New Senate Bill Could Stimulate Local Home Sales

There’s a movement in the senate right now to create a bill that would allow for the granting of resident visas to any foreigners who invest at least $500,000 for a residential one-family residence, condo or townhouse.

I think this is just a great idea, as many countries in Europe and elsewhere offer similar visas for foreigners, and our depressed housing market is strangling both our local and national economy.

On average, there are only about 35 homes for sale in West Hollywood at any time. Why so little activity? People are so badly disillusioned by the deflated Los Angeles housing market that they don’t even bother listing their homes. Who knows how many more would be listed if there was a viable market of cash-rich buyers. Nationwide, there are 3.5 million unsold homes. With credit so tight and/or unavailable, there simply aren’t enough qualified buyers.

There are plenty of prospective European and Asian buyers; however, who can take advantage of hugely favorable exchange rates and would be happy to buy homes here, if their visa status were favorable, as the bill proposes?

Naturally, Southern California and West Hollywood would be at the top of the list for affluent foreigners, as we all know how great it really is to live here.

Wondering if the City of West Hollywood and its residents can be pro-active in supporting this bill. There is one catch: the bill currently is tied up with other immigration bills that could stall it.

Put your comments below and we will send them to Senators Charles Schumer and Mike Lee showing our support.