New law would stop foreign adversaries from 'buying up our country' while Americans can't afford homes (1 Viewer)

[FOX News]

FIRST ON FOX: Foreign entities are snatching up U.S. real estate, even when Americans cannot buy property in their nations, according to Rep. Pat Harrigan, R-N.C., who told Fox News Digital he is introducing legislation to fix the problem.

His bill, the Real Estate Reciprocity Act, would slap a 50% tax on real estate purchases by foreign nationals and entities who have government ties if their governments do not allow Americans to buy property in those countries.

It would require all foreign nationals who purchase land to file with the IRS and...

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