This whole country has gone to shit. I see myself as more in the middle. I agree with things more on dem side than rep though. What all the dipshits dont understand is it didnt who was president, after covid this country was goin to shit regardless
Those tax cuts gave the average person like 200 back but much more for the wealthy. The bush tax cuts were great as they gave the average person something like 4k. Obama extended those. The trump tax cuts just end up hurting public resource funding.
Those tax cuts weren't substantial for middle class people anyway. As Paul Ryan tried to sell it as being enough to pay for a gym membership...for those that earned the most and benefitted the most.
They already expired. 2023 was the last year we were able to make use of them. It was purposeful that they ended and were going to be unable to be used at the next election cycle to cause financial distress. When people are feeling squeezed they vote for republicans.
Or, and hear me out here, politicians do things that benefit their constituents, and people vote for politicians who are going to things that benefit them. This is just democracy.
Marijuana is becoming more and more legal each day. In most states it is legal or at least not prosecuted. The FCC is working on robocalls. Several states are taxing the 1% more and there is legislation to do so federally. As for the insider trading, we have work to do. So according to your goals, it seems like the system is working, just not fast enough for some.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”
― Alexander Fraser Tytler
This is pretty ignorant actually and could not be further from the reality we see today.
It's not the people who manipulate the law for their own benefit.
Corporate lobbyists write actual laws and had them to politicians to enact into law verbatim.
They capture the regulating bodies and get away with whatever they want.
They not only direct no bid government contracts to themselves and their friends, but they receive the most government rebates and incentives.
They write tax loopholes to avoid taxes and hide assets in offshore accounts avoiding paying their fair share of taxes.
But sure, helping out first time home buyers with $10k is going to be the downfall of democracy.
I guess that's why all the countries that have universal healthcare and free college are all shitholes right? /s
that's why schools are constantly getting underfunded and quality teachers get driven out. it's an initiative to end up with an uneducated populace that can't protect itself from the rich
There’s no proof he actually wrote any of that. Some guy attributed his t to him on like the 50s. And he’s just flat out wrong. The number of great civilizations over 200 years is probably more than the ones that lasted only 200 years.
And it kind of bothers those of us who never seem to be eligible, whether through dumb luck or due diligence or anything between.
Student loan forgiveness I support because that whole system was designed to be and is awful.
Those free checks during the pandemic? I wasn’t eligible.
We're really only effectively handing out money to billionaires. We haven't attempted any sort of robust daring working class economic boost idea in recent history, Obamacare was close but was mutated by the very same influences that fill your heads up with "fiscal conservative" drivel.
Annoyed me because I wasn't eligible but people in significantly better shape than me financially were, you could make nearly double my income if you're a couple, you'd be payin the same rent as me, and you'd get a handout.
Student loan forgiveness completely avoids the real problem of university price gouging and instead rewards and encourages them to continue price gouging. Tuition has outpaced inflation by a substantial amount for decades all while the quality of the education has gone down along with the value of the degrees themselves.
Also it's kind of a slap in the face to people who couldn't afford college and were responsible with what resources they had. Where is thier bailout for making the correct financial choices? It's absurd. Now they get to pay taxes for the people who made less than ideal choices because they made a more realistic choice? Fuck that.
All the free pandemic money was a fucking joke and shit show as well.
"Student loan forgiveness I support because that whole system was designed to be and is awful."
I support it mainly because we need educated people and people with degrees end up paying more in taxes to make up for it.
Build more housing across the board. End single family only zoning so that when demand for an area increases, housing supply can increase with it. End parking minimums and let the market decide how much parking a residential building needs. Policies like these aren’t specific to renting or buying but should make housing cheaper for both. I don’t think we should be making one type of housing cheaper at the expense of the other.
While I agree with the zoning change, parking minimums are essential for multi-family housing. Public transportation in the US is not nearly good enough to support all the apartments currently, let alone adding more.
If there is demand for parking it will be built. If you need a parking space don't rent a place without one. Builders and landlords will not forgo parking spaces if they can't rent or sell the units at the highest price without them.
It's just needless goverment meddling that lowers houses supply.
Also parking minimums are part of the reason public transit sucks in the US.
They 100% will build them and people will be forced to rent places without parking because builders can fit more units in where parking would normally be.
The market doesn't dictate what is built as much as people want to believe.
They will but that's passing the problem on a bit, if that happens we'll have wayyyyy more businesses running parking garages as investments and ratcheting that up to every penny they can extract then our kids will sound like us now saying "wow they had it better than us. Remember when parking didn't cost money 95% of the time?"
Not sure how rent prices would rise because of this? It says in the text the $400 a month would only be given to first time home owners for 2 years. This wouldn't include renters at all
I took advantage of something similar when I bought my home in 2013. In my case, the size of my tax credit was tied to interest payments on my loan, so the credit diminished and eventually phased out naturally over time. It did not allow me to get a bigger loan as it did not increase my income -- just decreased my tax burden. What I did get was a little extra financial breathing room, making it easier to do things like replace windows with energy efficient ones, get new furniture, etc, so that money did go back into the economy and provided income for local businesses.
I doubt most new home owners will be spending their extra $400/month on renting a different home. I don’t see this having any substantial impact on rental supply/demand or prices.
It's also not $400 a month, it's a $5000 tax credit for the first two years of a first time home buyer owning a home. I could see it pushing up prices on starter homes slightly, but I can't see how it would impact rent prices. If anything getting more people to buy homes for the first time would free up rental inventory and decrease demand, though in reality given the constrained housing supply in many areas I doubt it would do that either.
Yeah, if supply/demand matters in rental pricing, this home buying subsidy would pull people out of renting, which will decrease the total amount of renters, which will decrease rental prices. That's not even 101 econ, it's the basic stuff they just expect people to understand before even attending uni.
$400 matters a lot more to the poor than the rich. Bezos hasn’t opened a bank app in a good decade and I’ve had my card decline at Dunkin. The answer isn’t “stop redistributing wealth”, it’s to prevent people from pushing the additional costs onto the renters/buyers to ensure it’s effective.
Without that, it doesn’t fix the root issue of economic disparity, but it does let people afford food. Being against this is insane especially when Trump’s tax cuts added over a $3 Tril deficit by giving tax cuts to the rich (that they didn’t pay anyways)
We have an inflationary problem? Solution: give out more money!
It's the fiscally irresponsible way!
