I don’t think this idea is nearly the panacea that Gary Shilling and Richard LeFrak seem to think it is, but nevertheless a program to offer permanent resident status to foreigners who buy American houses does seem to me like a good idea. It should, at a minimum, help decrease the amount of time it takes for the capacity overhang in U.S. housing to get soaked up. Meanwhile, there would be some stimulative effect to getting more people to move here. They’d presumably buy furniture, etc. I’m just a bit skeptical that there’s be all that many people taking advantage of such an offer—traditionally people immigrate to the United States to find work, but this is not a good time to be job hunting.
Barry Ritholtz also likes the other.