Mike Lee

Misguided Schumer-Lee Bill Offers Visas for Foreign-Born Homebuyers

Schumer photo"Jobs that Americans won't do" is a weak, if common rationale for high levels of immigration. Get set for an equally dubious idea to justify immigration: "housing that Americans can't buy." Senators Charles Schumer, D-N.Y., and Mike Lee, R-Utah, are believers. And they're offering a sweet deal. On Thursday, October 20, the two lawmakers unveiled legislation, the Visa Improvements to Stimulate International Tourism to the United States of America Act, or VISIT-USA Act (S.1746), one of whose elements would provide renewable three-year resident visas to foreign nationals who invest at least $500,000 in residential real estate here. The plan thus assumes both the need for a housing industry bailout and a large injection of foreign capital toward that end. Supporters should spend some time pondering the downside.

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