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Erstwhile Housing Optimists Warn On Society-Wide Mobility Crisis
So much for that?
For a few months, it looked as though the resale US housing market had finally tu
The news is poor. The solutions lie in helping the younger generations. The burden of social security and health care taxes need to be spread out more fairly to the whole society. I would advocate using a vat and greatly reducing social security and medical taxes to reduce the burden of taxes on younger people. While we are at it make the taxes cover some income taxes and give the population a generous tax credit. This would reduce the penalty for renting. Finally make zoning a bit less onerous for small multifamily units in inner ring suburbs and cities to increase supply and reduce housing shortage.
I would add, change the tax laws to advantage owners instead of single unit landlords.
Well those landlords serve a purpose, having a place to rent out to somebody. I don’t know the answer, but uncertainty exists now, and it did when we had Biden.
I mentioned this on another article, sorry to repeat…. Maybe I’m just lucky, but sold our father’s house in Philly suburbs. Over 3k sq/ft, built in 1992, but needed so much updating (kitchen, a bath, new windows, roof, carpeting, etc) that I surmised it would go for $150k less then what we put it on the market for. Barely 3 days and a brief bidding war and we just sold at $35k OVER ask. I guess it’s good to have an asset that’s priced high enough to attract those who aren’t worried about, well, everything.