The intended impact of SB1136 on state laws and real estate regulations is substantial. It establishes a clear legal framework for barring Chinese nationals and entities from acquiring U.S. real estate, which aligns with rising national security concerns about foreign investments. The bill's implementation could lead to a reassessment of existing foreign ownership laws, fostering a more stringent regulatory environment concerning real estate acquisitions. This may also influence the behavior of state legislatures, prompting them to consider additional local regulations to reinforce these federal guidelines.
Summary
SB1136, titled the 'Not One More Inch or Acre Act', proposes significant measures to restrict the purchase of public and private real estate in the United States by citizens and entities of the People's Republic of China. The bill mandates the President to take necessary actions to prohibit such purchases, aiming to safeguard national security. If real estate is already owned by these entities and is deemed a risk to national security, the bill requires the sale of such properties within a year of enactment. This act emphasizes a protective stance against foreign ownership that might compromise U.S. interests.
Contention
Despite the national security intent of SB1136, there are potential points of contention surrounding its implications. Critics may argue that broad prohibitions against foreign investments could create economic backlash by deterring beneficial investments in the U.S. from other countries. Moreover, the exceptions stated in the bill for refugees and U.S. nationals may not fully address concerns with equitable treatment and the complexities surrounding ownership transfer processes. Debates may arise over perceived discrimination against Chinese investors, framing the issue as a broader foreign policy and economic strategy rather than a purely national security matter.
Related
Securing America's Land from Foreign Interference Act This bill requires the President to take actions as necessary to prohibit members of the Chinese Communist Party (and entities owned, controlled, or influenced by the party) from purchasing real estate located in the United States.
World Deserves To Know Act This bill requires sanctions on certain members of the Chinese Communist Party (CCP) and officials of Chinese health agencies. It also addresses related issues. The President must impose visa- and property-blocking sanctions on any foreign person who is a CCP official and who is knowingly responsible for or complicit in (1) the disappearances of whistleblowers and citizen journalists in China relating to COVID-19, or (2) limiting free speech and academic freedom in China relating to COVID-19. The President must also impose such sanctions on specified individuals who have leadership positions in China's Center for Disease Control and Prevention and China's National Health Commission (NHC). The authority to impose such sanctions shall end when the President certifies to Congress that an independent and unimpeded investigation into the potential origin of COVID-19 from the Wuhan Institute of Virology has taken place. The bill also bars federal funds and certain federal student assistance from going to institutions of higher education that enter into a contract with any element or China-based affiliate of the NHC. Federal funding to the National Academy of Sciences may not be used to enter into a contract with any element or China-based affiliate of the NHC. The Government Accountability Office must report to Congress a review of all funds that the National Institutes of Health have made available to the NHC since FY2010. This report must also be publicly available.