It's an interesting development, but NOBODY except American citizens should be allowed to own land in the USA. Look around the world, and the vast majorities of the countries have this kind of restriction.
There is no reason to allow ownership of American real estate by any entity that isn't an American. Most countries allow foreigners to buy condos and that is it. The land has to be owned by a domestic entity. Foreigners or foreign juristic entities (companies > 50% owned by foreigners) can also lease land for a limited period of time if they want to build a factory and do business. Usually anywhere between 30-100 years.
I see no reason why this system shouldn't be adopted in the USA.
It's an interesting development, but NOBODY except American citizens should be allowed to own land in the USA. Look around the world, and the vast majorities of the countries have this kind of restriction.
There is no reason to allow ownership of American real estate by any entity that isn't an American. Most countries allow foreigners to buy condos and that is it. The land has to be owned by a domestic entity. Foreigners or foreign juristic entities (companies > 50% owned by foreigners) can also lease land for a limited period of time if they want to build a factory and do business. Usually anywhere between 30-100 years.
I see no reason why this system shouldn't be adopted in the USA.
Agreed, I was appalled when I first learned of other countries owning an inch of our land, especially China.