If you want more shortages, then artificially stimulate demand. That’s exactly what Harris proposes, following the lead of AOC.
The Kamala Harris Plan
The National Low Income Housing Coalition discusses the Harris Campaign Plans to Lower Housing Costs.
To address the housing shortage and bring down prices for renters and homeowners alike, the Harris campaign’s plan calls for a historic expansion of the Low-Income Housing Tax Credit (LIHTC) and the first-ever tax incentive for homebuilders who build starter homes sold to first-time homebuyers. Building upon the Biden-Harris administration’s proposed $20 billion innovation fund, the campaign proposes a $40 billion fund that would support local innovations in housing supply solutions, catalyze innovative methods of construction financing, and empower developers and homebuilders to design and build affordable homes.
The campaign plan cites the Biden-Harris administration’s ongoing actions to support the lowest-income renters, including its actions to expand rental assistance for veterans and other low-income renters, increase housing supply for people experiencing homelessness, enforce fair housing laws, and hold corporate landlords accountable.
To make homeownership attainable, Vice President Harris’s proposal would provide up to $25,000 in down payment assistance for first-time homebuyers who have paid their rent on time for two years. First-generation homeowners – those whose parents did not own homes – would receive more generous assistance.
A Wall Street Journal Rebuttal
Please consider The Kamala Harris Plan for More Housing Shortages
A signature feature of Kamala Harris’s housing plan is providing first-time home buyers with $25,000 in down-payment support, at a total cost of $100 billion over four years. Absent a severe recession, this policy is all but certain to lead to higher home prices. That’s because the four million program recipients would become price setters for all buyers in their neighborhoods.
According to the American Enterprise Institute’s Housing Center, 77% of all home purchases would be subject to this home buyer “tax,” causing the price of these homes to increase by 3.6%. Over four years the increase in home prices would total $175 billion, more than the $100 billion cost of the program. The price increase would show up in higher revenue for sellers, thus acting as a wealth transfer to them.
The plan’s defects don’t stop there. Ms. Harris’s proposed tax incentive for building starter homes is intended to increase housing supply substantially. This approach has led to significant market distortions on at least two occasions.
The Housing and Urban Development Act of 1968, with its easy credit terms and substantial subsidies, resulted in a surge of housing permits in 1971 and 1972. By 1975 the housing boom had reversed, leaving lasting scars on cities including Detroit, Chicago and Cleveland. Similarly, the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, which set affordable-housing goals, combined with Bill Clinton’s National Homeownership Strategy, led to credit liberalization in the runup to the 2008-09 financial crisis. Housing permits doubled, from 1.1 million in 1992 to 2.2 million in 2005, but then collapsed by 73% in 2009. In the aftermath, millions faced foreclosure, and the resulting housing-supply deficit still afflicts us today.
Without such dangerous credit easing, it is likely that Ms. Harris’s proposal would provide incentives largely for new homes that would have been built anyway, with any incremental construction being unevenly distributed across the nation. This would cause further imbalances between supply and demand.
History offers a cautionary tale against such federal interference in the housing market: From the 1930s to 2008, at least 43 housing, urban-renewal and community-development programs were signed into law. Despite these laws’ lofty goals, these initiatives consistently failed to make housing more affordable.
An Idiot’s Proposal
It is economic idiocy to believe that Giving people $25,000 to buy a house will do anything but raise prices.
On the supply side, the houses would either have been built anyway or the new construction will be shoddy.
We have had dozens of “affordable housing” programs over the years and if we include state and local efforts the plans number in the hundreds if not thousands.
Everyone of those plans raised prices or caused an economic crash.
Let’s now discuss the Harris plan to “increase housing supply for people experiencing homelessness“
Harris did not put a cost to that. We can look no further than California for the reason, as well as the likelihood of success.
A New High-Rise Building Will House the LA Homeless in $600,000 Units
Please recall my June 19, post A New High-Rise Building Will House the LA Homeless in $600,000 Units
A grand opening of Weingart Tower will have 278 units to shelter the homeless. Hooray!?
Beyond Insane Math
NBC news reports There are 75,518 people are homeless in the county, and 46,260 in the city of Los Angeles, an increase from the 69,144 in the county, and 41,980 the city from 2022 as of Jan 23, 2023.
