and that would cost practically nothing.

http://www.paulgraham.com/foundervisa.html

 
Posted on 05-21-09 11:01 AM     Reply [Subscribe]
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Last edited: 21-May-09 11:02 AM

 
Posted on 05-21-09 12:19 PM     Reply [Subscribe]
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Looks like all the apartment will be empty as we start to buy houses .

 
Posted on 05-21-09 2:14 PM     Reply [Subscribe]
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BETTER DEAL! BUY A HOUSE AND GET GREEN CARD AND ONE BMW  FREE.
 
Posted on 05-21-09 3:05 PM     Reply [Subscribe]
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I like the concept.
Hope the US government will implement this idea.
As a result, the copy-cat UK government will do the same.


Best of Luck boys,
Nepal ko ghar khet bechera bhaye pani US ma ghar kinnu parchha timi haru le.


 
Posted on 05-21-09 3:17 PM     Reply [Subscribe]
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Buy home, get GC, work like slaves, contribute to US economy.
very clever of Obama and us policy.



 
Posted on 05-21-09 3:19 PM     Reply [Subscribe]
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I don't want to kill everyone's buzz here but bills like those appear and die so many times. This bill will get shot at like "Cheney shot the old man in the face"

You should read some of the blogs on how Americans feel about this bill. Nevertheless, if it passes its good for Nepalese with some money.

Still no hope for Potheads !!!

Peace !!

 


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