This isn't the solution. Stop corporations from buying homes. Lower interest rates at the banks
this post was submitted on 08 Dec 2023
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There's a proposed law to stop hedge funds but not a single Republican and most Democrats will ever let it happen.
But yes, this is a band aid on a gun shot wound.
Or he could build 500,000 homes that can only be sold to individuals/families and can not be rented.
This article is just about a tax credit to assist with down payments for first time homeowners, but building more homes is part of plans that are already in motion. It's not like this is the only thing they've done or proposed. A more comprehensive summary of different actions on housing the administration has taken here if you're interested:
Not necessarily saying everything they've done is enough, just that what the article talked about isn't the only thing by any means.
A lot of the barriers to building more housing is at the local level unfortunately. There's some direct building by the federal government in those programs, but bigger than that is essentially funding to bribe local governments in the form of grants they get if they lower barriers to building more housing. When it comes to things the federal government doesn't have the power to really change directly (like local zoning laws) they often have to resort to tactics like that. Funding in exchange for the policy change we want. You see a lot of changes to loans and mortgages in there, because a lot of mortgages are provided or supported by the federal government, so for those the federal government does have more leeway to try to alter those terms to make home buying easier.
I hope the law restricting use of homes as a hedge fund investment gets more traction too, write your congressman and senators. Primary out people that don't support it, etc etc. Also for affordable housing local elections are so important. Try to figure out local government leaders positions on improving housing supply and ending nimbyism.
I think everyone is just exhausted. I think what everyone wants is to see these massive corporations finally get kicked in the gut like we have been for the last 40 years. Not saying its rational, but my psyche does feel like freshly tattooed skin and the artist won't stop wiping it.
Oh me too don't get me wrong, just trying to add some context. I really want that bill banning hedge funds from buying homes to pass. I also like pointing out the huge importance of local elections. Those people have way more control of things like affordable housing in your area. And often the most important decision, especially if you're in a place dominated by one party, is made in some primary election in like the middle of summer with little advertising and a 10% turnout.
Should build them all Paris Texas.
You fucking said it. What was it, like 50% of all homes bought in the past few years have been corpos? How the hell is giving people a bit of money to buy houses with going to drive down prices? It'll just mean people will ask more money for their houses in the areas it's available to.
It's the government giving money they got from taxpayers to corporations that are buying up housing but having a half a million people launder it.
But that's against capitalism! /s
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Biden administration: “Federal tax credit for first time homebuyer down payment”
Newsweek: “Give Americans money”
Neither addresses the problem of banks and hedgefunds purchasing single family housing with federal money.
There needs to be a minimum 7+ figure per year penalty imposed on owning more than one permanently non-occupied acre of non-commercial, agricultural, or wilderness land. With occupancy determined by a local zoning board defined by proportional yearly elections.
This is still hilariously game-able but makes sure that communities have a say in land distribution.
The houses are too goddamn expensive.
I don't have an issue with the down payment because I'm forced to keep saving and saving and saving as the houses are too goddamn expensive to even consider buying...
I don't really know who this is a solution for other than Bidens reelection...
And all this will do is make them even more expensive. Supply needs to increase, demand needs to decrease. Also, investor cunts need to sell theirs. If Biden wants to do this AND ban single family home purchases to anyone who has more than 5 homes, AND introduce a 30% tax on rental income, then maybe the problem will be solved.
Yeah I'm inclined to think removing investor demand from the market is more of a real fix vs boosting demand of the non investor market.
Like what is it going to take for these goods to do something about the financialization of a basic human need?
Is anyone else kind of feel like the Biden administration is doing an Ebenezer Scrooge on Christmas morning for some reason?
Here's the number of people who are getting loans forgiven and now we're going to do a high-speed train and here's money for a house and I get it like he's trying to build up popularity by delivering on some of his campaign promises but the timing is just bizarre.
People have been complaining all administration that they never hear about the small wins, well here they are
And they are all still complaining about this
Yes 100% and no doubt he is chasing popularity and has been his entire administration. Few of his actions stick out as good governance. And he's still the best president in my lifetime. IMO low-mid tier. But still good somehow.
The Inflation Reduction Act was/is huge. That’s what I’m going to remember.
I never cared for the guy, but I voted for him because it clearly was the better choice at time. It might be all for popularity, but that doesn't change the fact that his administration has been making some good strides he toward fixing our broken system.
I'll take good things done with ulterior motives over bad things done for their own sake, every day.
Election season is coming up and people are upset that he's supporting genocide. He's trying to buy popularity instead of earning it by... you know, telling Isreal to stop committing genocide.
I try to avoid being conspiracy minded, but I can't help but wonder why. Does the US have some sort of wartime ally obligation or something? Is there a nuclear risk or treat to the other side winning? What is going on?
We might never know.
And for the record, you can criticize a political party or government without thinking the citizens or their cultural identities are bad. It's maddening that people have to be reminded of this. My country does bad shit, but I don't think every person I meet is evil.
Well a LOT of americans support Israel and they hold a lot of power and wealth. I think the backlash against Biden from the right would be far worse than what the left is doing right now.
Like the student loan repayments, this is much more a "look like we're doing something" measure than an actual solution. Still, it will be helpful for some people, myself included. We'll need a different and better congress to be in a position where we can actually call on the president to put up or shut up.
This is the best summary I could come up with:
Through its backing of a proposal known as the Neighborhood Homes Investment Act, it would "promote homeownership for an additional 500,000 households while increasing neighborhood revitalization investments," Lael Brainard, the director of the White House's National Economic Council, said in a speech on Thursday when he urged Congress to act on the proposal.
The act will introduce a new federal tax credit to help fund "the development and renovation of 1-4 family housing in distressed urban, suburban, and rural neighborhoods," according to a draft of the bill.
The legislation introduced by Senators Ben Cardin, a Democrat from Maryland, and Todd Young, a Republican from Indiana, could help 500,000 homes and generate $125 billion in development revenue over the next decade, the lawmakers said earlier this year.
The housing market is in the midst of a convulsion fueled by the Federal Reserve's effort to fight record inflation.
Home prices were nearly 6 times the median potential first-time homebuyer income in the third quarter, according to NerdWallet's recent analysis.
Biden has proposed, through his budget a program, down payment assistance for first-time home buyers that the White House said will uplift first-generation homeowners.
The original article contains 499 words, the summary contains 191 words. Saved 62%. I'm a bot and I'm open source!
Hells yes! I want to move out from my mom's place and have my own house place plz
I bet it's 500k Americans who can already afford a home.
I read this as give Americans 500,000 moneys. And I was like, that’s a lot of moneys.
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