Being concerned about housing based inflation and then suggesting subsidization of demand isn’t really congruent. It just pushes prices up.
Building and increased density is the only solution, and that’s doable in a short to medium term. Problem is that it requires changes in local policies more than federal policies. It also can be a perceived harm to established homeowners and landlords, who are a political force to be reckoned with, especially at the local level
I don’t think switching investor ownership to single family ownership is actually going to move the needle in terms house prices. If the idea is to target a policy in that way I think it should be a lot more specific to the thing you’re incentivizing, which to me is getting more supply especially in the lower price ranges.
Maybe a one time credit or special interest rate for single family, new construction homes, to first time homebuyers, only if the price of the constructed home is below 75% of median home price for its zip code over the last 12 months. Biden could try to add language that allows the home to be more expensive if they use union labor or something. Try to combine it with some sort zoning / permitting reform, although I don’t know that industry well enough to offer a specific policy.
There are probably other ways to improve the idea, but it would be a jobs program, an affordable housing program, would hopefully not be a massive market distortion or something that’s too easy to exploit by people rich enough to buy a house today.
I think housing affordability in the US is mostly a problem of cities and counties being beholden to their
reliable voting constituents (homeowners), and homeowners wanting their biggest financial asset to worth more.
I know housing affordability is also a big issue in Canada. I’d be interested to know whether it’s for the same reason as the US.
“But muh property value” is certainly a big source of NIMBYism everywhere
There’s just no reason for any one city or county to carry the burden of solving housing affordability to the detriment of the property values of their voters. They will only do it if they know that other cities and counties have to do it too.
It’s a classic coordination problem.
https://x.com/David_Charts/status/1778577035209707612
https://x.com/David_Charts/status/1778577040095973881
https://x.com/David_Charts/status/1778577044399329729
https://x.com/David_Charts/status/1778577048740478999
That last bit seems super relevant!
Stocks and housing are UP! I wonder who that’s good for?
It must be a regional thing, because minimum wage in my state is still $7.25 an hour and teachers start off at $39K a year with a Bachelor’s. There were 5,000 emergency certifications issued for teachers in the last 6 months, and no teacher can pay rent without doing DoorDash on the side.
Thread continues to be split based on whether or not you use comprehensive mainstream data or anecdotes and Zillow surveys
Yes facts about teacher compensation and emergency certifications because no one can afford to take public teaching jobs in my state is anecdotal.
I’d bet my net worth you couldn’t get by on a teacher’s salary in Oklahoma City. You continue to be completely disconnected by the reality of the (disappearing) lower middle class. But I’m glad your stock and real estate portfolio is up.
This sounds more like a MAGA/OK problem than an economy problem.
Yea Oklahoma City is full of only Republicans and we all deserve to suffer accordingly.
Thank god another doctor is here to chime in!
I guess it’s easier to blame the Man than your own corrupt state legislators.
Reading comprehension is hard.
Personally, I’m shocked the Dem E is the party of the doctors and lawyers and not the teachers and union laborers.
The actual reason people think the economy is bad:
https://x.com/dougjballoon/status/1779166652199829512?s=46&t=N0_fcOKIYYmlCS2e4YShsQ
This is such a lazy comment. No one here thinks that Oklahoma teachers shouldn’t be paid more. The fact that they aren’t paid enough has fuck all to do with the larger economy. If you had an argument that wasn’t shit you wouldn’t have to resort to attacking others for their work
