Here's something that may prove even more successful, from an economic-growth standpoint, than Botox treatments and free massages: a new housing bill that promises visas to foreigners who buy property here. Introduced yesterday by Senators Charles Schumer of New York and Mike Lee of Utah, the proposed bill would allow any foreigner who invests $500K in residential real estate to earn a three-year residential visa. Some stipulations: buyers would have to pay in cash, live in the home for at least 180 days of the year, apply separately for a work visa, and, of course, deal with issues of citizenship and voting rights separately—they are not included. Despite the fact that $82B of residential real-estate sales came from foreigners for the year ending in March—prompting some to deem the bill unnecessary—business magnate Warren Buffett's a fan. Perhaps an international man of mystery will offer to pay cash for his former Laguna Beach, Calif., home?
· Real Estate Agent to Raffle Off Botox Treatments at Open House [Curbed National]
· Senate Plan Seeks Foreigners to Spur Housing Market [NYT]
· Hey Foreign Investors: Buy a House, Get a Visa! [AOL Real Estate]
· Inside Warren Buffett's Former Fit-For-a-King Manse [Curbed National]