$600,000 * 278 = $166,800,000. That’s $166.8 million. And that does not include free property taxes, case workers, maintenance, utilities, insurance, food, police, clothes, doormen, or medical care.
If the county were to shelter the 75,518 homeless, the cost would be $45,310,800,000. That’s $45.3 billion, again excluding free property taxes, case workers, maintenance, utilities, insurance, food, police, clothes, doormen, or medical care.
And it would not stop there. Every homeless person in the state would move their tent to LA to participate.
Affordable Housing
This dear woke fans is what’s known as “affordable housing”.
Taxes have to rise to accommodate such stupidity. It makes me angry just thinking about this. For what? Does the city think this will cure the homeless problem?
Most of these people are some combination of drug addicts, alcoholics, mentally unstable, and physically unfit to ever work. And even if they did work, they would not be living in $600,000 units.
California Proposes Restraining Orders to Stop Thieves
More and more headlines look as if they are from the Babylon Bee.
On June 17,I commented Hoot of the Day: California Proposes Restraining Orders to Stop Thieves
What’s going on in California is beyond insane.
Also see Twenty Percent of California Lives in Poverty, What’s Going On?
On a cost-adjusted basis, California leads the nation in percentage living in poverty. Blame the Progressive oligarchs like Governor Newsom.
Green New Housing Deal
In case case you don’t see where this is headed, let me spell it out for you:
Harris has adopted AOC’s New Green Deal for Public Housing
My hoot of the day is AOC and Bernie Sanders have teamed up for a new green housing deal. I explain where we are and what’s on deck.
How Much Would This Cost?
AOC says the bill would invest up to $234 billion over a decade into “weatherizing, electrifying, and modernizing our public housing”.
Don’t kid yourself, the whole policy would cost many trillions of dollars.
The Harris sucker pitch is to start out small then add trillions of dollars more when she discovers free $25,000 down payments were not quite enough to reduce costs.
One would think they would consult a home builder rather than a campaign staff intern for insight on development of policy to address housing affordability? With all input costs, land, labor, and materials, impossible to build a home the average working couple, at today’s interest rates, can afford. Just reality. Perhaps bring back deductibility of mortgage interest would assist some.
Main questions: Is it advisable to have those who created unaffordable housing due to failed policies be responsible for creating affordable housing? How can anyone expect them to fix a problem they’ve created and are never able to see the root cause?
Politicians are just more dumb government workers, regardless of how high a position. No shortage or idiots from both sides of the political spectrum.
CA built bedroom communities on farm land. For decades small planes sprayed pesticides and herbicides on the crops. The new owners who bought single houses when rates were a bargain, their life expectancy will be short.
“It is economic idiocy to believe that Giving people $25,000 to buy a house will do anything but raise prices.”
She will compensate for that by preventing gouging on food prices or something. Maybe she will put caps on home prices or create mandatory house buybacks. Forward Soviet.
WWMD: What would Mao do?
“If you want more shortages, then artificially stimulate demand.”
Allowing an invasion of millions of illegal aliens did the trick for Harris, as border czar.
For the 600 billion we just blew on Ukraine war to nowhere, we could have build every homeless person in US a million dollar home. Twice. Where there is will there is a way.
The only way to reduce housing costs is through deregulation, mostly focused on removing local barriers to construction.
Removing things like setbacks and zoning that prevents construction of multifamily properties in single family neighborhoods. Basically, forcing everyone to be like Texas.
Good luck with that. Newsom has been trying to force cities and counties to deregulate. You can see how that has been going.
Setbacks have to do with fire safety. Why does my home have to catch fire if your home catches fire. Most rules and regs have to do with safety and hygiene. Sewer laterals, overhangs, drainage etc.