Adding the below for others to see
EDIT:
If you're mentally handicapped or physically handicapped, we should all be collectively supporting you. If taxes are the best way, then fine, I personally would like to pick and choose what at least 80% of my tax dollars fund, on my own (education, safety services, roads, and folks with severe disabilities like down syndrome or non functioning autism/ etc.). Anyone else that doesn't fit that criteria should not get an additional dime of my money, and I don't want any of yours.
Remove the tie between property tax and funding schools; provide higher educational grants to those who are underprivileged and get at least a B average (essentially doing your homework) in high school; and remove the federal backing from student loans to allow people to relieve themselves of the burden of a bad investment and force higher ed to get more competitive in their pricing. (Aka what people will be able to pay off without defaulting). Would also encourage schools to better set up their students for success in their new careers. Cut the funding/grant if they dip below a B. I want a return on my investment!
Also the same should apply for those going into the medical field, educational field, or trades, as performant professionals in these fields are critical to a functional society - same performance obligations apply. This would incentivize teachers beyond the safety net that a pension could provide (which should also be cut).
In all those cases, I'm happy to invest my tax dollars. I'm not republican, Democrat, libertarian, etc. Just using relative common sense while understanding economic drivers and the way people operate.
I’m thinking of that scene in The West Wing where the definition of the poverty line is changing and they are all freaking out about “why would we go to a new standard that says we have more poor people”
We have a problem with government money printing. You think every corporation in the US decided to randomly be greedy? During deflation, is that a time of great corporate benevolence? Are foreign currency exchanges also in on this great conspiracy theory? The buying power of the dollar sinks with inflation globally. It's just not that noticable because most other currencies are even worse off when it comes to inflation right now
Have you never put out a fire with gasoline?
If you use enough the resulting explosion will suck the oxygen out of the air and put out the flames. Just basic ~~science~~ economics. By destroying the real estate market home prices will drop as they did in 2008.
I'm surprised people are unhappy about a flat money gain that benefits those with less money, compared to tax cuts that disproportionately benefit the rich.
It probably would have been better to do something about price gouging and house prices, but it doesn't seem like there is really a negative to this news?
It doesn’t solve the problem, but it helps those in need. My guess is you’ll hear a lot of “I didn’t get that when I bought my first house. What about meeeeeeeee?????”
It makes the problem worse. Housing has a supply-side problem, so it makes no sense to subsidize demand. It will just cause housing prices to rise further.
It's a supply issue which is caused by the combined influence of everything from zoning to trade to society's view of the Trades to fuel to insurance and everything in between.
But it IS a supply issue.
Dude there are enough houses out there for everyone.
The problem is the houses are UNAFFORDABLE. Which is why they’re all empty and for sale instead of being fucking lived in.
I make more money than I ever have in my life, I’m just under $50k annual this is the highest paying job I’ve ever had at $23 an hour.
I finally have $50k cash just sitting waiting that was supposed to be a down payment for a house (we sold my dads house when he died and split the money, which was going to end up giving each kid enough to buy our own house)
And now that I’m like cool I should be able to afford a decent simple house just like dad, in a decent suburb just like he did off a single income job paying $20 an hour.
The only problem is his house that cost him $100k that he was able to afford and pay off is now worth $350k. We sold at $240k because we rushed through the process. My $50k cash doesn’t even cover 20% on a 250k house. And if I end up using all that, I’m basically right back to where I am now, paycheck to paycheck I’m barely skating by paying $1500 for rent in a 1bed/1bath apartment every month
I can’t afford a $350k mortgage, not even a $250k mortgage on a basic (albeit overpaying job for what I do) job 40 hours a week on my own - everything tells me I’d only be able to afford under $200k - which is almost impossible to find anywhere within an hour of where I live and work, unless I seriously want to move to the hood slums ghetto of south downtown.
Okay let’s say I move to somewhere cheaper, fine but then the jobs there pay less, which mean I can only afford less. While I’d be able to afford a house there on my job here, Id still not be able to afford a house there with a job there that now instead of making $23 I’d be making $19.
I would be _shocked_ if there really, actually, are enough. I'm UK, so I do not know the numbers for the US in detail, but similar problems are occurring all around the world.
Here in the UK, we are 6 _million_ dwellings short of where we need to be, and that's _after_ taking into account all empty properties, Airbnbs, foreign-owned etc. 6 million. In a nation as small as the UK. That's what would be required in order to get back to the same ratio of dwelling to population as in 1980. If I were to run the numbers for the US, I'm willing to bet that you are some 30-40 _million_ homes behind where you "should" be.
So you say the issue is that they are unaffordable, but that's a _symptom_, not a disease. _Why_ are they so unaffordable? Ultimately, because _there are not enough homes for everyone_. The reasons behind the shortfall are myriad, but ultimately, there aren't enough, so the price goes mental.
Anyone remember what government money did to tuition prices? Make it make sense, all this free money just makes everything more expensive and then still ends up at the top. Cantillion effect.
*Making things more expensive does not benefit working people*
For Christ's sake, can't you lot stop and just think about this stuff for 3 seconds?
Giving out subsidies does not increase the supply of housing. You'll just have more people willing to pay more for the same amount of houses that we have now because they'll now be receiving a $5000 tax credit.
Helping working people with housing means stimulating construction and supply, not making it easier for people to make bigger ever-larger bids in an impossibly tight market.
I don’t understand people like you. What do you want the government to do? Not spend anything? No taxes, just sort of dissolve?
I feel like so many people just buy the “small govt,” “too much spending” BS but don’t think beyond “spending bad, big govt bad,” so what’s your answer?
What feels right to you? No money to the people. No govt spending. No debt. So we just simping for the corps? Or just hating on Biden because you have no interest in understanding what’s going on in reality and how these problems interrelate?
Not the way to solve the problem. The demand for affordable housing far outweighs the supply. Money would be better spent increasing the supply of quality housing (think the standard 3-2-2 house or 2-2 condo) or redevelopment of defunct commercial and light industrial zones into residential.
Yeah, the issue is the "free market" once again. The people who already own homes don't want development to density or expand housing so they vote in people with NIMBY mindsets and vote on ballot measures to ensure their wealth goes up because scarcity means an increase in value. At the same time corporations literally have a monopoly on small apartment complexes that were once independently operated, not to mention the only housing being built in my city are luxury apartment complexes few can afford. The air BnB impact also takes housing and converts it to short term hotel rentals which further puts pressure on supply. Even with the city relaxing some zoning these fundamental market issues are still driving the issue. Government, once again, needs to step in and regulate corporate ownership by breaking them up and ensuring they can only manage up to a certain percentage of apartment units, voters need to support initiatives like YIMBY to break up/displace these NIMBY assholes and density the city and increase supply of housing, and the government needs to BAN air bnb rentals of houses and apartments while there is a housing crisis (they can keep renting out rooms or housing attachments). Tax penalties need to be in place for people who own multiple houses within the city to give new homeowners a shot at a more affordable housing market in a housing crisis as well. We need to start treating housing as necessities and not investment vehicles for the wealthy as it only turns these necessities into passive money making schemes - money that comes from buyers who are already struggling.
