One comment I saw a few months ago was essentially: we need to decouple the idea of a home being an investment in people’s minds or else we will never take steps to actually help the crisis. We need policies that will lead to housing prices either declining or rising slower than in the past which means that a lot of people’s paper net worth will necessarily take a hit.
It’s not just a vanity thing either, I was able to refinance my house and take equity out back during the days of low interest rates (2.5% gang here), so the appraised value of my home directly led to how much we were able to extract.
We need to be proactive with answers to those valid questions because if people see policies aimed at making housing more affordable as hurting their pocketbook, they’ll vote against plans that do that
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One comment I saw a few months ago was essentially: we need to decouple the idea of a home being an investment in people’s minds or else we will never take steps to actually help the crisis. We need policies that will lead to housing prices either declining or rising slower than in the past which means that a lot of people’s paper net worth will necessarily take a hit.
It’s not just a vanity thing either, I was able to refinance my house and take equity out back during the days of low interest rates (2.5% gang here), so the appraised value of my home directly led to how much we were able to extract.
We need to be proactive with answers to those valid questions because if people see policies aimed at making housing more affordable as hurting their pocketbook, they’ll vote against plans that do that
!ping GENTRY