Also for those that don’t know, our central bank, the federal reserve, has enabled this speculative frenzy of people buying houses for investment by “buying” thousands of billions (trillions) of dollars in mortgage backed securities, which artificially suppresses mortgage rates/borrowing costs. “Buying” because the trillions of dollars they used to do this was new money backed with no increase in goods and services, which isn’t much different from counterfeiting money. Mortgage rates would be substantially higher without this socialist meddling, so house prices would be lower. And the Fed govs are nominated and confirmed by the Republican and Democrat president and Senate, so I wish people would realize they are voting for this socialism and inflation in housing when they vote Rep and Dem. The fed has been slowly reducing their mbs holdings so hopefully they continue cleaning up this mess they caused.
Someone tell Comrade Kamala there’s not a shortage of physical homes. There’s an affordable land & housing crisis. When you have a 6-8 week “recession” that morphs quickly into the biggest housing bubble known to man, then that’s 100% about prices, not inventory. No one can blame people for not selling their home with a sub 3% rate.
And when you add in 3M short-term rentals removed from the market for non-investor ownership, well you have a recipe for disaster. Any attempt to escalate the number of homes built is simply going to cause the price of land to skyrocket and the cost of homes to move up faster than it would otherwise.
And we all know her plan to hand out $25K in helicopter money will be extraordinarily inflationary, not deflationary.
The simple fix is a real recession that lasts 2 years, pushes unemployment up to about 7% & doesn’t see Congress intervene with rent & mortgage relief. Until that happens, housing & headline inflation aren’t going to return to normal levels.
Workers 40Y and older are protected from discriminations against them. HR layoff packages are good to go. To preempt recession HR mix it up. It’s an “art” : a few boomers and gen X – whose layoff packages are very expensive and a gold rolex – along with millennials and zoomers, which cost much less, will get the marching order online, not face to face ==> in order to protect the co from discrimination laws. Young workers will be tossed out, with no fault of their own, sacrificed, bc that’s the law. Lower rates, layoffs along with consolidations and asset sales to cut cost.
Wall street likes it. The cost of everything is up, ex CL. CL is testing Mar 2023 low. Climate change to reduce our reliance on oil raise cost of commodities and transport. Monster truck are moving wind farms on land and offshore across the US. They compete with everybody else. Demand for monster trucks, helicopters and boats is rising. The Dow might plunge, but the DJT might rise above the Nov 2021 high
Anyone still going to a corporate office in a blue zoo already flunked their IQ test.
wood,coal,whale oil, ground oil,what’s next ?
solar and wind has always been tapped. always will.
nukes are probably the most promising.
nobody knows. but humanity will figure it out.
US Shale Revolution Has ‘Run Its Course,’ Quantum’s VanLoh Says
One of the top investors in US oil and natural gas companies says the nation’s shale producers are no longer in a position to aggressively ramp up output and give consumers a break on energy prices.
“The US shale revolution has run its course,” Wil VanLoh, chief executive officer at Quantum Energy Partners LLC, said Monday in an interview on Bloomberg Television. “Clearly the investors have put oil and gas companies on a very short leash. They’ve required a massive amount of the cash flow every year to get returned to shareholders.”
This has turned the United States into the largest crude oil and natural gas producer in the world, which is an amazing feat, according to Quantum’s CEO.
However, he said “there’s not a lot of gas left in the tank,” which would make further production increases of the same size impossible.
https://oilprice.com/Latest-Energy-News/World-News/Quantum-CEO-Claims-the-Shale-Revolution-Is-Over.html
And Conventional oil is well past peak…
Hmmmm……
Papa Joe says More Pipelines will fix the problem
Fast Eddy suggest More Cow Bell…
We’re on borrowed time now … the question is … what do you do with the time that is left…. I did north India in August… just back from two weeks in Japan…
ON this news I think I will head back to another part of Japan … Kyushu…and the surrounding islands.
Meanwhile Papa Joe is buying more shares in tar sands companies… spend the winnings quickly Papa…
As for thorium… that was never a real thing… https://oilprice.com/Latest-Energy-News/World-News/Shell-Abandons-Norways-Hydrogen-Projects-Due-To-Lack-Of-Demand.html
What part of B.R.O.K.E. is not understood?
Make it easier. Ban down-payments.
I chose to take my proceeds and rent recently in this environment, but if I pay rent, what does a down payment do except to help the bank mitigate risk? On top of PMI that’s supposed to do the same? Especially now if rent is, say, $2,000 and a smaller mortgage is $1750?
