Mansions? Far from it...
Posted on 12/05/2017 7:47:01 AM PST by SeekAndFind
You can get equity almost anywhere ... and you can get it in assets that are a hell of a lot more liquid than a $500,000 home.
BS
We taxpayers are paying up to 30% of the mortgage costs of those rich democrats in New York, San Francisco, and Boston.
If they want their states and cities to provide welfare and free public schooling for illegal aliens then let them pay for it out of their own pocket, not mine.
Those numbers are obscene.
Explains why so many live illegally crammed into warehouses as we learned when the warehouse recently burned. I always wonder when real estate is that high where lower income people are supposed to live? Waitresses, janitors, even lower paid office and retail employees- where do they live?
I lived in a mountain tourist area for a while, I grew up there and went back when I got out of college. I got what I thought was a good job; entry level accounting. I soon found out I could not afford to live there. I took a second job (which meant I could not continue my college plan) I even had a room mate. It wasn’t just that the rental costs were so high there; few places to rent at all. I finally had to rent a cabin 17 miles out of town and commute. It was just crazy.
I have no idea what the answer is to high cost areas, my solution was to move and do something different. In my case I don’t like to live in town anyway so it made the choice easier.
I do own a home and therefore have skin in the game. That being said, I love the following statement made by the author:
“Both versions could end up weakening home prices”
Is that the same as making housing more affordable?
It’s all about who’s ox is being gored and how they spin it as a result.
Long past time for a flat/fair tax. Let’s get rid of all this krap once and for all- and just pay what’s needed and be done with it. Cutting about half the spending would help wobdetously too
In my neck of the woods, a $200,000 home can have a 6 to 10 grand prop tax bill on it. A lot of these folks can’t sell their lovely homes because buyers don’t want to assume that tax bill, and that was before the SALT deduction was an issue. These folks are not rich. That said, and as much as I feel for them, the SALT deduction still needs to go. And if jettisoning it means there’s a downward pressure on prop taxes, I argue the benefits of that outweigh the costs.
Mansions? Far from it...
People need a place to live and everyone should get the same help—whether they own their dwelling or someone else does.
One other benefit of lower home prices in blue states is it will slow outward migration of brainwashed Democrats to swing and red states.
I do own a home and therefore have skin in the game. That being said, I love the following statement made by the author:
“Both versions could end up weakening home prices”
Is that the same as making housing more affordable?
It’s all about who’s ox is being gored and how they spin it as a result.
Yep. Pure spin here from Yahoo. If a Democrat was doing this they would be talking about it being an “affordable housing” initiative. Instead it’s the mean ole GOP so it’s spun negatively.
Good or bad, I don’t know, but it does hurt the states with the largest progressive enclaves.
I don't think so. I never thought about it when buying any of my houses.....
People will see if they can afford the less affluent areas. Already, I recently read an article about white people moving back into inglewood, which had been an african-american neighborhood for awhile.
Here in NY State, you don’t really own a home. Its a tax-farming partnership with the state and local government. Its a form of socialism. If you work, you can afford the taxes on a home. Once you retire, unless you have managed to keep some money out of the hands of the government or not have it destroyed by the Federal Reserve, an average person has to give up their home because taxes are so high.
I am for anything that helps destroy that
One of my nieces and her husband bought a house in S.F. about 10 years ago for over a million dollars. It was an old row house, so compacted with the houses next door she couldn’t even take a picture of it without having the edges of the next door houses in it. Oh and it was a fixer upper- it was in good enough shape they could live in it while the work was done. So to answer your question it doesn’t buy much.
Right, but you’re going to kill all those people who purchased a home at, ostensibly a higher cost due to the deduction, who will now have to likely sell at a lower price to factor in the lost deduction.
There may be a lot of pain associated with that and possibly many people who could, through no fault of their own, end up underwater on their mortgages.
There are a lot of potential unintended consequences here.
Everybody says those houses cost too much. Now they are griping that the prices could go down.
Make up your minds.
Remember when the feds took away the write-off of credit card interest?
That was the end of the world too.
I believe families are better off in a home than apartment. Latchkey kids especially are better off in neighborhoods than apartments.
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