|Photo by Casey Serin|
I did note, however, a bill which would allow foreigners to buy U.S. homes for residency. It hasn't passed yet, but if it does, it would allow foreigners who spend at least $500,000 on residential property to live in the US. There are a few caveats, but basically, it would require you to buy at least one house to live in for $250,000 and other residential property totaling another $250,000 or more. You can rent out the extra property.
Personally, I'm all for this idea. I want to see barriers to immigration lowered, but honestly, given that the US now has %4.6 of homes empty and awaiting sale or rent, who actually thought this bill was a good idea now? Banks are foreclosing on people's homes left and right and this bill would allow them to be sold off to foreigners who can then rent a bunch of them back to the Americans who were foreclosed on? I can see this blowing up badly in some politician's faces if it passes.