PLEDGE NOW
Foreign Buyers For U.S. Homes

Tapping foreign buyers to snap up American homes. New legislation looks to open the floodgates.

A tugboat heads west up the Miami River in Miami, lined with high-rise condos, mansions and luxury marinas. Developers are looking inland to expand residential construction, particularly along remaining waterfront in areas that have been historically industrial, kicking up property values astronomically. (AP)

A tugboat heads west up the Miami River in Miami, lined with high-rise condos, mansions and luxury marinas. Developers are looking inland to expand residential construction, particularly along remaining waterfront in areas that have been historically industrial, kicking up property values astronomically. (AP)

Millions of Americans can no longer afford the homes they’re in, let alone to buy new ones. President Obama is looking to help out now with more lenient refinancing for homeowners underwater.

Two US senators have another idea: sell American homes to wealthy foreigners. A new bill would entice affluent Chinese and Canadian buyers to snap up homes in Florida, California, beyond – and throw in a US residence visa for good measure. Is this a good idea? Americans can’t buy American homes, so sell them to rich foreigners?

This hour On Point: American homes, foreign owners.

-Tom Ashbrook

Guests

Nick Timiraos, real estate reporter for the Wall Street Journal.

Sally Daley, Real Estate Agent, Vero Beach, Fla. with Daley and Company Real Estate.

Jacob Hacker, Professor of Political Science at Yale University, where he is Director of the Institution for Social and Policy Studies.

Susan Wachter, Professor of finance and real estate, University of Pennsylvania. She’s the author of “The American Mortgage System: Crisis and Reform.”

From Tom’s Reading List

The Wall Street Journal “The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.”

Mother Jones “A huge share of the nation’s economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
May 6, 2016
President Barack Obama drinks water as he finishes speaking at Flint Northwestern High School in Flint, Mich., Wednesday, May 4, 2016, about the ongoing water crisis.  (AP Photo/Carolyn Kaster)

It’s Trump for the GOP. Clinton leads. Sanders hangs in. A Navy Seal killed by ISIS. Our weekly news roundtable goes behind the headlines.

May 6, 2016
Close-up of a Grauer's gorilla. Kahuzi-Biega National Park, one of the last remaining strongholds of the 
Grauer
’
s gorilla, the 
world
’
s largest gorilla subspecies. 
CREDIT: A.J.Plumptre/WCS.

Great gorillas being wiped out by war and poaching. We’ll go to the mountains of Africa. Plus, after the Ivory burn in Kenya- we look at the state of the world’s elephants.

RECENT
SHOWS
May 5, 2016
Rob Reiner with his son, Nick. [Courtesy: Paladin]

Filmmaker, actor Rob Reiner and his son, Nick, get personal in their new film “Being Charlie,” which takes on drug addiction.

 
May 5, 2016
Detroit teachers march outside the district headquarters, Monday, May 2, 2016, in Detroit. Detroit Public Schools transition manager Steven Rhodes says 45,628 of approximately 46,000 students were forced to miss classes Monday as 1,562 teachers called in sick. The mass sick-out has forced the district to close 94 of its 97 schools. Detroit's schools are expected to be out of cash starting July 1. The state earlier gave the district $48.7 million in emergency funding to keep it open through June 30 as the Legislature considers a $720 million restructuring plan. (AP Photo/Carlos Osorio)

Fixing Michigan- from Flint’s water crisis to failing schools in Detroit. Are state takeovers the answers or the problem?

On Point Blog
On Point Blog
Devoured: We Are What (And How) We Eat
Tuesday, May 3, 2016

From chicken wings to kale smoothies, we look at what we eat, and how challenging it is to eat well in America.

More »
Comment
 
‘Embedded’: How Violent Gangs Are Terrorizing El Salvador
Thursday, Apr 14, 2016

NPR’s Kelly McEvers on her reporting in El Salvador for the podcast Embedded, and how gang killings brought San Salvador’s bus service to a halt.

More »
Comment
 
That Cheap Dress On Facebook? It Isn't Worth It
Monday, Apr 11, 2016

Know those shockingly cheap clothes you see advertised on Facebook? There’s a catch.

More »
Comment