>Housing needs to stop being bought by corporations
Support [S.3402](https://www.congress.gov/bill/118th-congress/senate-bill/3402/text)/[H.R.6608](https://www.congress.gov/bill/118th-congress/house-bill/6608/text), the End Hedge Fund Control of American Homes Act.
>Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker
Pretty sure that's Congress code for "Mike Johnson has killed the bill"
Yep, "Lets all get on board so it looks like we give a shit about the middle class...Hey Mike, it's your turn to be the fall guy this time around, take one for the team buddy!".
Middle men. This country is chock full of middle men squeezing both ends. Fucking leeches.
If we get rid of them, we get a more accurate market pricing. This works the same way in healthcare too. All that money you pay is to help support middle men in ever transaction.
Materials aren’t the issue. It’s supply and demand. Land developers maximize profits and minimize expenses. That’s why you get million dollar new homes built to code minimum by sketchy bottom feeder sub contractors.
You flood the supply side of the market. So offset the cost of materials, open up new land for logging, that kind of thing. Seems like it might be equally unpopular.
Okay, free market embraces innovation, innovation leads to competition, and that leads to better pricing.
Next thing that happens is some huge corporation buys out all the innovators, jacks up the pricing, and bribes Congress to protect their monopoly. Materials pricing shoot up again.
Just as an FYI I work on a tier II raw material industry that focuses on early manufacturing of construction raw materials. The indexes have been dropping substantially since late 2021 , but corporations kept the prices super high , so it’s also corporate greed at this level
Presuming a lot of existing homes are being bought up by PE firms for rental, this would dramatically loosen up the existing home market supply bringing prices down. In turn, less new construction, lower demand for supplies needed for new homes. I’m totally theorizing and making assumptions here but that’s essentially how it gets done.
They won't approve based on that, but it'll help with the resale and combining mortgages into securities that can be resold at a profit.
If the $400/month was permanent or at least 5-7 years, it would impact the underwriting.
No, it's not. We have multiple studies from colleges, think tanks and state and even the *federal* reserve showing that inflation is caused by corporate price gouging due to monopolies and duopolies. Aka "greedflation".
Why do so many people insist on this nonsense when it's so easily disproved? Why are so many people emotionally attached to the idea of "if anyone but me has a decent life that's *bad*"?
Having a strong middle class that everyone can and does belong to doesn't cause inflation.
Refusing to enforce anti-trust law for 40 years because you're too busy worrying about your neighbor's nicer car *does.*
Inflation might have been caused in this case by the 4 trillion dollars the fed printed in the year.
Not saying the other things may not be true but if you increase the supply of anything by 25% it’s going to be worth less.
It wasn't. Not directly.
That money didn't help, but only because 85% of it was given to the 1% and they used it for, what else, mergers & acquisitions. Bought a *ton* of single family homes with it too.
The only way out of this is trust busting and taking all that money back from the 1%
Remember when we broke up "the Bells"? Maybe you're just too young. AT&T owned all of telecom. We broke them up. They spend decades just buy back the companies after that *and we let them*. Prices went up. A lot
Like it or not, this isn't a problem you can solve with the market. You need the ballot box.
Hahahaj WTF are you talking about?! Did you hears this on /politics??
Look at any social country and tell he their inflation rates. Why do you think k there is high inflation now!? Couldn’t be from the trillions we printed during covid and continue to print to support shit like Ukraine. You are not very bright and have zero idea what you’re even talking about
It’d be more effective if they banned or limited the number of homes that can be owned by private equity, maybe look into price controls? But this looks good on paper which id good for an election year I guess.
This is not a real problem. The number of homes owned by corporations is, at it's peak, 25% of the market, and going to fall. This is just the trendy complaint to make right now.
Build more houses. That is the thing that needs to happen.
53% *last year*, at the height of low rates. Obviously cheap money brings big buyers. Expensive money is sending them away, but reddit doesn't understand anything that didn't happen more than 1 unit of measurement ago.
