Bipartisan approach for $ 125 B Investment to create 284,000 jobs in USA
Rep. John Larson, a Democrat belonging to Connecticut, accompanied by Rep. Kenny Marchant, a Republican belonging to Texas, introduced an infrastructure initiative – the Invest in America Act, which can draw an investment of $125 billion. It is projected to create 284,000 jobs, as per The Real Estate Roundtable and the American Institute of Architects.
This proposal aims to repeal legislation of the Foreign Investment in Real Property Tax Act and also the Capital Gains which overseas investors have to pay while financing the U.S. real estates. This new law will lead to financing fresh construction/renovation in infrastructure. It will also make housing affordable, and add to the attraction of roads and bridges, hospitals and airports in the eyes of the global investors.
This bill furthermore has bipartisan and industrial coordination with support of members in the Invest in America Coalition. The AIA, Starwood Capital Group, Blackstone Group, Real Estate Board of New York, and The International Union of Painters and Allied Trades have assured their cooperation. These avenues for investment in the construction industry provide more opportunities for many stakeholders and contractors.
After a partial appeal of Foreign Investment in Real Property Tax Act in 2015, there was an increase of 33%, in the foreign investment in large and small cities of the USA. It gave a boost to job creation in all sectors of the design/construction industry.
The proposed Act will help all the states, cities and counties to secure federal funding for projects. President Trump has clarified that federal dollars will go in the favor of local projects which arrange for non-federal sources to pay their bills. The administration adopted this approach in the recent budget. It had an allocation of $200 billion towards infrastructure spending. This amount will help to draw $1 trillion in additional investment.
Relying on funds of another country can create problems locally. Construction of Oceanwide Plaza project with the support of China in Los Angeles had a delay of a month owing to non-payment of bills. The reason was the slowdown in the economy in China. Besides, there was pressure on the Chinese developers for investing domestically.
When Lendlease stopped work in February, there were liens worth $60 million that were filed against the project. When construction was revived in March, some bills were paid, but additional claims increased the lien total to $100 million.
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