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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The third point - helping poor people buy houses - is exactly what
@conorsen and I called for in a well-timed post shortly before Warren released her plan:https://www.bloomberg.com/view/articles/2018-09-24/america-needs-policy-to-revive-the-dream-of-homeownership …15 replies 16 retweets 98 likesShow this thread -
Replying to @Noahpinion @conorsen
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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Replying to @Noahpinion @conorsen
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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Replying to @Noahpinion @conorsen
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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Replying to @Noahpinion @conorsen
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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Garbage article. Banks were mandated to provide loans to the poor & the policies you are advocating sowed the seeds of the housing bubble. Vanguard/Fidelity provide almost zero cost funds. Wealth confiscation & death taxes will just change people’s behavior to get around it.
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