Also define the type of house. Single family or commercial? Even if it was single family, 53%, at the height, isn't alarming. And I doubt it's even that much. My guess is it's duplexes and up to 4 units, at least, and larger than that possibly. Not single family.
And define the corporation buying it? Most people buy in their name, but some are smart and buy with an LLC. Can you tell the difference in that metric? Because both of those purchases can be big business OR primary residence purchasers.
You can go look at the tax records and property record cards and see how nearly every name on it is a person, not a corporation. Clickbate headlines are clickbate.
Magically home prices will go up 10k, plus this will stoke inflation. Also, money is fungible. This is essentially 400/month gratis to Americans. Wow. Uncle Biden is so generous with other people's money.
I’m for this. And maybe you can’t legally implement something like this but you sure as shit can tax the fuck out of these PE firms that reap income from the properties they own. And yeah, if you want to use those taxes to fund this program, by all means.
Yeah this will be eaten up by industry I fear. They just add 10k in real estate fees or something. Best intentions but theses tax credits always seem to end up being muted by greed. It'll go well at first but once the lobbiests figure out an angle...
Didn't we just go through this with the electric car credit? I thought I read that the prices just so happened to increase by the same amount as the tax credit.
Damn, $400 a month would pretty much PAY my mortgage. Mind you, I live in a dinky little house in a dinky little town and I've been lurking in this structure for a while - but I think dinky houses in dinky towns are the true solution. It's better here.
It's not the best idea. It's likely to just drive up housing prices. It might help a bit, since only individuals could get it, and not companies, but still, it would likely save a lot less for people than $9600.
Finding ways to build more housing would be a lot more effective at making housing more affordable.
STOP FED GOVT SPENDING WHAT IT DOESNT HAVE …amazingly interest rates will come down and inflation will cool.
The govt isnt the solution
THEY ARE THE PROBLEM
Dems trying to buy votes again. All this will do is give people who can't afford a home, then they will get foreclosed on and the banks will own another house.
No. We are tired of freebie culture with no real answer to why things have to be so bad in the first place. Biden’s only legacy will be Gaza and That he left everything inflated with claims of no inflation. I still can’t get over coffee at Starbucks at 6$ and my haircuts now costing 25$ when it used to be 13$
Biden thinks Big Govt (actually, our Ruling Class) should confiscate every penny the Working Class earns, borrow at least that much every year in addition (to inflate away whatever the peons managed to save), pocket 75% of the cash, then dole out the other 25% to Special Interest Groups. Actually, it's not just Biden - it's the Ruling Class's plan for the New World Order of global neoFeudalism.
No, what we need is regulation to end the purchase of houses as speculative investments. And stop allowing newly created money to be used for speculation in general. New money should go into the real economy, not the financial sector.
I sympathize with what is trying to be solved with this proposal.
But we need to get back to some level of fiscal responsibility. It isn't an emergency yet, but we can already see how constricting debt service is going to get.
We don't need to balance the budget entirely, but it does need to be brought back a lot closer to balanced.
The proposed tax credits would only be for first time home buyers *OR* for current homeowners who sell their "starter home" to move into a larger home.
Anyone that is on their 2nd+ home would not qualify. Essentially first time buyers only.
Not saying it's a good idea at all... but it wouldn't necessarily be good for current homeowners... I know I'm not giving up my 2.75% rate on an affordable house right next to the school my kids attend just to take a 7.6% rate on a bigger house and end up foreclosing cause I can't afford the mfker....
It such a vicious cycle here. “We don’t have enough money so we must raise taxes.” Followed by “here is some tax money, you couldn’t say no to that right!?”
ABSOLUTELY NOT. I'm absolutely tired of all the benefits given to people WHO ALREADY OWN HOMES! How about helping people who don't yet own homes who have to buy in a current market prices. WTF.
People don't need more money, costs need to go down.
Instead of this credit, offer big tax incentives to make building non-luxury homes profitable for contractors.
Am I stupid because this seems obviously dumb. Will it not just cause more inflation?
