What percentage of purchases are "all cash" deals? If not overwhelming, seems prices will go down but without helping affordability
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This is true but taxpayer still sees a cut vs status quo. 25k implies ~350k income which has 32% rate for married or 8k tax increase But Lower rates mean tax cut of more than that. I did math and lower rates will save 350k married couple about 14k so still 6k tax cut
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And likely buyer of such a house has kids, so child tax credit, which will no longer be phased out gives her another 2k/ kid.
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This reform would have been actually beneficial to Californians if passed 50 years ago
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Any chance this actually brings California house prices down to a sane level for people to get in?
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To a sane level no. But you might see marginal price decline or a marginal decline in the rate the prices increase. Until California housing supply meets demand it’s going to be expensive.
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Ah, well it’s a good thing new CA homebuyers have it better in so many other ways
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It’s not repealed, but they increased exemption a lot
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I don’t feel too sorry for people that can afford $1.2 million homes. Sorry.
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