The recent article about the Australian buyer of Saddleback demonstrates the case in point (“Saddleback buyer reportedly won’t ‘lose any sleep’ if resort doesn’t reopen,” March 15). Wealthy investors for a mere $500,000 buy their way into the U.S. All that is required is creation of 10 jobs (nothing is said about quality jobs). Since it appears that Saddleback is not likely to open in the near future, and the investor/buyer appears indifferent, I guess his family gets the wealth equivalent of the proverbial American “free lunch.”
Oh, and developers nationwide ride the gravy train through use of below-market priced patient capital, for projects that line a lot of pockets, have marginal value, and none-to-minimal economic impact. In defense of the EB-5 program, if you look hard enough you can find a few projects that have had impact. Professionally, attorneys make a lot of money on fees with this program.
The headline was right — “the buyer won’t lose any sleep,” his green-card kin will enjoy sleeping around the U.S. for the duration of green card status.
One final thought on the subject — the fine people of Rangeley are being taken for a ride.
David Markovchick
Mount Vernon
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