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Saturday, January 14, 2012

Selling the Right to Live in America

By Robert Reich, Robert Reich's Blog

25 October 11

Why we shouldn't be selling the right to live in America.

merica is having a fire sale. Why not sell wealthy foreigners the right to live here, too?

That's the notion behind a bill introduced last week by Republican Senator Mike Lee of Utah and Democrat Senator Charles Schumer of New York: Stoke demand for American homes by allowing foreign nationals to buy them. In return, give foreigners the right to live here (although not work here).

The price? At least $500,000 cash. It could be one piece of real estate costing $500,000 or more, or several - one would have to be worth at least $250,000.

Presumably, this would help homeowners by boosting demand. "This is a way to create more demand without costing the federal government a nickel," Schumer told the Wall Street Journal.
And it would help the Street. Rather than have the big banks carry all those non-performing mortgage loans on their books or be forced to write them down, we'll just goose the housing market by selling off the right to live in America.  READ MORE
 

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