.RepMaryMiller: “As a farmer, I know that foreign land purchases are especially an issue in rural America where the Chinese Communist Party is attempting to buy land in our country to gain strategic leverage over the United States and our food supply.”
According to the legislation, foreign investors now account for almost one-third of institutional investments in single-family rental homes in the United States. Breitbart News previouslyhow global investors are “gobbling up” middle-class suburban homes, “enriching wealthy investors and turning would-be homeowners into lifetime, no-equity renters.”
This is “pushing many long-time residents out of their homes, including some of our most vulnerable and poor communities,” according to the bill. Additionally, “roughly 47 percent of rural renters pay a third or more of their income in rent each month. The Federal government has done nothing to help rural Americans deal with the rising costs in housing.”
“For example, in Macedonia foreign citizens cannot purchase agricultural land and may only lease. In Poland, foreign individuals need permission from the Ministry of International Affairs to purchase land. Mexico too has restrictions in place that put limits on foreigners’ ability to purchase land. Vast foreign land purchases of American land hurts rural and urban communities alike,” she said.
The Comptroller General of the United States would be required to submit a report to Congress six months after the enactment of the bill detailing the history of foreign public and private real estate purchases located in the U.S.
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