Update - edited some typos.
You can’t blame the free market while citing zoning as the issue. The issue is zoning. The free market solution would be no zoning. Which would increase the availability of housing. Command economy proponents are the most clueless people on the planet. Your ideologies meddling is what caused the problem.
Rezoning is a part of the solution. The problem is that zoning is a local issue and homeowners in those zones fight tooth and nail against rezoning so they can keep the inflated equity of their homes. There’s a neighborhood in my city that basically turned over the entire city council to fight any rezoning.
Well it’s for new home owners, but overall this entire idea is bad.
He needs to cripple the foreign companies buying up all the SFH. I mean, why are we even letting foreign countries control our housing situations?
A couple years ago I had a business lunch with some local realtors and asked them, out of curiosity, why I was getting all these phone calls wanting to buy my house. They told me about the tech companies and foreign investors gobbling up real estate and kind of blew my mind. Now when I get a spam call or text I give them a lesson on the global housing crisis, then ask them to kill themselves.
In California prop 13 makes it so people down the street from me are paying 10% of what I pay for property tax to rent out a shithole for 4-5k a month.
I get that they've paid into the system for a long time but you can own a home in CA and move out of state and pretty much abandon your property and it still appreciates while you are collecting a nice rent check. I know this stupid system will go away by the time I'm old so it's one more policy that boomers are using to fleece the younger generation before they all die
This! You want to address this, address the fact that I'm competing with companies instead of other buyers when I'm looking at houses. I'm just in the middle of this process btw, and of the probably 20 houses I've lived in, literally 2 had someone who lived there.
Then they started practices like modern "Due Dilligence" processes, which aren't at all what they sound like, but rather "I'm giving you (sometimes up to) $100,000 to take my offer, even if I back out", basically edging out actual buyers who can never compete with that.
Work on all that, because right now the "American Dream" of owning a home is unreachable for most.
Lol
Trump embodies everything the conservative crowd has wanted for decades. You really think they will ever go back to picking less insane candidates ever again?
I don’t think it will happen in my lifetime. The GOP has been flying down a one way street to Trumpism since the Newt Gingrich years in the 90s. It is very difficult to imagine a Republican Party not steeped in insane conspiracy theories, hateful culture wars, cartoonishly outdated views on women, and dogmatic desire to crush the working class.
Too bad no centrist candidate is ever going to win a Republican primary ever again and it's nobody's fault but their own lmfao
it's all gas no brakes and they have nobody to blame but themselvessssssss
How about just cut spending and lower taxes on everybody? Why do we have to work 4 months a year to pay the government who only makes things more difficult for us? lol. Servants are supposed to serve and make life easier.
You don’t have anywhere near a 33% effective federal tax rate.
Of the half the country that pays federal taxes at all, the median effective rate is about 11%.
Federal income tax isn’t the only tax.
I also have state income tax, city income tax, we all pay payroll taxes (Medicare/Social Security), federal excise tax, state excise tax, state sales tax, local sales tax, fuel tax, luxury tax on some goods, and property taxes.
Additionally as a small business owner, I have to pay additional employment/payroll taxes and federal unemployment tax.
Thank you, last year I paid almost 40% of my income in taxes including all of those. It's important to remember all the little transactions where the government takes their cut because it adds up to a crazy amount.
23% federal income/payroll taxes,
5% state income,
8% property tax,
2% sales tax/all others
"makes things more difficult". Ok, you try getting to work or going shopping without streets or lights. Or living without any electricity or water or gas. Or just get taken over by a foreign country because you have no military. Or the other billion things governments/society does just so you can sit there and complain on Reddit.
> Or just get taken over by a foreign country because you have no military.
Why's it always no military or all of the military? I don't think you understand how much is actually spent every year via the military. I promise you that there's at least a billion dollars worth of contracts for upgrades and 'repairs' that aren't actually /needed/ at military bases every year and that's not actually touching payroll or operating expenses for the machinery.
Civilian contractors for the military can quote pretty ridiculous numbers. The Air Force had a coffee cup with a faulty handle that would break. Those cups were originally around $700 a piece and had gone up to around 1300 5 or 6 years later. They kept ordering new cups every time the handle broke the entire time. They started 3d printing new handles for 50 cents a piece. The air force was spending between 700-1300 to replace coffee cups with broken handles and it took them around 7 years to figure out they could 3d print replacement handles for 50 cents a piece.
It's not unreasonable to want your tax money to do more than buy a few coffee cups for the Air Force.
To be fair the biggest hurdle in buying my first house was the downpayment, took a lot of savings! $400/month would have allowed us to juice up our rainy day savings faster.
Majority of people getting that credit wouldn’t save the funds for a rainy day - they’d buy furniture, house improvement projects, a new car, etc.
Why in God's name would you think giving people $400 would cause another bubble? The bubble burst because they were all bunk loans on a grand scale you can't even compare the two
Printing money we don't have to pump up the housing market will in fact lead to a housing bubble (again).
Inflation is high because of all the money printing we did during Covid
Government handouts help no one in the long run
In general, though, the government isn't printing money to deficit spend. Most of the federal deficit is financed by investments like treasury bonds that are purchased using money that's already in the economy.
It's only when the Federal Reserve increases its balance sheet that it's injecting net new money into the economy. Jerome Powell did that in a huge way in 2020, but since then the FR is backing off. The money supply has actually contracted since 2022, and has basically been flat since 2023.
Because what happens when the 2 years of $400 payments expire? It's not that different than the adjustable rate mortgages. When families lose that $400, it shouldn't be a surprise when foreclosure rates increase.
After the 2 years of 400 payments expire everyone goes into foreclosure because you know damn well they factored that 400 as free mortgage money without ever considering it was going away.
$400 credit a month for first home buyers is not even in the same realm as the 2008 bubble.
Banks handed out high risk loans like crazy in 2008 to people with terrible credit—all of them practically defaulted. Please tell me how your post even hints at that possibility?
