Joe Biden plans to force housing prices to skyrocket

[Lefticle]

Citing rising housing costs in his State of the Union address Thursday night, President Joe Biden said he wants to create a tax credit that would give homebuyers $400 per month.

Biden’s plan would create a $10,000 tax credit, spread out over two years and credited in the form of $400 monthly payments for first-time homebuyers and those who sell their starter homes.

"For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class," the White House said in a statement. "Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes."

Biden called on Congress to create legislation that would give this tax credit to the middle-class, saying it would be the equivalent of reducing interest rates by 1.5 percentage points. By making it available to those who buy their second home, the administration said it will improve housing supply for those in the starter home market.

Brb dumbass democrats think this will help with housing prices lmfao. Remember when they did this with electric vehicles and it immediately drove up the prices by the exact amount of the tax credit? Fkn lol. These guys hate poor people so much.

As for me, I wouldn’t be too mad. It would literally cause real estate prices to sky rocket, so I’d probably just start selling my rentals to these poor souls for absolute top dollar. Then I’d get another $10k from the government for doing so lol

[GuineaDago585]

He’s a fuking scumbag and is the reason millions in my generation including me will never be able to afford a home, let alone ever support a family. Life just keeps getting worse under this @$$hole.

We need Trump back ASAP.

[wasp9166]

Well of course

Except

If you were born in America, its 400k at 12%

It's on the taxpayers if you were born in Bangladesh

[FAPhaggot]

Hopefully Republicans shoot this down.

There are a record number of housing units per capita available in the US... shortages and high prices came because we tripled our money supply in the last 15 years and all that money literally went looking for a home. Injecting more money is the worst thing you could do.

But spending money is the only answer our leaders have had for anything in the past generation. Failing schools, airborne viruses, problems in Ukraine, the answer is always more debt and more spending.

[Jasonw1178]

So raise interest rates.

Then give people taxpayer's money to buy a house and that way the bankers get the money.

Meanwhile creating another bubble.

[Fang2]

How is a measly 400 dollars per month gonna help when houses start at least 300k+?

[mulletwarrior]

lol wut? Gonna need a solid source here, Sillie.

First, I didn’t know a president could create laws, pretty sure that is just congress, Sillie. Exec branch can kind of do so through regulations, but have to be delegated authority by congress.

Second, because of 10th amendment, fed gov can only make laws affecting local municipalities in limited circumstances - regulation of building a home would most def be a general state / municipal power. Fed gov could, for example, say “no using asbestos or lead in homes,” but it cannot say “phoenix, you cannot zone new homes for building” lol

EDIT: lol Sillie deleted his post. He said Trump created legislation restricting the building of new homes.

[steeler505]

ok so while blackrock and co, and foreign entities have been buying up real estate all over the country, the Biden admin now moves to subsidize private purchases of these same homes and the elite stand to make massive profits.

I am shocked they would do this.

[-JR]

How is a measly 400 dollars per month gonna help when houses start at least 300k+?

This. I had thought this was gonna be a 10k down payment assist, which would have made way more sense. $400 a month is pointless.

[SaltyDog920]

EDIT: lol Sillie deleted his post. He said Trump created legislation restricting the building of new homes.

LOL pathetic.

Also, no surprise lefties want to punish the productive people yet again. Productive people:

50% of the population pays 100% of federal income tax
Productive people paid off their student loans and are paying off other people's loans
Productive people with high credit scores are paying more to offset fees for lower credit score people
Productive people are subsidizing healthcare costs for the less productive
Productive people are subsidizing illegals

But yes Joe, please keep tearing down productive people.

[SaltyDog920]

ok so while blackrock and co, and foreign entities have been buying up real estate all over the country, the Biden admin now moves to subsidize private purchases of these same homes and the elite stand to make massive profits.

I am shocked they would do this.

This is huge. I would think it's a non partisan issue to pass a simple one page legislation barring any foreign entity/to buy residential American property. Clearly no politician wants to take this on as they probably all have their friends overseas who are becoming wealthy on the backs of American families.

[ParsleyTea]

It is a problem that housing prices have rocketed much higher over the past 2 years. I have my doubts that this idea byBiden will help all that much.

A better idea is to help with allowing the building of more homes. That's the big problem, not enough houses have been built. Many times to many regulations hinder the building of new places.


Home prices hit a new all-time high in December
US home prices rise again in December as inventory shortage persists

https://www.foxbusiness.com/economy/...-high-december

&

Home construction crisis: Why builders aren’t building

https://www.foxbusiness.com/features...arent-building

....In the years that followed, the Obama administration began to implement a series of regulations that affected builders. From environmental policies to land use and labor policies, Dietz noted that there has been a definitive increase in the regulatory burden for homebuilders and contractors throughout recent years. Dodd-Frank, which aimed to protect taxpayers from another crisis, also made it harder for contractors to get loans from smaller financial institutions.

The NAHB estimates that regulatory costs increased 29% between 2011 and 2016.

These regulations have not only increased costs, but slowed permitting processes.....

[Islandboyo]

Can Joe give us rentcels some money too ?

[RICHSTRONG]

Where the fuk did Sillies CNN talking heads post go? I wanted to comment?

[Destor]

Both tax credits would require a household income below $200,000

The $10,000 credit for home sellers would only apply to houses priced below the median price in their county

[steeler505]

It is a problem that housing prices have rocketed much higher over the past 2 years. I have my doubts that this idea byBiden will help all that much.

