Elizabeth Warren's YIMBY plan: 1. Block grants to cities that reduce zoning restrictions 2. Subsidies for affordable housing 3. Down payment assistance to help poor people buy houses 4. More policing of lending discrimination https://www.theatlantic.com/politics/archive/2018/09/elizabeth-warrens-fix-americas-housing-crisis/571210/ … I like it.
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Helping people with affordable rent should be the goal. Germany does it very well. It helps with mobility and financial security. We need to get out of homeowner-mortgage-financial complex. High home prices are the bane of capitalism.
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But it doesn't help with WEALTH.
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Generating wealth via rising home prices is not helpful. Otherwise you suggesting that people can't save except thru home equity?
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Did you read our post?
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Yes, I did. Need to increase financial literacy and encourage responsible investing. Plus, government can offer subsidized higher rates on small savings accounts--financed with getting rid if mortgage deduction!
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I mean, if we could use social wealth funds investing (partly) in real estate as a substitute for individual homeownership that would be amazing. But can we? In the meantime we need more houses in this country.
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Agree. I will start a separate thread on this.
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I mean, there are more dramatic, transformative things we could do. LVT (big tax on real estate capital gains with exemptions for development) to fund SWF (which invests partly in real estate). That would require a big overhaul of our system but it would be great.
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I thought you were a neoliberal.
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This is a pretty neoliberal plan!
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None of this sounds like free market capitalism.
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Neoliberalism isn't free market capitalism - it's free market capitalism with smart, targeted govt. intervention.
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Then I assume rewarding rent control isn’t a component of the plan.
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Wasn't saddling some people with mortgages they couldn't afford one of the causes of the '08 recession?
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Downpayment assistance = giving people money = they don't need to borrow as much
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Kinda sad that elizabeth warren is used to illustrate articles on identity politics now. Genetics test was stupid and miscalculated political theatre. But she off all people actually has a smart and substantive policy vision.
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A good argument for her staying in the Senate where she could steward good housing policy.
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Good article! I’ve seen small doses of dignity do amazing things for a family. The thing that nobody talks about re the Great Recession is the BILLIONS in debt forgiveness AND tax forgiveness that went to wealthy people.
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