“U.S. Homeownership, once one of the surest ways for a family to accumulate wealth, has declined across the country; rates dropped to 63.4% in 2016, their lowest since 1967.”
So fannie and freddie have accomplished zero towards they goal if increasing home ownership, since that’s why they started directly buying mortgages in the 70’s. Meanwhile, home prices have sky rocketed since then. How has the government helped?
If you want housing to be more affordable, then either get rid of mortgages or go back to 15-year mortgages. If you want proof, look at how much condo/townhome prices drop when the HOA is in litigation, and buyers can’t get a mortgage. It’s an instant 40% discount on price.
“Big banks and mortgage companies attach stringent criteria and high interest rates to loans that often lock lower-income people out of buying a home.”
That statement shows the authors ignorance of the mortgage market. Fannie/freddie set the standards not the banks. They set the standards for a reason. When we ignore them, then 2008 happens. People with bad credit shouldn’t get a mortgage.
All their ideas are really just income redistribution with different names. Why don’t they focus on training people for the 6M open jobs in America?
Obviously I am alluding to SV and how everyone and their mother is moving to say Seattle or Austin. Sure, we are the Big Boys (for now) here but you never know. Always good to keep tabs on the competition…
Prop 10 will end that and everything else. Basically game over for builders, landlords, homeless, homeowners and eventually tenants. Prop 10 will create a civil war in California.
Of course. If Prop 10 passes, nobody will even build a market rate rental apartment, who wants to build a mixed income apartment with tons of restrictions?
I think homeless issue maybe 100 times worse 10 years after Prop 10 passes.
Here’s a thought, Ms. Kamala “Anti Capital Punishment” Harris, how about incentivizing builders and owners alike to increase the supply of rental units?
The entire agenda is about making successful people suffer. The funny thing is the stuff they do doesn’t even help the poor long-term. Most of it just keeps them in poverty dependent on the government. They get all excited about the idea of the rich suffering though.
Harris is a liberal version of Nixon. Sacrificed public safety to further a selfish career. She wants to be president and has a better chance that Newsom.