Oh, and ban corporate purchases of single-use homes for rentals. Berkshire has dominated the market in W Pa around this, and yes, it should be prohibited. Zoning laws are being looked at to enforce this, and it’s a good thing for average people.
The Kamala Harris Plan:
1. A historic expansion of the Low-Income Housing Tax Credit (LIHTC).
> Because it was, and has, been working out so well? Why Again are Taxpayers being asked to Have More Money Taken from Them? Try again, but Historic this time, and expect a diff, oh you know…
2. The first-ever tax incentive for homebuilders who build starter homes sold to first-time homebuyers.
> I was not aware, that homebuilders Required Taxpayers Incentives, to build homes? I thought they were just looking for Buyers?
3. An innovation fund, a $40 billion fund that would support local innovations in housing supply solutions, catalyze innovative methods of construction financing, and empower developers and homebuilders to design and build affordable homes.
> So a “Taxpayer Slush Fund” for Homebuilders, Home-designers, and Financing for these homes? Did Taxpayers get to vote on this? If not, did they vote the way the Majority of Taxpayers wanted them too?
4. Expand rental assistance for veterans and other low-income renters.
> At Taxpayers Expense Again? How Much this time? Did Taxpayers get to vote on this? If not, did they vote the way the Majority of Taxpayers wanted them too?
5. Increase housing supply for people experiencing homelessness.
> At Taxpayers Expense Again? How Much this time? Did Taxpayers get to vote on this? If not, did they vote the way the Majority of Taxpayers wanted them too?
6. Enforce fair housing laws.
> Shouldn’t They Already be doing this, and if not Why Not?
7. Hold corporate landlords accountable.
> Shouldn’t They Already be doing this, and if not Why Not?
8. Provide up to $25,000 in down payment assistance for first-time homebuyers who have paid their rent on time for two years.
> At Taxpayers Expense Again? How Much this time? Did Taxpayers get to vote on this? If not, did they vote the way the Majority of Taxpayers wanted them too? Can they afford the upkeep, maintenance and taxes on this property?
9. First-generation homeowners – those whose parents did not own homes – would receive more generous assistance.
> WHY & At Taxpayers Expense Again? How Much this time? Did Taxpayers get to vote on this? If not, did they vote the way the Majority of Taxpayers wanted them too? Can they afford the upkeep, maintenance and taxes on this property?
Please consider:
> History offers a cautionary tale, against such federal interference in the housing markets…
An Idiot’s Proposal: It would not stop there. Give people Other Peoples (Taxpayers) Money, for Free, and MORE people will ask for MORE Free Money!!!
Getting a vote, yes we have, many times, but probably 99% of people are unaware that the Republicans and Democrats they vote for are choosing the Fed governors who have massively suppressed interest rates/artificially lowering borrowing costs, which enabled the speculative frenzy in housing. Begining of November millions of uninformed, unaware people will go and vote for inflation and socialism again.
The Fed said “higher for longer” on 09/20/23. What a complete crock of fu*king bs that was. That information from the FED was a joke. A day or two later was the “opportunity of a lifetime” to go long bonds since they are back on track for blowing the bubble to infinity. Gold All time highs, stock mkt, all time highs, housing, all time highs, ……and lets get on the rate cut cycle….because most people are in debt up to their eyeballs and if you have been a responsible saver/person, ……well……we’re coming after you! For all of those that have been financially responsible over the years, it’s time to dig in to your credit. Borrow as much money as possible. Spend, spend, spend! The Fed has given the green light for irresponsibility. Debtors rule the kingdom. Bankruptcy is a path to the homeland. …borrow, borrow, borrow. I’m so over this shit. I’m going into debt and buying the S&P on margin just to try and keep up on the massive devaluation of the dollar. We are so fu*ked its not even funny anymore.
The powers that he can’t prevent a recession or depression and I think their meddling will make the inevitable downturn even worse. History shows time and again bubbles burst. It’s prudent to keep some savings to get good deals when they eventually return.
Aside from the questionable wisdom of just handing out money, what is the income limit of this “Low-Income Housing Tax Credit”? Probably 80% or 100% of Area Median Income. Here is where you can find the Area Median Income for any particular address: https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-map FYI
– What is the income limit of this “Low-Income Housing Tax Credit”?
