Ok I am going to rant a bit. For those of you who want something funny please turn away and look at some of the older posts.
The employment fifth precedence or EB-5 is a law enacted in the late 90’s that allows up to 10, 000 wealthy people to buy their way to US citizenship. If you can come up with 500k and start a business that will hire at least 10 people in 2 years come on down! I am told this is not unusual. This is how a lot of investment groups get loot to build fancy shmancy buildings and development properties. It is what countries do to attract rich people and frankly rich natives are running away and we have to replace them – I guess.
In New York, New Jersey, Illinois, and elsewhere the developers who use this money are supposed to put the new businesses in economically under served areas. Where there is a loop hole. There always is. And now, recently, all 10k of those spots have been spoken for. A lot of them of wealthy, new rich, Chinese people and Asian people who want American citizenship. Why? If you are rich, living anywhere is awesome right?
Well maybe the Chinese are trying to escape the filthy air and water their sweatshops and polluting manufacturing plants have created. The capital is closed down today because the air is 12 times more polluted than safe. Ok to me it looks like LA on a bad day but still. It is man made pollution and many of the wealthy who benefit from those plants can come to America! for the low low price of 500 k! Hell, there are dogs that they pay more for than that! I think if you country is polluted because of your business you need to stay there and breathe the poison fog in along with the poor and working class folks.
In the great scheme of thing 10,000 rich folks may be good. However, these people are tearing real estate prices up! 20 million for a condo in NYC and the rents in San Francisco, Manhattan, Chicago, are crazy. I just saw a small one bedroom for 3k a month. That’s in downtown Chicago. That is mortgage money. Or money for a rich kid to have his own crib while mum and dad jetset. The average American does not make 9k a month so that isn’t for them. That is ok. However, the EB5 money is supposed to help build up poorer areas. The result is gentrified fringe areas, like Bronzeville and Logan Square areas in Chicago and Brooklyn in New York. It results in pre-existing tenants being shit out of luck when it comes to keeping their homes. The taxes and rents go up. The only folks who can stay are rich, children of the rich, and maybe people sneaking and doing airbnb rentals so they can make their rent. ( I love airbnb for the most part, but it is being outlawed in some of the ritzy buildings… how do they think a secretary making 58 k a year affords 36k rent… she goes to her boyfriends every weekend and rents out the place for 500 a weekend)
So those are two points… naughty industrialist escaping the pollution they created, the rental and housing market going crazy. Now here’s another, given that people go through stringent back ground checks and they are given 2 year visas and if they haven’t created 10 jobs and invested 500k they have to go or find another way to stay.
What about the t word? Terrorist from afar are well funded. Hmmmm? If you do not have a criminal record and you have some loot you can come on in. While we worry about Syrians who may bring in an ISIL lover along unknowingly, how can we be sure these guys aren’t bent on destruction. As the recent events have shown even American born citizens can turn, and you can do a lot of damage in 2 years.
I am on the fence. I am all for bringing in jobs. I am pro immigration as long as it is legal. However, I do worry about someone evil slipping through the cracks. It seems most people who sympathize with ISIL have clean back grounds and just get into the jihadist movement for whatever political, psychological, or ? reason they have. We have enough KKK, KKK knockoffs, Nazi wanna be’s and anti government nuts here we don’t need incoming madness.
According to my research, you have to have a green card in good standing for 5 years to become a citizen. 140,000 visas for permanent employment. This is often people like doctors from India, Computer scientists, heck folks in the STEM fields and the like. 70,000 refugees are allowed in, this year maybe 80k because of the horror in Syria. Then there are 480k family visas. Maybe someone came here and got married, or became a citizen and asked for their foreign spouse to come in. Then there are 55k “diversity” visas, which are for people from countries where the people don’t usually migrate to America. Why? Well, because we love diversity. Well at least on paper.
So, 10, 000 rich folks out of 755-765k visa’s allowed isn’t such a big deal now that I think about it. We do need to be choosy however. Make sure the funds help bring real jobs in impoverished areas not temp jobs in construction. Make sure that people are who they say they are.
I guess we should just do our due diligence and relax.