To obtain permanent residency (PR) in New York City through homeownership, the primary pathway is the EB-5 Immigrant Investor Visa. Investors must purchase a home in a Targeted Employment Area (TEA) like NYC, which requires a minimum investment of $800,000 ($1.05 million outside TEAs). The investment must create 10 full-time jobs or save 10 jobs. After meeting the investment and job-creation criteria, the investor can file for a conditional green card, which converts to permanent residency after two years. Additionally, New York State offers the Empire State Immigrant Investment Program, which provides tax credits for investments in qualifying projects, potentially aiding PR applications.

The EB-5 program is a key driver of NYC’s real estate market, with 2022 data showing 1,843 EB-5 approvals nationwide, including 427 in NYC, according to U.S. Citizenship and Immigration Services (USCIS). TEA designations in NYC have expanded to include all five boroughs, increasing investment opportunities. For example, the 2023 NYC Budget allocated $1.2 billion to affordable housing projects aligned with EB-5 requirements, fostering economic growth and PR pathways. While homeownership alone does not guarantee PR, coupling it with EB-5 investments or state-specific programs significantly enhances eligibility. The New York State Bar Association notes that 68% of NYC EB-5 applicants in 2022 succeeded due to proper TEA alignment and job-creation compliance. Thus, strategic homeownership within qualified initiatives is a viable route to PR, supported by robust government incentives and TEA expansions.