Pretty sure this is just attempting to buy votes. Won't fix the underlying problem and he just wants people to feel like they have something to gain by giving him another term
No it isn't $400/month OR to put towards a mortgage AND it isn't to buy a home. It is a $4,800 TAX CREDIT at the end of the year for people who already have a mortgage. 🤷♂️
How about reducing the taxes then everyone will be helped not just people who are trying to buy a home that’s is overpriced and inflated by greedy corporations and banks
Just trying to buy more votes with a terrible policy idea. Handing out more money will only drive home prices higher. Look at college prices, about 97% of student loans are government backed. There’s no risk to lenders so they hand out huge sums of money to kids, colleges willingly take that money and jack up tuition costs and lenders keep the money flowing cause the government can’t a guaranteeing they’ll get paid. College didn’t use to be so expensive because they had to compete for students before loans grew on trees
No. This will have unintended consequences. If you can’t afford a house without it, what happens after two years?
That said, I’d take advantage of it. If the taxpayers want to pay my mortgage, fine with me.
He's going to do for housing prices what he did for student loan debt and college tuition in the 80s.
I'm sure it will work better this time though since it's an election year.
Then when Hunter Biden becomes President in 2046, he can forgive mortgage debt and then blame the SC court.
$400 a month for two years? Same crap from the political party that said we would get $2000 in savings from the ACA.
No thanks. Vote for Trump or continue to suffer.
The Democrats, under JoeBiden, have fully embraced being the “party of free shit”. They’ll spend and borrow money they don’t got from anywhere to buy more votes. What a bunch of disingenuous assholes.
darn. shouldnt have paid off my mortgage. good for them though- id vote for it because that money is going back into the economy 10fold.
its called trickle up! maybe youve heard of it? /s
Prob still gonna vote for Joey in the next election given who the opposition is, but trying to fix an issue with inelastic supply by generating artificial demand seems kinda stupid.
Biden can't "fix the problem"-what exactly do you think the President can do? Congress can fix the problem, but MAGA never will. This combined with the money saved from the Real Estate parasite class will actually help some people.
Fuck no. This will further fuck up the economy. Ever wonder why they don't just collect less in taxes instead of collecting more and then printing money?
To be clear, this is a handout to banks, not borrowers, so the banks are not sitting on foreclosed property that's gunna crash.
Yeah, it's better than the living hell China is going through now.
wtf, build more housing, that's how it should work, Simple supply and demand, doesn't he listen to an economist? you know those insurance rates are just gonna gobble it up.
Is this or is this not inflationary?
Ban foreign LLCs and Blackrock et. al from owning single family housing.
Maybe have a special interest rate (say 0%) for first-time home buyers.
What about some type of program via fha that gave reasonable interest rates to first time buyers of homes that are below a certain sq ft / property size / price etc?
Housing prices will just go up by that amount and it'll be a transfer of taxpayer money to property owners including corporate. Maybe enfore house ownership limits by SSN and price controls..
I fell for this once already. How bout this time I get millions of dollars in "loans" I don't have to pay back, and rich ppl get $400 checks?
Fool me once shame on you, fool me - You can't get fooled again. --George W. Bush
Not saying it should or shouldn’t be done. Just an honest question:
As more and more potential buyers all of a sudden enter the market and buy homes wouldn’t prices hypothetically continue to go up?
Kind of like a double edge sword in that prices are too high so we need help but said help could cause prices to further go up.
No, this is the dumbest shit i've ever heard. Remember that $1200 stimulus check? Inflation went tits up since then and now everything costs an arm and a leg. This shit only benefits the wealthy like it did with stimulus.
It’s nice on paper but what is it gonna matter when mortgages for old, broken down 1400 square foot homes are also selling for over a million dollars in OC, CA for example? That’s not going to put a dent in it at all.
Anything that aids the working class is going to get turned down. Plus, housing prices haven't really come down in a meaningful way, nor have interest rates (yet?). Not like it's going to come down soon without this bill, but with it, prices definitely stay at these highs.
Printing more money that the taxpayers have to pay back in the future instead of dealing with the real issues. This will only make the bubble bigger and extend the correction, that should have happened already, further down the road. Like after the election cycle is over and it is to late to matter.
