Wadhwa: Skilled Worker Visa Reform Could Boost Housing Market
Here's the gist of his plan:
Our country needs to expand the numbers of EB-1, EB-2, and EB-3 visas available, remove the per-country limits, and tie the immediate issuance of these visas to the purchase of a home. I estimate that at the least 20% of qualified immigrants will take the government up on this offer. That amounts to more than 100,000 houses being sold within a short period of time--a roughly $25 billion potential boost to the anemic housing market. Plus these workers will furnish their new houses, buy new appliances, and buy new cars. That amounts to billions more in economic stimulus.
Unlike the bailouts and subsidies that our leaders have been debating, this will cost taxpayers practically nothing. It will also reduce the outflow of talent and allow these ambitious immigrants to start new businesses that create jobs. With the economy in the doldrums, lingering unemployment, and a political stalemate on how to deal with the nation's problems, we need some fresh, out-of-the-box thinking. A program like what I am proposing will appeal to both sides of the political spectrum and give our economy a badly needed boost.