U.S. home prices have risen 50% in the last five years and rents have risen 35%, according to real estate firm Zillow.
“I keep hearing about the suburban woman doesn’t like Trump,” he said at a campaign event in Howell, Michigan last week. “I keep the suburbs safe. I stopped low-income towers from rising right alongside of their house, and I’m keeping the illegal aliens away from the suburbs.”
At an Aug. 16 campaign stop in North Carolina, Harris called for building 3 million more housing units in four years, on top of the 1 million or so built annually by the private sector, through a new tax credit for developers who build homes aimed at first-time homebuyers and a $25,000 tax credit for those buyers.
- Trump’s remarks are reminiscent of how red lining was pushed. Same language. John Oliver did a great piece on it.
https://m.youtube.com/watch?v=_-0J49_9lwc
- Harris’s plan is estimated to cost tax payers a lot long term. However, that is what investments in our future will look like.
The Committee for a Responsible Federal Budget, a nonpartisan watchdog group, estimates those policies would cost at least $200 billion over 10 years.
I feel the problem will only get solved if we eliminate housing as an investment. The housing market has obviously been gamed and is a false indicator of wealth. There is no way a 1200 sf POS house is worth $300,000.
1200sq ft only worth $300,000? 🤣 My 820 SQ ft home on 1600 SQ ft of land cost nearly $880,000 a few years ago, and is currently valued at 1.2 million on redfin, though that’s ridiculous. And it’s pretty average quality, just in a relatively nice neighborhood in a major city on the US West Coast. It’s insane.
Yea but it has no septic and isn’t actually livable.
You’re entirely right but the reality of it is that people’s houses are effectively one of their biggest investments. That’s a tough hill to climb back down from.
Not terribly difficult at all actually. You don’t get to own more than one residence. Legally. Anyone who does has two years to sell it. Anyone whose company exists to profit off of renting out residential housing has to liquidate all assets and use the funds to reimburse those they stole from.
Oh, you meant a difficult idea to sell to the owner class. Well yeah anything mildly progressive will be fiercely opposed by those who stand to be slightly less rich because of it.
I mean…a lot of normal people is what I’m talking about. A lot of people truly only have an “investment” in their house. If you suddenly decrease the value to where they’re underwater on their mortgage, that is not good (for them nor politically or economically, etc.)
I agree that we need to start putting things in place to rectify that but by its very nature it will basically just have to let inflation eat away the value of houses.
Otherwise, I agree we basically need to stop companies owning housing, etc. etc.
These tax credits need to be conditional on zoning reform in the neighborhood or we’re not going to fix anything.
Agreed. We allow industrial building to infest residential areas ( usually minority areas ), we need to fix the laws. That includes local because they hold a lot of power. Incentives local governments to stop redlining and remove old racist laws on the books.
I wish we had laws that would benefit the buys like the veteran loan programs have ( buying lower API points, refinancing for free or greatly reduced, more secure loaners ). More taxes on quick flips, short term rentals, and multiple houses owned by single investor(s). Stop people from looking at houses as an investment but as a universal necessity.
Haha tax credits and incentives, anything but build social housing.
We can’t abandon better for perfect.
The fun part is when you ask people like this who Americans should vote for in November and they don’t answer.
At this point, if you openly support or vote for Trump, you are a dog shit person. He is not trying to hide it. A few works might be changed bit it is the same message.
Unfortunately, this proposal is not going to change anything. The market will raise its prices and more money will be siphoned away.
What’s missing in the current housing market is regulations to strictly ensure only humans—not private equity firms—can purchase homes. And if you own more than one home, your property taxes increase for each extra home you own.