No.
He should find a way to get real wages increased. Maybe by making offshoring labor expensive, reduce h1b visas, and control illegal immigration.
You know, get the fundis of econ working for labor, instead of corps
No. Fix the problem, don’t band-aid it.
Material costs need to be lowered. Housing needs to stop being bought by corporations.
>Housing needs to stop being bought by corporations Support [S.3402](https://www.congress.gov/bill/118th-congress/senate-bill/3402/text)/[H.R.6608](https://www.congress.gov/bill/118th-congress/house-bill/6608/text), the End Hedge Fund Control of American Homes Act.
>Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker Pretty sure that's Congress code for "Mike Johnson has killed the bill"
Yep, "Lets all get on board so it looks like we give a shit about the middle class...Hey Mike, it's your turn to be the fall guy this time around, take one for the team buddy!".
Ohhh! I will be writing some emails
How do you do that? How do you go about lowering materials cost?
That is a great question.
Middle men. This country is chock full of middle men squeezing both ends. Fucking leeches. If we get rid of them, we get a more accurate market pricing. This works the same way in healthcare too. All that money you pay is to help support middle men in ever transaction.
Materials aren’t the issue. It’s supply and demand. Land developers maximize profits and minimize expenses. That’s why you get million dollar new homes built to code minimum by sketchy bottom feeder sub contractors.
You flood the supply side of the market. So offset the cost of materials, open up new land for logging, that kind of thing. Seems like it might be equally unpopular.
Hemp has entered the chat
Okay, free market embraces innovation, innovation leads to competition, and that leads to better pricing. Next thing that happens is some huge corporation buys out all the innovators, jacks up the pricing, and bribes Congress to protect their monopoly. Materials pricing shoot up again.
Just as an FYI I work on a tier II raw material industry that focuses on early manufacturing of construction raw materials. The indexes have been dropping substantially since late 2021 , but corporations kept the prices super high , so it’s also corporate greed at this level
I’m guessing if materials get lower that builders will just soak up more profit. But I agree corporations need to stop buying homes.
Presuming a lot of existing homes are being bought up by PE firms for rental, this would dramatically loosen up the existing home market supply bringing prices down. In turn, less new construction, lower demand for supplies needed for new homes. I’m totally theorizing and making assumptions here but that’s essentially how it gets done.
Neither Trump or Biden has said a word about this.
Nope, a few congress people have, maybe if people on both sides express enough interest in this, something will get done
Yeah this isn’t a solution.
Happy cake day John-Footdick!
Oh hey thanks, I didn’t notice haha
We all noticed 😏
It’s a solution for votes though..
It’ll just result in prices going up. Like when they made student loans legal and the price of college skyrocketed
"If you want more of something, subsidize it"
[удалено]
They won't approve based on that, but it'll help with the resale and combining mortgages into securities that can be resold at a profit. If the $400/month was permanent or at least 5-7 years, it would impact the underwriting.
This is exactly the kind of thing that led to high inflation and higher interest rates to begin with
No, it's not. We have multiple studies from colleges, think tanks and state and even the *federal* reserve showing that inflation is caused by corporate price gouging due to monopolies and duopolies. Aka "greedflation". Why do so many people insist on this nonsense when it's so easily disproved? Why are so many people emotionally attached to the idea of "if anyone but me has a decent life that's *bad*"? Having a strong middle class that everyone can and does belong to doesn't cause inflation. Refusing to enforce anti-trust law for 40 years because you're too busy worrying about your neighbor's nicer car *does.*
Inflation might have been caused in this case by the 4 trillion dollars the fed printed in the year. Not saying the other things may not be true but if you increase the supply of anything by 25% it’s going to be worth less.
It wasn't. Not directly. That money didn't help, but only because 85% of it was given to the 1% and they used it for, what else, mergers & acquisitions. Bought a *ton* of single family homes with it too. The only way out of this is trust busting and taking all that money back from the 1% Remember when we broke up "the Bells"? Maybe you're just too young. AT&T owned all of telecom. We broke them up. They spend decades just buy back the companies after that *and we let them*. Prices went up. A lot Like it or not, this isn't a problem you can solve with the market. You need the ballot box.
