Lovable on so many levels
Not only is the new Pearl hotel being built by Homer Williams, but it's also being financed by Chinese people who as part of the deal get to move their families into the country and throw their weight around.
Old Char-Lie Hales apparently gave a speech at the fake groundbreaking today. You could hardly see Homer's lips moving, no doubt.
| Posted at 2:41 PM | Permalink |
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Comments (11)
While I think that the EB-5 program has too low of a threshold, it also isnt right to decide which country you want to take advantage of it, is it?
Yes, the incident in Corvallis last summer is fresh in my mind as well, but it resolved itself as we wanted it to.
Yes, I'm the first to admit that my company is majority-funded by Chinese investors, so its fair to say that i'm probably more interested than most.
But, if you offer a program like this, you cant then come back and say that you would have preferred they be Danish, Brits, or whoever...
Cheers, It's Mike
Posted by It's Mike | December 17, 2012 3:03 PM
I don't support the program, with any country, at all. We sink lower and lower.
Posted by Jack Bog | December 17, 2012 3:18 PM
Jack...
Also, the article contained an inaccuracy... The threshold is $1M in new or recently created, $500K in rural or high unemployment (but maybe thats the whole country except ND at this point...)
Over 20 countries worldwide, including Canada and Australia offer similar programs (they dont call Vancouver BC "Hongcouver" for nothing).
Interesting stat is that less than 40% of those who were issued EB-5's have earned permanent residency since the program began, and less than 13,000 of these visas have been issued since the program started. hmmmm... 13,000... isnt that just about an average week of illegal immigration? I'm not saying that I would rather have wealthy foreigners throwing their weight around, but compared to indigent, unskilled (for the most part) illegals, I'll take it.
It's a competitive world out there, and there is a lot of money outside of our borders that can be turned to our advantage. We can kill the program and turn our collective backs on that money, or take advantage of the perception of America as a land of economic opportunity while we still can.
Cheers, It's Mike
Posted by It's Mike | December 17, 2012 3:37 PM
I'm with Jack on this one. I'd also like to add H1B visas to the list also.
Posted by PDXLexus | December 17, 2012 3:38 PM
PDXLexus...
we are in agreement on H1B's. I'm in the tech world and i've seen it become almost legalised indentured servitude to the immigrant engineers (i know that there are others, but engineers are who i have my experiences with), while highly qualified USA residents are unfavored and passed over by companies with VERY active H1B programs, especially once the first digit in your age becomes a 5...
cheers, It's Mike
Posted by It's Mike | December 17, 2012 3:42 PM
I'm with Mike on this one. The US should be doing all it can to attract wealthy people to move here to invest and spend their money. Oregon should be doing the same thing with sensible tax policy instead of discouraging these people with very high income and capital gains taxes.
Posted by stuart | December 17, 2012 3:53 PM
I thought everybody who lived in the Pearl was required to have $500,000?
Keeps out the riff-raff.
Posted by Mister Tee | December 17, 2012 4:23 PM
Mister Tee....you haven't seen the "residents" in the door ways after hours? Trust me, the homeless/addicted situation there is awful!
Posted by Portland Native | December 17, 2012 4:31 PM
Couldn't happen to a nicer bunch.
Posted by Jack Bog | December 17, 2012 4:57 PM
I thought everybody who lived in the Pearl was required to have $500,000?
How many of those Pearl condos are tax abated?
Posted by clinamen | December 17, 2012 6:22 PM
On the other hand, there will be at least one good restaurant close to Union Station.
Posted by John F. Bradach, Sr. | December 17, 2012 6:35 PM