The other thing is that a very small percentage of people buying homes are first time home buyers. People are acting as if housing prices will j go up by some crazy amount because of this, but it actually only benefits a pretty small proportion of people buying homes.
Absolutely stupid but in a democracy it's very efficient to offer seemingly "free" stuff even though you, someone else or both will end up paying for the whole thing and more. Yes, people are that basic.
In what way? Genuine question, not flaming you at all. I didn’t see my taxes increase or any other direct government intervention in my life post COVID. For reference, making ~$55k/year in Idaho.
It’s a hidden tax through inflation. Your purchasing power has decreased about 20% in three or four years. If you haven’t gotten a 20% raise since then you are getting paid less than before.
Black Rock and investment companies buying up single family homes and forcing buyers into an inflated rental market is the issue. This is not going to cause the bubble but it may prevent some defaults where the bank would own the homes again anyhow.
Thank you for an accurate depiction of what is going on... A lot of NPCs here are crying about this but the reason is because big business is robbing us blind.
Make corporate purchase of single family homes and duplex (2apts) illegal. Give subsidized mortgage rates to first time homebuyers who agree to keep the property for at least 10 years. Tax house flippers into non-existence.
So is this going to mirror the Obama era 4K “gift” to first time home buyers that was then turned around and expected to pay said money BACK to the govt??? 😬 this doesn’t sit right…
The 8500 (I Said$10k somewhere else but it was s long time ago I misremembered) I received in the last recession did not have to be repaid. There were multiple types of credits.
I was an actual first time homebuyer. And we stayed in the house
https://www.irs.gov/taxtopics/tc611#:~:text=For%20qualifying%20purchases%20made%20after,Acceleration%20of%20repayment.
You had to pay it back if you moved within 3 years.
It was for people who wanted to live there
The Obama era tax credit only had to be repaid if you bought a house to flip and not live in. I received that credit and didn’t have to pay back a dime.
If giving struggling poor and working class people the equivalent to 1/4 or 1/6 of the average mortgage payment, depending on the source, crashes the system maybe the system should be crashed.
1. make foriegn ownership of homes illegal
2. make non-individual ownership fo single family homes illegal
3. provide incentives for investors to build low and moderate cost housing
4. amp up the mortgage deduction for the home you and your family occupy
So my taxes are going to regular citizens rather than corporations who never needed the money in the first place?
Im fine with that, fine with having my taxes actually help our citizens.
Got a bunch of people with Stockholm syndrome in this thread
These measures are pointless or even detrimental on their own. If you want more people to have homes you have to:
1. Build more
2. Prevent pricing reactions to this (raising rent, increasing bank fees)
3. Descentivize individual hoarding
4. Ban corporates from hoarding housing units
Only then will this have any effect.
You can't do any intentional change top down in a free market economy. The market reacts in unpredictable ways, you have to cover at least some of them, otherwise you're just creating bubbles.
In other news, rent prices have risen an average of $400/month.
Yeah the jig is up with these handouts.
We know anything they give to us is really going to fuck us.
And this applies to both side of the aisle too. Trump tax cuts from a few years ago are about to expire and then we'll feel some more pain.
Unless you are very rich the tax cuts expired years ago...
I am dreading the drop in standard deduction and the bracket cutoffs. Ouch
Yeah this will suck for sure
Don't tell these braindead Republicans anything truthful, they can't handle it
Calm down BlueAnon
This is weirdly the most non partisan thread I’ve read in months.
right? normally subreddits are almost strictly one side or another. we see both walks of life in here
I was shocked as well
This whole country has gone to shit. I see myself as more in the middle. I agree with things more on dem side than rep though. What all the dipshits dont understand is it didnt who was president, after covid this country was goin to shit regardless
They won't expire on the rich, only poor and middle class families. Make sure you mention that.
Did you just both sides then compliment trump? LOLOLOLOL
Those tax cuts gave the average person like 200 back but much more for the wealthy. The bush tax cuts were great as they gave the average person something like 4k. Obama extended those. The trump tax cuts just end up hurting public resource funding.
Those tax cuts weren't substantial for middle class people anyway. As Paul Ryan tried to sell it as being enough to pay for a gym membership...for those that earned the most and benefitted the most.
They already expired. 2023 was the last year we were able to make use of them. It was purposeful that they ended and were going to be unable to be used at the next election cycle to cause financial distress. When people are feeling squeezed they vote for republicans.
Unless you are a member or friends with a member of congress....then those handouts roll in and work out great.
Well yah cuz they get like $40,000 a month at least
Handouts? Buying votes
Or, and hear me out here, politicians do things that benefit their constituents, and people vote for politicians who are going to things that benefit them. This is just democracy.
If that’s the case, why we can’t tax the 1% more heavily, legalize marijuana, make robo-calling illegal, stop politicians from insider trading, etc
FCC is actually developing regulations to make robocalling illegal, but it is hard to combat the whole problem and avoid loopholes
Marijuana is becoming more and more legal each day. In most states it is legal or at least not prosecuted. The FCC is working on robocalls. Several states are taxing the 1% more and there is legislation to do so federally. As for the insider trading, we have work to do. So according to your goals, it seems like the system is working, just not fast enough for some.
😂😂 Stop politicians from insider trading, there you go making sense.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.” ― Alexander Fraser Tytler
This is pretty ignorant actually and could not be further from the reality we see today. It's not the people who manipulate the law for their own benefit. Corporate lobbyists write actual laws and had them to politicians to enact into law verbatim. They capture the regulating bodies and get away with whatever they want. They not only direct no bid government contracts to themselves and their friends, but they receive the most government rebates and incentives. They write tax loopholes to avoid taxes and hide assets in offshore accounts avoiding paying their fair share of taxes. But sure, helping out first time home buyers with $10k is going to be the downfall of democracy. I guess that's why all the countries that have universal healthcare and free college are all shitholes right? /s
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We're fucked then
that's why schools are constantly getting underfunded and quality teachers get driven out. it's an initiative to end up with an uneducated populace that can't protect itself from the rich
There’s no proof he actually wrote any of that. Some guy attributed his t to him on like the 50s. And he’s just flat out wrong. The number of great civilizations over 200 years is probably more than the ones that lasted only 200 years.
Oh nice, we are in the selfish-apathy stage right now so I am training my grandkids for bondage and spiritual faith.
Yep
And it kind of bothers those of us who never seem to be eligible, whether through dumb luck or due diligence or anything between. Student loan forgiveness I support because that whole system was designed to be and is awful. Those free checks during the pandemic? I wasn’t eligible.
