SCOTTSDALE, AZ – Two U.S. Senators are trying to revive the housing market one foreigner at a time. It’s a bill, Senators Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) introduced Thursday. If passed, the law would offer foreigners a visa to live in the United States if they spend $500,000 on a home. Sean Bonini, a Scottsdale real estate agent who helps foreign investors buy homes, is paying close attention to the Senate bill. Bonini works with Canadian, European and Chinese clients. It makes sense, said Bonini, who was showing Martin Holec a home in north Scottsdale. Holec, who spends his time between Chicago and homeland Czech Republic, flew in to see the home. A combination of mountains and steady warm weather, and possibly retiring in the area, is what draws Holec to Arizona. “Basically we bring in money to America. We pay taxes in America so it’s a win-win situation for everybody,” Holec said. “We get high net worth individuals coming into the United States buying off some of our excess inventory,” Bonini said. “I think it is creative thinking like this that is what is going to help us move forward as far as the real estate slump that we’re in.” In its current form, the proposed bill has some restrictions. Foreigners would have to pay cash for the property and it would have to be bought for more than its recent appraised value. “Don’t want my clients to be overpaying for properties in any type of market especially in a market that may be a little bit unstable,” Bonini said. The buyer and his or her family would not be eligible for benefits like Medicare or Medicaid, according to published reports. Despite some concerns, Bonini said it’s overall a good idea. “A lot of those investors who are coming to that edge and can’t quite decide, this is exactly the kind of thing that can push them right into this. This is exactly what our economy needs,” he said. We asked on Facebook whether this was a good or bad idea and here are some of the responses: James McCarron: Sure they can buy it all up. Kinda like the Japanese are buying up Hawaii. They couldn’t invade it. So now they are buying it. Maria Santiago: As a true American my concern is helping my country first not foreigners Will Gaudette: Canadiens are buying houses here like crazy but are pumping money into our community by up grading their new homes which in return are helping us big time Valerie Esposito: This is grasping at straws isn’t it!!!! Amy Dave: 500,000 dollar homes certainly wont help the middle class out of mortgages they cant pay just help the higher tax bracket people once again Nancy Murray: That is like turning our country over to whomever has the money. I was under the impression that WE could not be bought. What is wrong with our thinking? First all our jobs go overseas, now it’s our homes???? Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.