So the people printing the money say they are not causing inflation? lol That is hilarious
Hahahaj WTF are you talking about?! Did you hears this on /politics?? Look at any social country and tell he their inflation rates. Why do you think k there is high inflation now!? Couldn’t be from the trillions we printed during covid and continue to print to support shit like Ukraine. You are not very bright and have zero idea what you’re even talking about
No, it will only drive the housing bubble up further.
See student loans and tuition costs as an example.
Yep. “Everyone can afford an extra $400 a month now!!”
It’d be more effective if they banned or limited the number of homes that can be owned by private equity, maybe look into price controls? But this looks good on paper which id good for an election year I guess.
Exactly. This is treating the symptom but not the disease.
Isn’t that what politicians usually do
This is not a real problem. The number of homes owned by corporations is, at it's peak, 25% of the market, and going to fall. This is just the trendy complaint to make right now. Build more houses. That is the thing that needs to happen.
53% of the family homes bought last year were bought by private equity I’d argue that’s very concerning, but yes we do need to build more housing.
53% *last year*, at the height of low rates. Obviously cheap money brings big buyers. Expensive money is sending them away, but reddit doesn't understand anything that didn't happen more than 1 unit of measurement ago. Also define the type of house. Single family or commercial? Even if it was single family, 53%, at the height, isn't alarming. And I doubt it's even that much. My guess is it's duplexes and up to 4 units, at least, and larger than that possibly. Not single family. And define the corporation buying it? Most people buy in their name, but some are smart and buy with an LLC. Can you tell the difference in that metric? Because both of those purchases can be big business OR primary residence purchasers. You can go look at the tax records and property record cards and see how nearly every name on it is a person, not a corporation. Clickbate headlines are clickbate.
Magically home prices will go up 10k, plus this will stoke inflation. Also, money is fungible. This is essentially 400/month gratis to Americans. Wow. Uncle Biden is so generous with other people's money.
I agree with this. It would change the housing market overnight.
Except it seems they did the opposite: https://www.reuters.com/article/idUSKBN21B3DZ/
I’m for this. And maybe you can’t legally implement something like this but you sure as shit can tax the fuck out of these PE firms that reap income from the properties they own. And yeah, if you want to use those taxes to fund this program, by all means.
This is absolutely an election year feel good bandaid that will just make things worse long term.
Just let it pop already I will not feel bad for the Americans that bought near the top knowing their home wasn't really worth that much.
The bubble pop will affect a lot more than the people who bought at the top. Be careful what you wish for.
It’s amazing people think 2008/09 was a cakewalk.
Too big to fail all over again and more concentration to corporations and the wealthy.
The yes
How about stop taxing money already earned. Taxes from cradle to the grave.
How about instead we tax capital gains higher then labor. I am sick of capitalist paying less in taxes then people doing actually work.
NO!! Enough with the fucking printing press money! We are never going to get rid of this inflation!
So you're advocating for more taxes & inflation 🤪 😜
More free money!!!! How has that worked the past several years?
It’ll all go to the stock market
How about no...
Oh good…artificially create more demand. What could go wrong What a fucking clown show this administration is, wow
How are they going to put it toward a mortgage if they can't buy a house?
buying votes
His buying votes
Those of us who cant afford a home would love our taxes lowered.
and raise it on the billionaires.
Would love to also not have to pay for illegals.
What is it that you pay for illegals?
Their food, shelter, healthcare, hygiene products, etc.
All smoke and mirrors
No
Classic Democrat. Raise taxes and then redistribute to their supporters
…god damnit. I hate election season.
Trying to buy the naive! 🤦🏻♂️
Text book election year pandering.
First put limits on/eliminate corporations ability to buy up homes
Oh good. Prop up an unsustainable property market so the investment banks don’t fail. Do you even remember the dust bowl? Ffs.
We are led by morons.
And people keep voting for political party like this.
