President Donald Trump’s bid to lure wealthy immigrants to the U.S. with a “gold card” program could drive up home prices and worsen America’s housing-affordability crisis, according to real-estate experts and people who’ve studied similar immigration incentives in Europe.

Trump’s gold card is designed to replace the EB-5 investor visa, which provides billions in investments to American businesses. But there are some big differences.

The president's recently floated scheme to draw affluent individuals who invest at least $5 million has drawn skepticism from immigration experts and real estate industry representatives.