Schumer says the “homeowners’ visa” bill has a good chance of passing – from

A new Senate bill would help spur demand in U.S. housing by offering foreign investors a three-year “homeowners visa” if they invest half a million dollars cash and stay in the house for 180 days, co-sponsor Sen. Charles Schumer told CNBC Monday.

“We all know housing is dragging down our economy and the problem is basic supply and demand,” said the New York Democrat.

The bill, co-sponsored with Mike Lee, a Utah Republican, “simply increases the demand. There are literally millions of people around the world, many of them retirees, some not, who would like to live here in America.”

The residency requirement will force these investors to pay federal and property taxes, Schumer pointed out, and is intended to allay immigration concerns.

“We have to straighten out our immigration policy,” Schumer said. “Immigrants are good for America. We should not just have people who cross the border illegally.”

His visa bill is “not a path to citizenship,” he stressed. But those who come using the visa can renew it every three years “as long as they stay in the U.S.”

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