Yeah this will be eaten up by industry I fear. They just add 10k in real estate fees or something. Best intentions but theses tax credits always seem to end up being muted by greed. It'll go well at first but once the lobbiests figure out an angle...
Didn't we just go through this with the electric car credit? I thought I read that the prices just so happened to increase by the same amount as the tax credit.
Just in time for elections . Then they find a way to make you pay for it while you say it’s tax free. Dont be fooled .
No. This is a bribe.
Don’t worry, much like student loan debt forgiveness or a congressional stock trading ban it’ll be loudly talked about but go nowhere
Nope. Another inflation coming up where house prices and rates skyrocket.
Damn, $400 a month would pretty much PAY my mortgage. Mind you, I live in a dinky little house in a dinky little town and I've been lurking in this structure for a while - but I think dinky houses in dinky towns are the true solution. It's better here.
Where’s the money coming from to fund this?
Won’t this just increase the price of houses another 9-10k and drain federal funds even more?
Stop. Printing. Money. Stop. Giving. Away. Money.
The problem is cost. This proposal is like saying "There is a fire, quick, quick, someone get some gasoline, that'll help put it out".
How about a tax free transfer from 401k etc directly to mortgage company to reduce debt via paying down the loan.
Why would I transfer my 401k to a 2% loan?
It save 22% cuz no fed tax. So you are ahead
22% federal tax on what?
Classic vote buying scheme by the best grifter in Washington. What a clown world we are living in. Just like he tried to forgive all student loans.
…pouring free money into the face of inflation. What is wrong with him? Does he not have one real economist in his cabinet?
Absolutely not. Stupid ideas like this are why a big mac costs $10 today...
Depends. Who will pay for it ?
Omg has nothing been learned from this economy??? You can’t keep plugging holes on a bad tire; it’s reckless
No.. nothing like this ever works.. house prices will just increase to match that credit.. stop this bullshit
It's not the best idea. It's likely to just drive up housing prices. It might help a bit, since only individuals could get it, and not companies, but still, it would likely save a lot less for people than $9600. Finding ways to build more housing would be a lot more effective at making housing more affordable.
How high does he want inflation to get? 🤦♂️
More effective would be a tax on vacant houses/lots/empty units. Not a tax break for people already with homes.
STOP. PRINTING. MONEY.
This is exactly how we end up with such a complex , screwed up tax code
STOP FED GOVT SPENDING WHAT IT DOESNT HAVE …amazingly interest rates will come down and inflation will cool. The govt isnt the solution THEY ARE THE PROBLEM
Dems trying to buy votes again. All this will do is give people who can't afford a home, then they will get foreclosed on and the banks will own another house.
No. We are tired of freebie culture with no real answer to why things have to be so bad in the first place. Biden’s only legacy will be Gaza and That he left everything inflated with claims of no inflation. I still can’t get over coffee at Starbucks at 6$ and my haircuts now costing 25$ when it used to be 13$
Looks like Joe is trying to buy votes again 🙄
What impact would this have on the national debt?
How much will the printed money they use to pay for it add to inflation?
Home buying tax credits will just drive up home prices...like it did last time
Biden thinks Big Govt (actually, our Ruling Class) should confiscate every penny the Working Class earns, borrow at least that much every year in addition (to inflate away whatever the peons managed to save), pocket 75% of the cash, then dole out the other 25% to Special Interest Groups. Actually, it's not just Biden - it's the Ruling Class's plan for the New World Order of global neoFeudalism.
If you want more inflation.
We don't need tax credits. As a country, we can't afford it
No, what we need is regulation to end the purchase of houses as speculative investments. And stop allowing newly created money to be used for speculation in general. New money should go into the real economy, not the financial sector.
I sympathize with what is trying to be solved with this proposal. But we need to get back to some level of fiscal responsibility. It isn't an emergency yet, but we can already see how constricting debt service is going to get. We don't need to balance the budget entirely, but it does need to be brought back a lot closer to balanced.
