Foreigner Buys A House in the U.S., Becomes a U.S. Citizen?

The Wall Street Journal reports a proposed measure in Congress would offer visas to any foreigner making a cash investment of at least $500,000 on residential real-estate—that’s for a single-family house, condo or townhouse. Applicants can spend the entire amount on one house or spend as little as $250,000 on a residence and invest the rest in other residential real estate, second homes or investment real estate to be rented out. 

The idea: this would help boost the struggling US real estate market and speed our recovery.

According to an article in the October issue of Tierra Grande, Real Estate Journal at Texas A&M University, Gen Y (those born from about 1977 to 1982) are the second (or maybe even first!) most important age demographic in real estate, because they are the up and coming buyers. This is the internet generation, plugged-in, mobile, and ethnically diverse. Texas is about the only state with a growing population of Gen Yers, and 46% of this group is Hispanic, 37% Anglo, and 13 % black and 4% mainly Asian. Comparing that to the rest of the US, 56% of Gen Y is Anglo, 19 % Hispanic, 14% Black and 5% Asian. Clearly, we can bring some ethnicites into the housing market.

What do you think?