Immigrants Needed!

The stimulus bill recently passed by Congress places restrictions on the H1-B visa program. It usually permits U.S. employers to hire up to 65,000 specialized workers a year from other countries for 3-6 years. Most workers are from India, many with IT expertise. Is this the start of protectionism? Some fear that may be the case. Yet, we stand to gain a great deal through programs such as H1-B and other special visas, particularly as regards immigrants who are entrepreneurs with capital to start a new business. Are we missing opportunities?

Consider these arguments made recently in The Wall Street Journal by Richard S. LeFrak and A. Gary Shilling. Mr. LeFrak is CEO of LeFrak Organization, a real estate developer. Mr. Shilling is an investment advisor and president of A. Gary Shilling & Co.

• There are 2.4 million houses for sale left over from the recent housing boom.
• Excess inventory means lower prices for existing homes.
• Why not offer permanent residency to foreigners who commit to purchase one of these homes?
• The government should expand the EB-5 visa program to promote this type of immigration. EB-5 visas are for foreigners who have $1 million to invest in a new enterprise (less in depressed areas) that will create at least 10 full-time jobs.

"Granting permanent residence status to foreigners who buy houses in this country will curtail a primary driver of the deepening recession and financial crises," the two gentlemen wrote in an op-ed piece. "Since the people who will buy these houses will tend to have money, education, skills and entrepreneurial talents, they will be substantial assets to America in both the short and long runs."

It's a compelling argument.

Quick Vue: Here is a brief report from India's NDTV (New Delhi) about changes to the H1-B Visa program for workers with specialized knowledge and certain academic credentials.