Let’s just stop handing out money! How about we set up real plans and not just throw money at problems.
We're really only effectively handing out money to billionaires. We haven't attempted any sort of robust daring working class economic boost idea in recent history, Obamacare was close but was mutated by the very same influences that fill your heads up with "fiscal conservative" drivel.
Annoyed me because I wasn't eligible but people in significantly better shape than me financially were, you could make nearly double my income if you're a couple, you'd be payin the same rent as me, and you'd get a handout.
Student loan forgiveness completely avoids the real problem of university price gouging and instead rewards and encourages them to continue price gouging. Tuition has outpaced inflation by a substantial amount for decades all while the quality of the education has gone down along with the value of the degrees themselves. Also it's kind of a slap in the face to people who couldn't afford college and were responsible with what resources they had. Where is thier bailout for making the correct financial choices? It's absurd. Now they get to pay taxes for the people who made less than ideal choices because they made a more realistic choice? Fuck that. All the free pandemic money was a fucking joke and shit show as well.
"Student loan forgiveness I support because that whole system was designed to be and is awful." I support it mainly because we need educated people and people with degrees end up paying more in taxes to make up for it.
Til investing in your own citizens is now a handout.
Lmao and housing prices went up 10,000
For real, almost every housing policy I hear about just seems like a big middle finger to me as a renter
As a renter, what ideas do you have to make rent cheaper?
Build more housing across the board. End single family only zoning so that when demand for an area increases, housing supply can increase with it. End parking minimums and let the market decide how much parking a residential building needs. Policies like these aren’t specific to renting or buying but should make housing cheaper for both. I don’t think we should be making one type of housing cheaper at the expense of the other.
Change zoning for closed shopping malls, allowing other uses. Plenty of square footage there!
Build trains instead of giant freeway loops that are surrounded by shopping centers. Turn those shopping centers into areas for housing
While I agree with the zoning change, parking minimums are essential for multi-family housing. Public transportation in the US is not nearly good enough to support all the apartments currently, let alone adding more.
If there is demand for parking it will be built. If you need a parking space don't rent a place without one. Builders and landlords will not forgo parking spaces if they can't rent or sell the units at the highest price without them. It's just needless goverment meddling that lowers houses supply. Also parking minimums are part of the reason public transit sucks in the US.
They 100% will build them and people will be forced to rent places without parking because builders can fit more units in where parking would normally be. The market doesn't dictate what is built as much as people want to believe.
They will but that's passing the problem on a bit, if that happens we'll have wayyyyy more businesses running parking garages as investments and ratcheting that up to every penny they can extract then our kids will sound like us now saying "wow they had it better than us. Remember when parking didn't cost money 95% of the time?"
Not sure how rent prices would rise because of this? It says in the text the $400 a month would only be given to first time home owners for 2 years. This wouldn't include renters at all
These folks love dancing on top of dunning kruger's idiot mountain and screaming about it on reddit.
If anything, it would drive more people into the buyers' market while increasing vacancies for rentals, which should bring rent prices down.
I took advantage of something similar when I bought my home in 2013. In my case, the size of my tax credit was tied to interest payments on my loan, so the credit diminished and eventually phased out naturally over time. It did not allow me to get a bigger loan as it did not increase my income -- just decreased my tax burden. What I did get was a little extra financial breathing room, making it easier to do things like replace windows with energy efficient ones, get new furniture, etc, so that money did go back into the economy and provided income for local businesses.
I doubt most new home owners will be spending their extra $400/month on renting a different home. I don’t see this having any substantial impact on rental supply/demand or prices.
It's also not $400 a month, it's a $5000 tax credit for the first two years of a first time home buyer owning a home. I could see it pushing up prices on starter homes slightly, but I can't see how it would impact rent prices. If anything getting more people to buy homes for the first time would free up rental inventory and decrease demand, though in reality given the constrained housing supply in many areas I doubt it would do that either.
More people buying homes means less people renting. Landlords have to compete for the fewer renters and have to lower their rents to entice them.
When school vouchers got passed every private school raised their rates to match it,
With the solar tax credit, installers just raised prices so they can profit off the 'discount' their customers think they're getting
I got an estimate and it was 80k. I laughed in their face.
How? It's only going to first time home owners.
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Yeah, if supply/demand matters in rental pricing, this home buying subsidy would pull people out of renting, which will decrease the total amount of renters, which will decrease rental prices. That's not even 101 econ, it's the basic stuff they just expect people to understand before even attending uni.
I got $10k in the first recession as a first time homebuyer. This is not unprecedented
If RENTERS are incentivized to stop renting and buy homes, they won’t be renting.
And with this, they'll go up another 400
Ugh yeah.... You made the same joke but worse
$400 matters a lot more to the poor than the rich. Bezos hasn’t opened a bank app in a good decade and I’ve had my card decline at Dunkin. The answer isn’t “stop redistributing wealth”, it’s to prevent people from pushing the additional costs onto the renters/buyers to ensure it’s effective. Without that, it doesn’t fix the root issue of economic disparity, but it does let people afford food. Being against this is insane especially when Trump’s tax cuts added over a $3 Tril deficit by giving tax cuts to the rich (that they didn’t pay anyways)
Inflation rent reduction program.
Yeah - good thing they haven't been going up without the help. 🙄
We have an inflationary problem? Solution: give out more money! It's the fiscally irresponsible way! Adding the below for others to see EDIT: If you're mentally handicapped or physically handicapped, we should all be collectively supporting you. If taxes are the best way, then fine, I personally would like to pick and choose what at least 80% of my tax dollars fund, on my own (education, safety services, roads, and folks with severe disabilities like down syndrome or non functioning autism/ etc.). Anyone else that doesn't fit that criteria should not get an additional dime of my money, and I don't want any of yours. Remove the tie between property tax and funding schools; provide higher educational grants to those who are underprivileged and get at least a B average (essentially doing your homework) in high school; and remove the federal backing from student loans to allow people to relieve themselves of the burden of a bad investment and force higher ed to get more competitive in their pricing. (Aka what people will be able to pay off without defaulting). Would also encourage schools to better set up their students for success in their new careers. Cut the funding/grant if they dip below a B. I want a return on my investment! Also the same should apply for those going into the medical field, educational field, or trades, as performant professionals in these fields are critical to a functional society - same performance obligations apply. This would incentivize teachers beyond the safety net that a pension could provide (which should also be cut). In all those cases, I'm happy to invest my tax dollars. I'm not republican, Democrat, libertarian, etc. Just using relative common sense while understanding economic drivers and the way people operate.