> Unfortunately, it’s whatever limit level, the Politicians feel, garners the most duped voters into believing the BS, and voting for them.
You get a free house! You get a free house! And you get a free house!
I have heard, the question now being asked: If we happen to get Divorced, do we get a second Free “Taxpayer Funded” home, you know, it’s for the Children?
Next I am guessing, will be many, many more request for more homes for there “Family Members” It’s for the Elderly don’t you know…
Why fight the wave? Learn to ride it. Which stocks would benefit most? Would this help bitcoin and gold? This looks very bullish.
A trade about to happen between Biden and Masoud Pezeshkian, Iran’s president, a peace loving man, a change of heart, in the UN.
Suburbian women are against building housing units near them. They will vote for Trump. Those projects will mushroom in the flyover areas, as an option. If successful the gov will be fully committed to building a few “Grande projects” in the suburbs, with cream and sugar.
Deep state loves the president with IQ level of 69.
Like turkey farming.
The cost of Land/house is rising. In the suburbs a cluster of several buildings with 30/40 floors/each and about 500/600 tenants/building, for a total of about 5K/8K apt per project. Banks will offer lower commercial rates and longer terms to attract home builders with enough self capital bc demand for lower cost housing units is high
Banks will provide up to 30%/40% of the est project cost. Home builders will show their banks new contract. With enough down payments the banks will provide new loan to cont and finish the project. Demand for skilled construction workers, carpenters, electricians… will rise,
why not just go back to the Yang Gang Free Money we all got in 2020 to stay home……………and do nothing. that was a plan everyone loved……….PPP to unemployment extra juice…………
The current demographic changes encouraged by our federal government will usher in the day when the entire country is governed like California. Polls are showing that Kamala will get 60% of the vote in California. Californians don’t seem to learn very well.
California has the highest gdp in the nation at nearly $4 trillion. The proof is in the pudding. Data don’t lie.
https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
California has the highest poverty rate. You have no idea of what you’re bragging about. $73B in debt; and it’s actually over $1T from the underfunded pension alone.
Wikipedia censors and lies. That’s not a valid source, either.
ok, tell me what California’s GDP is then. Tell us all which state is the “best” according to your standards. Enlighten us all.
GDP is one measuring tool. Debt is another. Care to comment on CA’s deficit this year? It’s $45 billion. It’s projected to be $10 billion next year. The state is losing business, high earners and chunks of its middle class tax base every year and is a magnet for low earning jobs and illegal immigrants.
But sure….. GDP.
The US has $35 trillion in debt and it keeps chugging along just fine. What business is the state losing and where is that reflected in the GDP. Where are your data points? Link please.
Below is a list of all the states debt so what? Pick and choose whatever you want, debt seems to mean nothing when the printing press is kept at full throttle. Texas isn’t that far behind California, is that the poster child for a good well run state?
https://www.datapandas.org/ranking/debt-by-state
And states with higher GDP are more likely to pay off debt than states with lower GDP. It’s basic math.
Data! Data! Data! I will keep hammering it until you get it. I love California because I get a cut of that sweet $4 trillion in the stocks that I own and love that are based there. I like oil stocks too and most of those are based in Texas. I follow the money and bank the profits.
Measuring Californias policies based on current GDP is like measuring a trust fund babies success based on their inherited wealth. California has residual wealth from things that happened 50 years ago. That inheritance is being squandered by clown car retards.
The worst poverty rate in the nation with a handful of billionaires is a strange way for a progressive to define success.
“California has residual wealth from things that happened 50 years ago.”
So then you believe reparations are due to a disenfranchised people then?
California didn’t inherit $4 trillion in GDP. Most of the wealth came from tech companies that barely came into existence a couple of decades ago. Facebook, Google, Apple, Tesla, etc. And yeah, I know Tesla moved from CA to TX but that’s recently.
Once again, people here are completely blinded of profit opportunities by dumb hatred. Sheesh.
I’m not sure how anyone could conclude that since california has residual benefits from the invention of the microchip and the financial and technical infrastructure that built up around it reparations are due to “disenfranchised” people.
