

Former Mayor Daley hoping to cash in on green cards - wglb
http://chicago.suntimes.com/politics/7/71/336814/watchdogs-former-mayor-daley-hoping-cash-green-cards

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rayiner
I'm totally okay with foreign rich people investing money into the Chicago
area in return for being allowed to move there. I can't think of a better
alignment of incentives.

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minimax
Did you read this part?

 _Tur’s foreign investors need invest only $500,000 because the federal
government agreed that the Lakeshore East development is an area of high
unemployment. Lakeshore East, a community of high-priced apartments, is
bounded by Randolph Street, Wacker Drive, Columbus and Lake Shore Drive._

It smells fishy. Lakeshore East is full of really nice high rise condos and
apartment buildings. Jeanne Gang's Aqua Tower is there. I think most people
would support a program that allows residency for serious foreign investors.
But what people don't want (especially people in Chicago) is a federal program
that allows Daley to use his connections to basically charge a toll on the
foreign investors who would participate in such a program.

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brianbreslin
EB5 stuff is quite common down here in Miami, mostly for construction
projects. Lots of chinese, colombian, brazilian, and venezuelan moneys going
into pools for high rise developments. There has been talks of creating an EB5
pool for startup investment, but not sure if it has gone anywhere.

Here there has been some crackdown on this, as lots of it was fluff businesses
where they had no intention of keeping the business beyond the 3 year or
whatever requirement.

Makes perfect sense for a former politician to get involved in this kind of
stuff.

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sixQuarks
Patrick isn't the only mayor cashing in on EB5. former SF mayor Willie Brown
is using it as well, albeit in a truly downtrotten part of SF:

[http://www.bizjournals.com/sanfrancisco/blog/2013/11/china-e...](http://www.bizjournals.com/sanfrancisco/blog/2013/11/china-
eb5-lennar-urban-willie-brown.html?page=all)

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wglb
Minor point: Patrick is the son of the former Mayor,and hasn't been mayor
himself.

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misiti3780
Patrick has quite the track record:

[http://en.wikipedia.org/wiki/Patrick_R._Daley](http://en.wikipedia.org/wiki/Patrick_R._Daley)

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patio11
Welcome to Chicago politics.