A better idea is to help with allowing the building of more homes. That's the big problem, not enough houses have been built. Many times to many regulations hinder the building of new places.


Home prices hit a new all-time high in December
US home prices rise again in December as inventory shortage persists

https://www.foxbusiness.com/economy/...-high-december

&

Home construction crisis: Why builders aren’t building

https://www.foxbusiness.com/features...arent-building

....In the years that followed, the Obama administration began to implement a series of regulations that affected builders. From environmental policies to land use and labor policies, Dietz noted that there has been a definitive increase in the regulatory burden for homebuilders and contractors throughout recent years. Dodd-Frank, which aimed to protect taxpayers from another crisis, also made it harder for contractors to get loans from smaller financial institutions.

The NAHB estimates that regulatory costs increased 29% between 2011 and 2016.

These regulations have not only increased costs, but slowed permitting processes.....

that's what they SHOULD do, but it would cost their donors money so they won't.

[Lefticle]

Both tax credits would require a household income below $200,000

The $10,000 credit for home sellers would only apply to houses priced below the median price in their county

Well count me out of that tax credit, but I'd still be making mad bank off of the increased housing prices!

[forthenoodz]

biden's america

the younger gen is ****ed all around the world

[rectifryer]

The dumbest measure we have seen since obamas home buyer tax credit

[Azzurri]

Anyone remember when Big Willy re-wrote the Community Reinvestment Act back in 1995.

How did that turn out?

[OliverHeldens]

$400/mo isn't forcing anything to skyrocket. They're likely doing this to try to bolster the bottom end of the market from cratering and having a lot of foreclosures.

[Lefticle]

$400/mo isn't forcing anything to skyrocket. They're likely doing this to try to bolster the bottom end of the market from cratering and having a lot of foreclosures.

WTF are you talking about. It will literally get people to spend an additional +$400/month than they would otherwise. Which means a lot in terms of total home price over the course of 30 years.

[Destor]

Where is this $400/month thing even coming from? That’s not in the details released

For homebuyers, this would be a $10,000 tax credit split into two $5,000 credits over two years

[JuanLee]

The media has to manufacture the hate dome for Trump to overshadow the genuine hate millions of people have for Biden, his administration and libtard governors. The lads at the pub who never voted are against Biden and will be voting against him because they were fired for refusing to take the DeathVaxx.

[ThatGuy950]

WTF are you talking about. It will literally get people to spend an additional +$400/month than they would otherwise. Which means a lot in terms of total home price over the course of 30 years.

It’s for the first two years of the loan then it goes back to normal, so basically like an ARM for a couple years

Most muricans these days are retardmaxxed and will not use that credit wisely. Also zero chance this doesn’t fuk Americans in some hidden way like the border bill

[~Hades~]

Brb dumbass democrats think this will help with housing prices lmfao. Remember when they did this with electric vehicles and it immediately drove up the prices by the exact amount of the tax credit? Fkn lol. These guys hate poor people so much.

As for me, I wouldn’t be too mad. It would literally cause real estate prices to sky rocket, so I’d probably just start selling my rentals to these poor souls for absolute top dollar. Then I’d get another $10k from the government for doing so lol

Dems don’t think this will help with housing. It will help with getting votes. Their base is too dumb to understand the actual impact.

[OliverHeldens]

WTF are you talking about. It will literally get people to spend an additional +$400/month than they would otherwise. Which means a lot in terms of total home price over the course of 30 years.

If they were directly sending checks to these people, it might bump up prices on the bottom end. But this just less tax money that people who don't really create budgets in the first place will have to pay.

So when they do something like this, it typically is done to bolster a declining market and bring people off the fence who otherwise might wait and buy in another couple years. If you have even a basic understanding of economics(which you clearly don't), this is a sign of housing weakness not a sign of housing strength.

They see the bottom end of the housing market starting to drop off a cliff right now, and they want to prop it up for another 9 months until the election is over.

[OffwhiteBrah]

I feel sorry for my kdis but they're in line to inherit my 2 houses so at least they'll have that

[ThatGuy950]

If they were directly sending checks to these people, it might bump up prices on the bottom end. But this just less tax money that people who don't really create budgets in the first place will have to pay.

So when they do something like this, it typically is done to bolster a declining market and bring people off the fence who otherwise might wait and buy in another couple years. If you have even a basic understanding of economics(which you clearly don't), this is a sign of housing weakness not a sign of housing strength.

They see the bottom end of the housing market starting to drop off a cliff right now, and they want to prop it up for another 9 months until the election is over.

It’s only for the first two years too, literally vote buying as usual


They’re probably gonna string it along like they did with student loan forgiveness then at the last minute be “oops lol jk we can’t”

[Lefticle]

If they were directly sending checks to these people, it might bump up prices on the bottom end. But this just less tax money that people who don't really create budgets in the first place will have to pay.

So when they do something like this, it typically is done to bolster a declining market and bring people off the fence who otherwise might wait and buy in another couple years. If you have even a basic understanding of economics(which you clearly don't), this is a sign of housing weakness not a sign of housing strength.

They see the bottom end of the housing market starting to drop off a cliff right now, and they want to prop it up for another 9 months until the election is over.

Just LOL if you think this won't result in people spending more on mortgages.

Also, literally nothing is starting to "drop off a cliff". Housing prices are actually starting to slowly climb back up in my area. Also, you're wrong about literally everything you post in regard to real estate pricing predictions.

Strong rentcel cope on your end lol.