I won’t even attempt to suss out how you think one flows from the other.
I also have no idea where you got the idea that I am blinded to profit opportunities due to hatred, but the quality of the logic matches your reparations comment so A+ for consistency!
California is a microcosm of the worldwide supply driven policies that result in a barbell economy.
CA GDP is rising bc they spend so much money on impaired senior citizens, who worked for local cities, municipalities and state’s jobs.
CA allocate their budget to unproductive sectors.
Do you understand what you are saying? Having that type of power yet unable to fix, or even start a trend to start fixing, California’s massive problems means the state is failing at historical levels. The more GDP California generates, the worse off the state becomes.
As a landlord with numerous starter homes … I fully support the Harris plan. Sure it will suck for actual folks hoping to buy a house (those that don’t quaiify to receive the benefits of the extortion) … and it will harm the economy overall including bring inflation back with a vengeance … but I think it’s a great idea overall. I’m a definite altruist as you can tell.
ha ha ha. funny. i have been a landlord for many decades. recently sold most of my places……..in towns now depreciating price wise. i kept one for kicks.
Yep, TTT gets tttiring. ETFs are easier (less profitable).
These deals are not for the homeless or the first time homebuyers. They are for the thousands of new bureaucrats who will be hired or assigned to manage the programs. And once a program is initiated, it will never be stopped, as it comes with its own constituency; the governments, the builders, the suppliers, the banks (who will issue guaranteed mortgages), the real estate agents, the appraisers, the construction companies, etc, etc, etc. Who is the loser in these boondoggles? The poor saps (middle class) whose taxes will be increased, who will have to live with these “first timers” who have no skin in the game, and their children who will have to go to school with a new set of underachievers added to the illegals now infesting the country.
And lastly, all of us who will be hit with a new round of inflation caused by government meddling.
“Eventually you run out of other peoples money” … but when? Seems like this has been ongoing since 2008 GRC. Subsidies for solar, EVs, health insurance, food stamps, EITC, etc…
Also, if Newsom is un-electable, why is Kamala electable? TDS?
Newsom could at least hold a press conference and lie….maybe the basement strategy is the new new thing.
the front porch strategy of not campaigning is very old method. i think ole sleepy genocide joe was the 5th or 6th POTUS winner who did it.
sure enough …not “new new” at all:
https://en.wikipedia.org/wiki/Front_porch_campaign
Thatcher’s quote, “eventually you run out of other people’s money”, only applied in a gold standard or minimal-inflation world.
In a quantitative-easing, fiat-currency world, those who can print the currency never run out of currency since they don’t need to overtly tax other people’s money.
Instead, those “other people” run out of purchasing power as the print-and-spend inflation runs amok.
Given that the money-printers won’t voluntarily hand back power, their strategy must be to manipulate the “other people” so as to retain control of the money spigot. Even if it means running the entire country into the ground.
https://www.wsj.com/world/americas/argentina-milei-rent-control-free-market-5345c3d5?mod=hp_lead_pos9
Seems this would be a better direction for us to go, although certainly not something Harris or the dems would ever consider
If the GOP had a viable presidential candidate, none of this would be an issue. But they don’t – so Harris will probably be elected. Deal with it.
Economics is simply a foreign subject to those on the left. They simply never understand basic ideas or concepts. Or they simply don’t want too. Honestly, I am not too sure which it is. Well, they certainly don’t push for it to be taught in middle school or high school. That’s for sure.
They don’t want nor care to understand; free market lessens their power.
Agreed that the New Left does not understand economics. It is a result of abandoning the middle class and classical economics for Wall Street, Big Pharma, Big Ag, Defense contractors, nominating and confirming supply side secretaries of treasury, FED governors and chairpersons.
The New Left pays lip service to civil, women’s, minority rights, labor, but overwhelmingly supports its donor base when implementing policies of signed legislation and executive actions.
The New Left is a cabal of neoliberals that are now aligned with New Right of Dick and Liz Cheney, Bill Kristol.