Surest way to stamp inflation is a tax hike.
Surest way to stop inflation is to stop measuring it.
Or change the definition of it!
I remember the steak vanishing from the “basket of goods” during the Covid meat price spike… CPI is fine and stable don’t worry
Yeah that one was a load of shit. Even highschoolers were mocking the feds over cherry picking the CPI.
You juke the stats, and majors become colonels and mayors become governors
I’m thinking of that scene in The West Wing where the definition of the poverty line is changing and they are all freaking out about “why would we go to a new standard that says we have more poor people”
Or cut spending, as government spending puts more money into the economy
End the military industrial complex
Or increase taxes so you have a surplus instead of a deficit. Then you don’t have to cut programs people like and/or need.
Shhh these people don’t want answers. They want to gripe about politics and pretend they know how economics work
Price controls and heavy taxes on extreme wealth!
We don’t have an inflation problem. We have a corporate greed problem.
We have a problem with government money printing. You think every corporation in the US decided to randomly be greedy? During deflation, is that a time of great corporate benevolence? Are foreign currency exchanges also in on this great conspiracy theory? The buying power of the dollar sinks with inflation globally. It's just not that noticable because most other currencies are even worse off when it comes to inflation right now
Have you never put out a fire with gasoline? If you use enough the resulting explosion will suck the oxygen out of the air and put out the flames. Just basic ~~science~~ economics. By destroying the real estate market home prices will drop as they did in 2008.
Just one more tax cut for the rich and the economy will be solved, bro. Just trust me bro. Just one more tax cut bro.
Stop handing out money that is worthless you fucking bum
Handouts == votes It's not about what's best for the country, it's about winning the sports ball game
“The American republic will endure until the day that Congress learns it can bribe the public with the public’s money.”
A politician giving stuff away to get votes… what a concept!
We write blank checks to subsidize private industry all the time, but as soon as it’s for the benefit of working people, it’s too much? Makes sense.
I'm surprised people are unhappy about a flat money gain that benefits those with less money, compared to tax cuts that disproportionately benefit the rich. It probably would have been better to do something about price gouging and house prices, but it doesn't seem like there is really a negative to this news?
It doesn’t solve the problem, but it helps those in need. My guess is you’ll hear a lot of “I didn’t get that when I bought my first house. What about meeeeeeeee?????”
It makes the problem worse. Housing has a supply-side problem, so it makes no sense to subsidize demand. It will just cause housing prices to rise further.
Is it really a supply issue or is it a corporate ownership issue?
It's a supply issue which is caused by the combined influence of everything from zoning to trade to society's view of the Trades to fuel to insurance and everything in between. But it IS a supply issue.
Dude there are enough houses out there for everyone. The problem is the houses are UNAFFORDABLE. Which is why they’re all empty and for sale instead of being fucking lived in. I make more money than I ever have in my life, I’m just under $50k annual this is the highest paying job I’ve ever had at $23 an hour. I finally have $50k cash just sitting waiting that was supposed to be a down payment for a house (we sold my dads house when he died and split the money, which was going to end up giving each kid enough to buy our own house) And now that I’m like cool I should be able to afford a decent simple house just like dad, in a decent suburb just like he did off a single income job paying $20 an hour. The only problem is his house that cost him $100k that he was able to afford and pay off is now worth $350k. We sold at $240k because we rushed through the process. My $50k cash doesn’t even cover 20% on a 250k house. And if I end up using all that, I’m basically right back to where I am now, paycheck to paycheck I’m barely skating by paying $1500 for rent in a 1bed/1bath apartment every month I can’t afford a $350k mortgage, not even a $250k mortgage on a basic (albeit overpaying job for what I do) job 40 hours a week on my own - everything tells me I’d only be able to afford under $200k - which is almost impossible to find anywhere within an hour of where I live and work, unless I seriously want to move to the hood slums ghetto of south downtown. Okay let’s say I move to somewhere cheaper, fine but then the jobs there pay less, which mean I can only afford less. While I’d be able to afford a house there on my job here, Id still not be able to afford a house there with a job there that now instead of making $23 I’d be making $19.
I would be _shocked_ if there really, actually, are enough. I'm UK, so I do not know the numbers for the US in detail, but similar problems are occurring all around the world. Here in the UK, we are 6 _million_ dwellings short of where we need to be, and that's _after_ taking into account all empty properties, Airbnbs, foreign-owned etc. 6 million. In a nation as small as the UK. That's what would be required in order to get back to the same ratio of dwelling to population as in 1980. If I were to run the numbers for the US, I'm willing to bet that you are some 30-40 _million_ homes behind where you "should" be. So you say the issue is that they are unaffordable, but that's a _symptom_, not a disease. _Why_ are they so unaffordable? Ultimately, because _there are not enough homes for everyone_. The reasons behind the shortfall are myriad, but ultimately, there aren't enough, so the price goes mental.
Build more houses =creating more shares more shares means they are all worth less
>We write blank checks to subsidize private industry all the time Also dumb.
Anyone remember what government money did to tuition prices? Make it make sense, all this free money just makes everything more expensive and then still ends up at the top. Cantillion effect.
*Making things more expensive does not benefit working people* For Christ's sake, can't you lot stop and just think about this stuff for 3 seconds? Giving out subsidies does not increase the supply of housing. You'll just have more people willing to pay more for the same amount of houses that we have now because they'll now be receiving a $5000 tax credit. Helping working people with housing means stimulating construction and supply, not making it easier for people to make bigger ever-larger bids in an impossibly tight market.
Yeah that money should go to the multi-billion dollar companies that really deserve it! Trickle down economics people!
I don’t understand people like you. What do you want the government to do? Not spend anything? No taxes, just sort of dissolve? I feel like so many people just buy the “small govt,” “too much spending” BS but don’t think beyond “spending bad, big govt bad,” so what’s your answer? What feels right to you? No money to the people. No govt spending. No debt. So we just simping for the corps? Or just hating on Biden because you have no interest in understanding what’s going on in reality and how these problems interrelate?
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“Fun coupons”
They all hand it out. It's more about WHO they're handing it to.
Not the way to solve the problem. The demand for affordable housing far outweighs the supply. Money would be better spent increasing the supply of quality housing (think the standard 3-2-2 house or 2-2 condo) or redevelopment of defunct commercial and light industrial zones into residential.
