A regional perspective on the Congressional action to renew the controversial EB-5 program.
Ben Bergman reports that Southern Californian economists are applauding the renewal of the EB-5 program, which provides a path to citizenship for foreign who invest at least a million dollars and employ at least ten workers. William Yu, an economist from UCLA, says the program offers "not a trivial" boost to the economy.
According to Bergman, "The number of EB-5’s issued every year is capped at 10,000, a number that has been quickly reached in recent years." The article also notes that real estate projects, as well as films, are popular investments among EB-5 applicants in the Southern California area.
Opponents of the EB-5 program, which include U.S. Senator Dianne Feinstein (D-Calif.), argue that it allows wealthy foreigners to cut in line for legal status in the United States. In 2014, Planetizen shared an argument in favor of the EB-5 based on its investment benefit in Rust Belt cities.
In a separate article, Chris Fuchs examines the national conversation (and controversy) over Congress' decision to renew the program.
Read the full story: Why the renewal of EB-5 is welcomed in Southern California
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