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March 18, 2009

Immigrants Can Help Fix the Housing Bubble

Filed under: economy,FYI,Government,H1B,housing,US — 7macaw @ 10:09 am
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An article in the Wall Street Journal suggests that, “The Obama administration should seriously consider granting resident status to foreigners who buy surplus houses in this country.”

In order to reduce the excess inventory of houses, it is suggested to “offer permanent residence status to the many foreigners who are clamoring to get into the U.S. — if they buy houses of minimal values (not shacks). They wouldn’t need to live in those houses, but in order to remove the unit from the total housing market, they couldn’t rent them.”

According to the article, “Each year, 85,000 H-1B visas are granted for foreigners with advanced skills and education, and last year, 163,000 petitions were filed in the first five days after applications were accepted. The Ewing Marion Kauffman Foundation estimates that as of Sept. 30, 2006, 500,040 residents of the U.S. and 59,915 individuals living abroad were waiting for employment-based visas. Many would buy homes if their immigration conditions were settled.

These people tend to be highly productive. In 2006, foreign nationals residing in the U.S. were listed as inventors on 25.6% of the patent applications filed in the U.S., up from 7.6% in 1998. A Council of Graduate Schools survey found that in the fall of 2007, 241,095 non-U.S. citizens were enrolled in graduate programs. Some 55% were in engineering and the biological and physical sciences, compared with only 16% of U.S. citizens. In 2007, more people on temporary visas received doctorates in physical sciences and engineering than U.S. citizens.

March 2, 2009

Immigrant Chinese, Indian tech workers increasingly return home

Filed under: economy,FYI,US,worldwide — 7macaw @ 1:49 pm
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The U.S. economic magnet is losing some of its power to retain skilled immigrants from China and India, many of whom have come to Silicon Valley to study and work, according to a survey released today of more than a thousand returnees.

A powerful combination of career, family, culture and rapidly growing economies in their home countries is drawing them back, threatening U.S. supremacy in an increasingly competitive global environment.

The poll of 1,203 returnees to India and China by researchers at Duke and Harvard universities and the University of California also found the returnees thriving in their new jobs. Many rose through the ranks to senior management, with the number in high positions three to four times the number who held senior positions with their U.S. employers. About half said they planned to start a company in the next five years.

Source: San Jose Mercury News

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