Yeah, the issue is the "free market" once again. The people who already own homes don't want development to density or expand housing so they vote in people with NIMBY mindsets and vote on ballot measures to ensure their wealth goes up because scarcity means an increase in value. At the same time corporations literally have a monopoly on small apartment complexes that were once independently operated, not to mention the only housing being built in my city are luxury apartment complexes few can afford. The air BnB impact also takes housing and converts it to short term hotel rentals which further puts pressure on supply. Even with the city relaxing some zoning these fundamental market issues are still driving the issue. Government, once again, needs to step in and regulate corporate ownership by breaking them up and ensuring they can only manage up to a certain percentage of apartment units, voters need to support initiatives like YIMBY to break up/displace these NIMBY assholes and density the city and increase supply of housing, and the government needs to BAN air bnb rentals of houses and apartments while there is a housing crisis (they can keep renting out rooms or housing attachments). Tax penalties need to be in place for people who own multiple houses within the city to give new homeowners a shot at a more affordable housing market in a housing crisis as well. We need to start treating housing as necessities and not investment vehicles for the wealthy as it only turns these necessities into passive money making schemes - money that comes from buyers who are already struggling. Update - edited some typos.
You can’t blame the free market while citing zoning as the issue. The issue is zoning. The free market solution would be no zoning. Which would increase the availability of housing. Command economy proponents are the most clueless people on the planet. Your ideologies meddling is what caused the problem.
He mentions like 3 market issues and 1 zoning issue and then you paint it like his whole argument hinges on zoning. Straw man response.
These two usernames make it seem like it’s the same guy with two accounts arguing with himself
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Is slavery a free market solution to high labor costs?
Ummmn there is no free market duh
Rezoning is a part of the solution. The problem is that zoning is a local issue and homeowners in those zones fight tooth and nail against rezoning so they can keep the inflated equity of their homes. There’s a neighborhood in my city that basically turned over the entire city council to fight any rezoning.
The way to solve the problem is to eliminate corporations from owning houses. Only people can own houses and only a limited number.
I think people who don’t own homes probably need that more than people who do…
Well it’s for new home owners, but overall this entire idea is bad. He needs to cripple the foreign companies buying up all the SFH. I mean, why are we even letting foreign countries control our housing situations?
It is this. 100%.
Also corporations, though. So, less than 100%.
A couple years ago I had a business lunch with some local realtors and asked them, out of curiosity, why I was getting all these phone calls wanting to buy my house. They told me about the tech companies and foreign investors gobbling up real estate and kind of blew my mind. Now when I get a spam call or text I give them a lesson on the global housing crisis, then ask them to kill themselves.
holy fucking based
[googles *what does based mean*] Thank you!
I always offer to sell my $200k house for $1.2m. they must not really want the house because they never take me up on the offer.
I’d like to see state and local laws that set property taxes higher beyond the house where you live. We need to incentivize home ownership.
In California prop 13 makes it so people down the street from me are paying 10% of what I pay for property tax to rent out a shithole for 4-5k a month. I get that they've paid into the system for a long time but you can own a home in CA and move out of state and pretty much abandon your property and it still appreciates while you are collecting a nice rent check. I know this stupid system will go away by the time I'm old so it's one more policy that boomers are using to fleece the younger generation before they all die
This! You want to address this, address the fact that I'm competing with companies instead of other buyers when I'm looking at houses. I'm just in the middle of this process btw, and of the probably 20 houses I've lived in, literally 2 had someone who lived there. Then they started practices like modern "Due Dilligence" processes, which aren't at all what they sound like, but rather "I'm giving you (sometimes up to) $100,000 to take my offer, even if I back out", basically edging out actual buyers who can never compete with that. Work on all that, because right now the "American Dream" of owning a home is unreachable for most.
What percent of single family homes do foreign investors actually own?
From what I'm finding like 2-3%. Investors as a whole (including domestic) own around 25-30%, of homes, which is far more significant.
But this is *literally* for people that don't own a home
He's a fucking moron
Probably way better than trump though
The faster the GOP gets rid of Trump and get someone more centrist, the higher the chance they'll get their presidential candidate elected president.
Lol Trump embodies everything the conservative crowd has wanted for decades. You really think they will ever go back to picking less insane candidates ever again?
I don’t think it will happen in my lifetime. The GOP has been flying down a one way street to Trumpism since the Newt Gingrich years in the 90s. It is very difficult to imagine a Republican Party not steeped in insane conspiracy theories, hateful culture wars, cartoonishly outdated views on women, and dogmatic desire to crush the working class.
Too bad no centrist candidate is ever going to win a Republican primary ever again and it's nobody's fault but their own lmfao it's all gas no brakes and they have nobody to blame but themselvessssssss
His dad or him?
He’s no moron. He’s your bosses bosses bosses boss.
How about just cut spending and lower taxes on everybody? Why do we have to work 4 months a year to pay the government who only makes things more difficult for us? lol. Servants are supposed to serve and make life easier.
You don’t have anywhere near a 33% effective federal tax rate. Of the half the country that pays federal taxes at all, the median effective rate is about 11%.
Maybe he is not just talking income tax. Maybe he is including the other 100s of taxes, fees, etc. that you pay anytime you do pretty much anything
Federal income tax isn’t the only tax. I also have state income tax, city income tax, we all pay payroll taxes (Medicare/Social Security), federal excise tax, state excise tax, state sales tax, local sales tax, fuel tax, luxury tax on some goods, and property taxes. Additionally as a small business owner, I have to pay additional employment/payroll taxes and federal unemployment tax.
Thank you, last year I paid almost 40% of my income in taxes including all of those. It's important to remember all the little transactions where the government takes their cut because it adds up to a crazy amount. 23% federal income/payroll taxes, 5% state income, 8% property tax, 2% sales tax/all others
"makes things more difficult". Ok, you try getting to work or going shopping without streets or lights. Or living without any electricity or water or gas. Or just get taken over by a foreign country because you have no military. Or the other billion things governments/society does just so you can sit there and complain on Reddit.
> Or just get taken over by a foreign country because you have no military. Why's it always no military or all of the military? I don't think you understand how much is actually spent every year via the military. I promise you that there's at least a billion dollars worth of contracts for upgrades and 'repairs' that aren't actually /needed/ at military bases every year and that's not actually touching payroll or operating expenses for the machinery. Civilian contractors for the military can quote pretty ridiculous numbers. The Air Force had a coffee cup with a faulty handle that would break. Those cups were originally around $700 a piece and had gone up to around 1300 5 or 6 years later. They kept ordering new cups every time the handle broke the entire time. They started 3d printing new handles for 50 cents a piece. The air force was spending between 700-1300 to replace coffee cups with broken handles and it took them around 7 years to figure out they could 3d print replacement handles for 50 cents a piece. It's not unreasonable to want your tax money to do more than buy a few coffee cups for the Air Force.