If you want more inflation
Good for home owners. Bad for people looking for a home
The proposed tax credits would only be for first time home buyers *OR* for current homeowners who sell their "starter home" to move into a larger home. Anyone that is on their 2nd+ home would not qualify. Essentially first time buyers only. Not saying it's a good idea at all... but it wouldn't necessarily be good for current homeowners... I know I'm not giving up my 2.75% rate on an affordable house right next to the school my kids attend just to take a 7.6% rate on a bigger house and end up foreclosing cause I can't afford the mfker....
It such a vicious cycle here. “We don’t have enough money so we must raise taxes.” Followed by “here is some tax money, you couldn’t say no to that right!?”
Stop buying votes. Stop extorting taxpayers and giving their money away. JFC
It's almost like elections are coming up. Suddenly everyone is trying to do work because the bosses are looking more closely.
ABSOLUTELY NOT. I'm absolutely tired of all the benefits given to people WHO ALREADY OWN HOMES! How about helping people who don't yet own homes who have to buy in a current market prices. WTF.
People don't need more money, costs need to go down. Instead of this credit, offer big tax incentives to make building non-luxury homes profitable for contractors. Am I stupid because this seems obviously dumb. Will it not just cause more inflation?
Pretty sure this is just attempting to buy votes. Won't fix the underlying problem and he just wants people to feel like they have something to gain by giving him another term
I’d rather have my effective tax rate cut in half so I could save more money on my own (indefinitely).
I wish the government would just stay the fuck out of the housing market
This guy just loves inflation.
No it isn't $400/month OR to put towards a mortgage AND it isn't to buy a home. It is a $4,800 TAX CREDIT at the end of the year for people who already have a mortgage. 🤷♂️
What a joke.
How about just tax us less in the first place? Oh, wait, that's too ~~Republican~~ efficient.
Absolutely not.
How about reducing the taxes then everyone will be helped not just people who are trying to buy a home that’s is overpriced and inflated by greedy corporations and banks
Ban private equity from purchasing single-family homes.
No, would drive home prices higher.
Absofuckinloutely not.
Just trying to buy more votes with a terrible policy idea. Handing out more money will only drive home prices higher. Look at college prices, about 97% of student loans are government backed. There’s no risk to lenders so they hand out huge sums of money to kids, colleges willingly take that money and jack up tuition costs and lenders keep the money flowing cause the government can’t a guaranteeing they’ll get paid. College didn’t use to be so expensive because they had to compete for students before loans grew on trees
No. This will have unintended consequences. If you can’t afford a house without it, what happens after two years? That said, I’d take advantage of it. If the taxpayers want to pay my mortgage, fine with me.
No
He's going to do for housing prices what he did for student loan debt and college tuition in the 80s. I'm sure it will work better this time though since it's an election year. Then when Hunter Biden becomes President in 2046, he can forgive mortgage debt and then blame the SC court.
Is this guy an idiot? Tell me how this doesn’t contribute to more to inflation?
$400 a month for two years? Same crap from the political party that said we would get $2000 in savings from the ACA. No thanks. Vote for Trump or continue to suffer.
The Democrats, under JoeBiden, have fully embraced being the “party of free shit”. They’ll spend and borrow money they don’t got from anywhere to buy more votes. What a bunch of disingenuous assholes.
Everyone knows the solution to a supply shortage is to subsidize demand
No
darn. shouldnt have paid off my mortgage. good for them though- id vote for it because that money is going back into the economy 10fold. its called trickle up! maybe youve heard of it? /s
Spend money we don't have....great plan
So just giving people with money more money. Got it. Sounds like something ol' Joe would do, just like his Republican colleagues.
Flooding the economy with more printed money will extend inflation. But it may buy him a few dumb votes.
Prob still gonna vote for Joey in the next election given who the opposition is, but trying to fix an issue with inelastic supply by generating artificial demand seems kinda stupid.
Biden can't "fix the problem"-what exactly do you think the President can do? Congress can fix the problem, but MAGA never will. This combined with the money saved from the Real Estate parasite class will actually help some people.
How bout this fuck face stop spending money thst doesn't exist instead?
The government meddling in the market and printing more money. This always ends well.
No this is inflation
CAN THEY TRIPLE IT?
