From left: Rep. John Mica, Sen. Chuck Schumer and 1 WTC

The General Services Administration’s 300,000-square-foot lease deal for 1 World Trade Center, whose completion has already been dragged out for nearly a year, won’t be finalized by Independence Day as the Port Authority of New York & New Jersey and the Durst Organization had hoped. And the New York Post reported it’s all because of a Florida representative. [more]

New York Senator Chuck Schumer and Utah Senator Mike Lee are introducing a bipartisan bill aimed at improving the housing market by offering an incentive to foreign buyers, the Wall Street Journal report. The senators want to offer residence visas to any foreigner that spends at least $500,000 on residential real estate in the United States. The measure compliments existing rules that offer visas to foreign investors that create jobs in America.

“This is a way to create more demand without costing the federal government a nickel,” Schumer said.

During the current downturn, foreign investors have become a growing part of the U.S. real estate market. [more]