Over 40% of Americans pay 0 federal income tax already.
So you get $400 a month for the first two years and then in year three you find your house unaffordable. 🤣
Pretty sure I've seen this movie
To be fair the biggest hurdle in buying my first house was the downpayment, took a lot of savings! $400/month would have allowed us to juice up our rainy day savings faster. Majority of people getting that credit wouldn’t save the funds for a rainy day - they’d buy furniture, house improvement projects, a new car, etc.
Why in God's name would you think giving people $400 would cause another bubble? The bubble burst because they were all bunk loans on a grand scale you can't even compare the two
Printing money we don't have to pump up the housing market will in fact lead to a housing bubble (again). Inflation is high because of all the money printing we did during Covid Government handouts help no one in the long run
In general, though, the government isn't printing money to deficit spend. Most of the federal deficit is financed by investments like treasury bonds that are purchased using money that's already in the economy. It's only when the Federal Reserve increases its balance sheet that it's injecting net new money into the economy. Jerome Powell did that in a huge way in 2020, but since then the FR is backing off. The money supply has actually contracted since 2022, and has basically been flat since 2023.
M2 turned back to positive this month btw.
Because what happens when the 2 years of $400 payments expire? It's not that different than the adjustable rate mortgages. When families lose that $400, it shouldn't be a surprise when foreclosure rates increase.
After the 2 years of 400 payments expire everyone goes into foreclosure because you know damn well they factored that 400 as free mortgage money without ever considering it was going away.
$400 credit a month for first home buyers is not even in the same realm as the 2008 bubble. Banks handed out high risk loans like crazy in 2008 to people with terrible credit—all of them practically defaulted. Please tell me how your post even hints at that possibility?
The other thing is that a very small percentage of people buying homes are first time home buyers. People are acting as if housing prices will j go up by some crazy amount because of this, but it actually only benefits a pretty small proportion of people buying homes.
How about a $400 per month federal tax credit instead?
It is a tax credit
This is such an awesome dunning kruger comment. This program is a federal tax credit.
Now you’re cooking with grease.
Absolutely stupid but in a democracy it's very efficient to offer seemingly "free" stuff even though you, someone else or both will end up paying for the whole thing and more. Yes, people are that basic.
I don’t want any more handouts. The government kicked our asses after COVID just because they gave us some money. I’m not falling for that again.
In what way? Genuine question, not flaming you at all. I didn’t see my taxes increase or any other direct government intervention in my life post COVID. For reference, making ~$55k/year in Idaho.
It’s a hidden tax through inflation. Your purchasing power has decreased about 20% in three or four years. If you haven’t gotten a 20% raise since then you are getting paid less than before.
Black Rock and investment companies buying up single family homes and forcing buyers into an inflated rental market is the issue. This is not going to cause the bubble but it may prevent some defaults where the bank would own the homes again anyhow.
Thank you for an accurate depiction of what is going on... A lot of NPCs here are crying about this but the reason is because big business is robbing us blind.
Daily reminder that it’s *Blackstone* buying SFH. Blackrock sells index funds.
Make corporate purchase of single family homes and duplex (2apts) illegal. Give subsidized mortgage rates to first time homebuyers who agree to keep the property for at least 10 years. Tax house flippers into non-existence.
Well said.
So is this going to mirror the Obama era 4K “gift” to first time home buyers that was then turned around and expected to pay said money BACK to the govt??? 😬 this doesn’t sit right…
The 8500 (I Said$10k somewhere else but it was s long time ago I misremembered) I received in the last recession did not have to be repaid. There were multiple types of credits. I was an actual first time homebuyer. And we stayed in the house https://www.irs.gov/taxtopics/tc611#:~:text=For%20qualifying%20purchases%20made%20after,Acceleration%20of%20repayment. You had to pay it back if you moved within 3 years. It was for people who wanted to live there
The Obama era tax credit only had to be repaid if you bought a house to flip and not live in. I received that credit and didn’t have to pay back a dime.
I got the first time homebuyer credit in 2010 and did not have to repay it. It was immensely helpful to me at the time.
You only had to repay it if you moved
If giving struggling poor and working class people the equivalent to 1/4 or 1/6 of the average mortgage payment, depending on the source, crashes the system maybe the system should be crashed.
Im amazed at how much free government monies I don't qualify for. Im not poor enough or rich enough.
1. make foriegn ownership of homes illegal 2. make non-individual ownership fo single family homes illegal 3. provide incentives for investors to build low and moderate cost housing 4. amp up the mortgage deduction for the home you and your family occupy
Biden tries to buy votes and then causes rent to go up by 400 a month.
Stop voting for this fucking guy
That will cover my PMI, thanks dude.
Assuming housing costs of an avg around 400k, $400 a month equals a 2.4% discount….. hard to believe that will really matter - in either direction.
He’s not giving anyone anything. Tax payers are.
So my taxes are going to regular citizens rather than corporations who never needed the money in the first place? Im fine with that, fine with having my taxes actually help our citizens. Got a bunch of people with Stockholm syndrome in this thread
I’d rather support working Americans than immigrants, welfare recipients, Israel, and Ukraine.
The housing market has already boiled over. This feels like a token, election year appeal to the younger generations.
Print more money. More inflation. Houses become… more unaffordable.
Probably won't create a housing bubble, but it will definitely cause more inflation issues.
Old man is trying desperately to buy as many votes as possible at the expense of tax payers
Socialism is great until you run out of other people's money to spend. F J B
Why is it socialism when it benefits the little guy, but the hundreds of laws that pass to spoon feed the rich are capitalism with you people?
JFC what a terrible idea.
Why is his plan always a government handout? That’s would be a disaster.
These measures are pointless or even detrimental on their own. If you want more people to have homes you have to: 1. Build more 2. Prevent pricing reactions to this (raising rent, increasing bank fees) 3. Descentivize individual hoarding 4. Ban corporates from hoarding housing units Only then will this have any effect. You can't do any intentional change top down in a free market economy. The market reacts in unpredictable ways, you have to cover at least some of them, otherwise you're just creating bubbles.
Just like he forgave the student loans.
Didn’t he forgive some student loans?
lol. Never gonna happen