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3 hours agoAnd Kamala’s strategy for relieving pressure on the housing market was a $25,000 credit for first time home buyers?
This was also going to be coupled with a large tax credit to construction companies for building single-family homes and another tax credit for selling them to first-time homeowners.
Taken together, that all sounds pretty good. But I think what really needs to change is zoning laws. The problem is that the federal government has no control over the zoning ordinances of local communities. Hell, state governments barely have control over that. Usually whenever a rezoning of a neighborhood is brought up, it causes a firestorm at city council meetings.
On the other hand, it’s because of the CPFB that one must have absolutely sterling credit to even think about getting a mortgage. Prior to the 2008 housing crisis that led to its creation, banks were handing out mortgages like Halloween candy, all anyone had to do was walk up and say “Trick or Treat!”. Didn’t matter whether or not the person getting the mortgage made enough money to even pay the interest, the mortgage and the house were both there for the taking.