alt Hacker NewsI'm an American that lives abroad. I have first-hand experience how other countries treat 'immigrants'. H1B is a temporary non-immigrant visa.
I could never imagine myself buying a home in a country where I don't have permanent access to that real estate. I am not opposed to voting to prevent non-PRs from owning real estate in order to keep housing prices lower for residents and prevent non-immigrants from shooting themselves in the foot.
As I live abroad in temporary status, I keep one foot back home (USA) and am extremely mindful of the risks of needing to close up shop and move.
If you want an economic perspective, consider reading Warren Buffet's "America’s growing trade deficit is selling the nation out from under us" article [0].
[0] - https://fortune.com/article/warren-buffett-foreign-trade/
Replies
(a) The WSJ article is talking about "immigrant visas" a.k.a. green cards, not H1-Bs.
(b) Even if we are talking about H1-Bs, it takes someone in India 10-15 years of waiting in line to get a green card. If someone were to buy a house in the interim, it doesn't seem so irrational to me.
Its easy to blame the victim and say they should have known.
There are arguments from the other side too. Many H1B folks do keep one foot back in the country they are from. But then a lot of backlash on specifically Indian folks for sending most of their salary back home. They know that this is transient state, many of them have rented housing, but still these visas are not like weekly visas, they are for 3 years, people would build somewhat of a life in that time and uprooting them instantly is inhumane indeed.