EB-5 Research

Papers and Articles by Scholar-in-Residence Gary Friedland and Professor Jeanne Calderon

► EB-5 Papers: 

Reforming the EB-5 Investor Green Card Program (4/5/22)

Why the EB-5 Industry Seeks to Make the TEA Incentive Meaningless Again and Continues to Keep EB-5 Investors in the Dark (11/12/19)

EB-5 Reform on the Horizon – If the Palm House Hotel Debacle Does Not Precipitate Congressional Action, What Will?

EB-5 Securities: New Developments & Updated NYU Stern Database 2018 Edition (10/21/18)

SEC Whistleblower Program as a Valuable EB-5 Securities Anti-Fraud Enforcement Tool (6/28/18)

EB-5 Program: It’s Broken, When Will It Be Fixed? (4/5/2018)

Understanding EB-5 Securities - NYU Stern Database of SEC EB-5 Securities Enforcement Actions (Draft 12/9/2017)

EB-5 Project Database: 2017 Supplement with Trends and Observations (Draft 8/16/2017)

EB-5 Prescription for Reform: Legislation or Regulation? (Draft 6/19/2017)

EB-5 Proposed Regulations: A Missed Opportunity, Next Steps for Reform (Rev. 2/14/2017)

EB-5 2.0: Can Account Transparency Save the Program? (Draft 10/6/2016)

Reflections on the Senate Judiciary Committee Hearing on EB-5: Time for TEA Reform (4/25/2016)

EB-5 Capital Project Database: Revisited and Expanded (3/29/2016)

EB-5 Mezzanine Financing: A Real World Example (3/23/2016)

Reflections on the Judiciary Committee Hearings on EB-5 Reform, Part 1: Possible TEA Reform by USCIS (2/29/2016)

What TEA Projects Might Look Like Under EB-5 2.0: Alternatives Illustrated with Maps and Data (rev. 2/6/2016) (Working Draft)

A Roadmap to the Use of EB-5 Capital: An Alternative Financing Tool for Commercial Real Estate Projects (05/22/2015)

► EB-5 Articles: 

EB-5 2.0?  Not Even 1.1 - For Now (12/17/15)

EB-5 and the American Dream (12/2/15)

Chinese Investors Prefer TEA (10/5/15) 

► Congressional Testimony:
On April 13, 2016, Scholar-in-Residence Gary Friedland testified before the U.S. Senate Judiciary Committee, citing his research with Professor Jeanne Calderon on the EB-5 Immigrant Investor Visa Program. The Distortion of EB-5 Targeted Employment Areas: Time to End the Abuse (4/13/16 – written testimony submission with video link)

On February 11, 2016, Professor Jeanne Calderon testified before the U.S. House of Representatives Judiciary Committee, citing her research with Gary Friedland on the EB-5 Immigrant Investor Visa Program.
House of Representatives Judiciary Committee Hearing: Is the Investor Visa Program an Underperforming Asset?

► Media Coverage:
NY Post: Costly Path to Citizenship Program Comes Under Fire (10/13/18) by Shant Shahrigian

The Real Deal: Overselling NYC: Two EB-5 pioneers face investor backlash (07/01/2018) by David Jeans

WSJ: Backlog in EB-5 Immigration Program Creates Cash Hoard for Property Developers (10/24/2017) by Peter Grant

Boston Globe: Visa program offers promise to the poor - then breaks it (08/05/2017) by Tim Logan

CNN: Exclusive: Jared Kushner's White House connection still being used to lure Chinese investors (07/21/2017) by Drew Griffin, Curt Devine, CNN Investigates

LATimes: Jersey City has turned sharply against Donald Trump's son-in-law, Jared Kushner (07/05/2017) by Barbara Demick

VTDigger: Special report: EB-5 reforms face major hurdles (06/26/2017) by Jasper Craven

Washington Post: How Jared Kushner built a luxury skyscraper using loans meant for job-starved areas (05/31/2017) by Shawn Boburg

City & State: How Jersey City Unemployment Was Gerrymandered To Help Kushner Pitch Investor Visas (05/24/2017) by Norman Oder

Washington Post: Congress soon could make it harder for rich people to move to the U.S. (04/27/17) by Tracy Jan 

Politifact: Mostly True: Leahy claim on immigrant investment through EB-5 program (3/21/17) by Miriam Valverde

CityLimits: CityViews: Emerging Kushner Deal Suggests What's Wrong With U.S. Investor Visa Program (3/20/17) by Norman Oder

CityLab: When Harlem Unemployment Pays for Midtown Luxury (1/31/17) by Kriston Capps

Judicial Watch: Swamp EB-5 (12/7/16) by Micah Morrison

The Guardian: $50m Trump-branded development relied on immigrant visa funds (12/3/16) by Edward Helmore

The NYT: U.S. Foreign Investor Program Funding More Luxury Projects (11/15/16) by Liz Moyer

The WSJ: Lawmakers to Revisit Debate Over Visa Program (4/12/16) by Eliot Brown

The Real Deal: How much longer will the love affair last? (4/1/16) by E.B. Solomont

The Real Deal: Reining in regional centers (4/1/16) by E.B. Solomont

The Real Deal: The banking bonanza (4/1/16) by E.B. Solomont

The Orange County Register: Need a fast track to citizenship? Invest in these Orange County luxury hotels (10/13/15) by Jeff Collins

The Orange County Register: EB-5 loans: low rates, big reward (10/11/15) by Jeff Collins

Bloomberg: NYC Developers Face Clash in Washington on Visa Program (7/20/16) by Sarah Mulholland

The Wall Street Journal: How a U.S. Visa-for-Cash Plan Funds Luxury Apartment Buildings (9/9/15) by Eliot Brown

The Real Deal: Who's using EB-5? (6/1/15) by E.B. Solomont

The Real Deal: EB-5's Underbelly (6/1/15) by E.B. Solomont

The Real Deal: Shaking up EB-5 (6/1/15) by E.B. Solomont
► Citations to Research by Friedland and Calderon:

Citation: EB-5 Immigrant Investor Program Modernization (Proposed Regulations) released by the Department of Homeland Security (1/13/2017)

Citation: EB-5 Immigrant Investor Visa released by the Congressional Research Service (4/22/2016)

Citation: EB-5 Program: Successes, Challenges, and Opportunities for States and Localities released by the Bipartisan Policy Center (September 2015)

Citation:  U.S. GAO Report to Congressional Requesters (August 2015)
► EB-5 Events at NYU Stern:

On March 27, 2015, the Center for Real Estate Finance Research sponsored an EB-5 Financing Summit which was prompted by the Center’s release of a paper focusing on this topic. “A Roadmap to the Use of EB-5 Capital: An Alternative Financing Tool for Commercial Real Estate Projects," co-authored by Professor Jeanne Calderon and Gary Friedland, an NYU Stern Scholar-in-Residence, provided the springboard for this forum at which leaders in real estate finance freely exchanged ideas about current issues raised by developers’ use of EB-5 capital.