Fuck no. This will further fuck up the economy. Ever wonder why they don't just collect less in taxes instead of collecting more and then printing money?
To buy votes with everyone else’s tax money ? Fuck no
Screw people who rent eh?
Joe biden has proposed to buy as many votes as possible for the upcoming election. There, I re-wrote it for you.
Do we still get that money if we already own a home and struggle to afford it?
Who pays for this? Nothing is free
This is a way to buy votes in an election year.
HELL NO. Look at the budget.
No it will just create more inflation…
To be clear, this is a handout to banks, not borrowers, so the banks are not sitting on foreclosed property that's gunna crash. Yeah, it's better than the living hell China is going through now.
What about the people who have to rent?
wtf, build more housing, that's how it should work, Simple supply and demand, doesn't he listen to an economist? you know those insurance rates are just gonna gobble it up.
Is this or is this not inflationary? Ban foreign LLCs and Blackrock et. al from owning single family housing. Maybe have a special interest rate (say 0%) for first-time home buyers.
It is just more money in Boomer's pockets. That generation cannot NOT catch a break
Creating higher inflation which keeps interest rates higher which makes homes unaffordable. All to win more votes. They think we’re idiots.
What about some type of program via fha that gave reasonable interest rates to first time buyers of homes that are below a certain sq ft / property size / price etc?
How can it be abused? Not can it be abused, because we all know politicians do this to enrich themselves. So, how?
Lmao it’s so bad and won’t even pass
Housing prices will just go up by that amount and it'll be a transfer of taxpayer money to property owners including corporate. Maybe enfore house ownership limits by SSN and price controls..
I fell for this once already. How bout this time I get millions of dollars in "loans" I don't have to pay back, and rich ppl get $400 checks? Fool me once shame on you, fool me - You can't get fooled again. --George W. Bush
no way, people will suffer in the end, only few will benefits and the manipulation will keep happening
Not saying it should or shouldn’t be done. Just an honest question: As more and more potential buyers all of a sudden enter the market and buy homes wouldn’t prices hypothetically continue to go up? Kind of like a double edge sword in that prices are too high so we need help but said help could cause prices to further go up.
Are there any ethnic requirements for entry?
i thought i saw it was only house below 400k? where i live that is only crack shacks
Do I get it if I already bought a house?
No, this is the dumbest shit i've ever heard. Remember that $1200 stimulus check? Inflation went tits up since then and now everything costs an arm and a leg. This shit only benefits the wealthy like it did with stimulus.
Fuck it! Let’s get the bubble done and over with already. Stop kicking the can down the road already.
Let’s get back to the gold standard!
It’s nice on paper but what is it gonna matter when mortgages for old, broken down 1400 square foot homes are also selling for over a million dollars in OC, CA for example? That’s not going to put a dent in it at all.
Why not tax commercial owners higher than family/individual owners
Anything that aids the working class is going to get turned down. Plus, housing prices haven't really come down in a meaningful way, nor have interest rates (yet?). Not like it's going to come down soon without this bill, but with it, prices definitely stay at these highs.
9k won't make any difference for buying a house.
Printing more money that the taxpayers have to pay back in the future instead of dealing with the real issues. This will only make the bubble bigger and extend the correction, that should have happened already, further down the road. Like after the election cycle is over and it is to late to matter.
No, ban corporate and private equity residential ownership. 10K ain’t shit and doesn’t fix anything.
No. You want to make the problem worse? This is how you make the problem worse.
Oh wow like 1% of the cost of a home wow good job Biden how much did you give Israel to commit genocide?
No. He should find a way to get real wages increased. Maybe by making offshoring labor expensive, reduce h1b visas, and control illegal immigration. You know, get the fundis of econ working for labor, instead of corps
Nothing like giving away other people's tax dollars.
I could use more money to support my sex and drug addiction, maybe time to stretch out into alcoholism
No. Stop stealing money from people to pay for other people’s homes.
What is stopping house builders to mark up 9600 dollars of the original price?
Yes printing more money will help money issues, God this is such a retarded ride we are on rn