United States Senator Ruben Gallego, a Democrat from Arizona, recently proposed a new bill to amend the EB-5 investor visa program, aiming to attract more foreign investments into the US real estate market to alleviate the long-standing housing shortage crisis and rising mortgage rates.
On Thursday, December 4th, Gallego introduced legislation suggesting modifications to the EB-5 investor visa program to channel more funds into housing construction and renovation.
In an email statement on that day, he mentioned, “By directing more EB-5 visa investments into the housing sector, we can reduce costs, increase housing supply, and create good employment opportunities for American workers.”
The EB-5 visa in the United States is an immigrant visa that allows foreign investors to obtain permanent residency (green card) by investing in new commercial enterprises in the country. Applicants must invest a substantial amount of funds in a qualified business and create at least 10 full-time job opportunities for American workers. The investment amount varies depending on the location, with a minimum of $1.05 million, or $800,000 if the funds are used for infrastructure projects or “targeted employment areas” (often referring to rural areas and high unemployment zones).
Gallego’s proposed legislation aims to increase the lower threshold of $800,000, applying specifically to projects related to “construction, maintenance, or renovation of rental housing or housing intended solely for primary residence.”
The bill also calls for government agencies to expedite approval processes related to building affordable housing.
While it remains uncertain if the Republican-controlled Senate will adopt Gallego’s proposal, the bill has garnered early support from some housing industry trade organizations and EB-5 visa investment advocacy groups.
Kevin Brown, Chairman of the National Association of Realtors (NAR), remarked, “This bill provides the necessary tools for builders, non-profit organizations, and local partners to complete projects at a faster pace and lower cost.”
He added that the legislation will “help promote new housing construction, preserve existing affordable housing, create job opportunities, and broaden pathways for people to access stable, affordable housing.”
With the upcoming midterm elections in 2026, addressing the issue of cost of living has become a crucial political challenge. The Democrats’ victories in three significant local elections last month reveal that the cost of living remains a top concern for voters, with both parties advocating for proposals claiming to lower consumer costs.
A new report from the National Association of Home Builders (NAHB) shows that from the first quarter of 2020 to the third quarter of 2025, US home prices have risen by 54.9%. More than half of the metropolitan areas in the US have seen housing price increases exceeding this level.
The report notes, “Since the outbreak of the COVID-19 pandemic, national housing prices have surged. While housing prices continued to rise in the third quarter of 2025, the rate of increase has slowed down.”
Although some regions’ real estate markets have started to stabilize, for many Americans, purchasing a home remains out of reach.
(*This article references reports from Bloomberg and English Epoch Times)