The Democratic Party is the Ronald Reagan neoliberal wing of the GOP that also paid lip service to state’s rights, evangelicals, welfare reforms and cutting government spending but aligned itself with Wall Street, Big Ag, defense contractors and supply siders at Treasury and at the FED.
Welcome to the merger of the neoliberal economic order.
That goes for the Republicans as well. Trump should review the Smoot tariff or maybe basic demand and supply.
Hey it’s California Why am I not shocked ?
“A New High-Rise Building Will House the LA Homeless in $600,000 Units“
That is to build it and it is an estimate. Any bets on cost overruns, which is typical in Southern California construction?
Furnishing the units, maintenance, utilities, security and the loss of tax revenue are other costs that continue in perpetuity. Who pays for damages to units or common area? Taxpayers. These units will each cost over $800k within a few years.
Don’t forget accelerated ongoing high maintenance costs for repair and refurbishment, since non-owner / non-renters with no “skin in the game” have no incentive to keep the places in good condition, either.
$24B lost for homeless housing in California. They can’t “find” it. Vote NO on any and all future tax increases until these idiots are all out of office.
They didn’t look at the back pocket.
Lest we not overlook: an increase in house valuations equals an increase in property taxes come the next assessment cycle.
Do FTHB’s have the money for that?
The secret agenda is sustaining high property valuations in order to avoid bankrupting all the state/county/city governments and school districts that are dependent on property tax revenues (and whose current elected officials will be slaughtered at the polls if they raise mil rates on populations already suffering inflation-itis).
You obviously don’t own a house. That’s not how it works. The total tax burden is voted by the County and State representatives then divided by the total property assessment to determine a rate. When valuations go up rates go down and taxes stay the same. If the budget increase than taxes may go up but my State is restricted in that regard as I imagine are most others.
Love to be in your area with those circumstances, but that’s not at all the case for, well, everyone I know across at least 5 states (mostly east of the Mississippi River)
It’s almost like they want everyone to live in soviet style block houses, dependent on the government for every need. Meanwhile you can work for your oligarchs to earn meager slave wages. If you dare spread misinformation about our loving overlords then it’s off to the gulag.
That’s actually the only way to provide shelter for the masses given increasingly less productive (and lower paid) young workers and high cost of construction; esp with requirement for “living wages”.
That’s the definition of socialism.
oligarchs = corporations, fyi
Monthly mortgage payments have already doubled during her administration. Now Kamala wants to make it even harder to afford a house. Sorry Kamala, but if I can’t afford a house and start a family I can’t afford to vote for you.
You do know a VP does nothing but cast tied votes, act as a ceremonial figurehead, and decorate the White House, right?
Now that you say that, I can see why Kamala has no idea how to run the country. Maybe she can become an interior decorator come January.
I really wonder what it must feel like, to wake up every morning, being sufficiently flat out illiterate and unintelligent, to not even be able to comprehend something as simple as basic supply and demand.
I do, unfortunately, not have to wonder what it feels like to live in a country populated almost entirely by exactly such illiterate simpletons…..
What if this is an act… An appeal to the stupid or desperate or angry enough at Trump who are willing to believe what they are told? “just ignore the obvious ignorance of what I am saying and vote for me under the auspicies that what I am saying makes sense. Anyone not going along with this is racist.”
Biden voters and Kamala voters have something in common. Regardless of how smart the specific voter is, they are told to believe, what to trust and what to do. They are very obedient to the message. That Biden may be slipping a bit, but he’s still all there. That Kamala wants to unburden us from what has been and put in price controls and they’ll work.
It’s amazingly effective propaganda.
It’s all an act with her. California, land of original fakery, rejected Kamala in ’20 with a 96% disapproval rating. She’s rarely ever done her job – the jobs she’s held in California, that is. Now she’s utterly failed in the #2 spot. If this were private industry, she’d be fired.
Sutki – you’re obviously not a politician … every day, they wake up and think “what do I say to get votes and hold or increase power”
Supply/demand is someone’s else job…
Giving money to people unable to save for a down payment of at least 20% will create run down slum neighborhoods. These people will not maintain the home because they are by and large already living paycheck to paycheck. They will move in with no tools, cringe at having to buy any and cringe even more of having to do the repairs themselves.
Perma inflationary depression is the goal.