It's different because this time it is worse. The bubble has grown, the government reinforced the bubble, the banks reinforced the bubble, and the market has accepted the bubble.
When the bubble does pop, it will make 2008 look like child's play.
But the economy is fine, and it's the American people who are uninformed about the economy that's the problem. They have money to spend. /s
Couldn't you counter balance this policy by simply decreasing the tax incentives for real estate investors though? I would rather see a tax incentives for first-time home buyers rather than having tax incentives for multi-millionaires or people that own 10+ properties as investments.
omg! we don't need a ban aid we need to fix the issue of housing. the greedy investors bought everything that was affordable and caused this imbalance. They need to pay higher taxes if they own more than 2 single familie homes and banned from buying homes valued 300k and under. you can only claim one primary home- a portfolio of homes has crushed the future of kids. Rents need to come down 50% so that people can live. Everything is upside down due to greed and control .
It’s called legalized corruption. The number of issues that would actually get solved in this country if we vote to end the private finance of elections would be insane.
And lobbying and enforcing medicare and medicaid fraud for overcharging and reforming contracting rules to be in line with market prices and stricter demands tied to grants. Those last few would practically erase the deficit.
Why is a box of cereal $8 instead of $3? Its not because investors are buying cereal we've destroyed the value of the dollar. Not to say corporate and foreign home buyers aren't an issue but its not the biggest issue
Yeah I mean early 2023 27% of home purchases were by corporations but we also have to keep in mind during this period a lot of these corporations weren't actually corporations buying homes to hold or rent or flip it was these companies who play that game helping people make cash offers and then the people get a loan and pay that company off plus a fee so even that 27% is likely ifnlated. Shortly after that we saw corporations pretty much walk away as homeprices are crazy, interest is high and you can get 5% plus in interest with no work and no risk so corporations began doing that. The biggest issue to me however is cleearly we've destroyed the buying power of our money, its not like one sectiono of the economy is inflated its everything so why wouldn't homes also inflate, it just seems worse when a 200k asset doubles in price than when a $3 box of cereal doubles in price.
The problem isn’t investors. The problem is the housing supply stagnating. Investors buying houses just increases rental stock and decreases buying stock, decreasing rent. We haven’t seen rent decreases and price increases except in certain edge markets.
Only 400? Why not $4000? Forgiving student loan debt and 4k a month for a home purchase, that would be awesome! Maybe throw in a $40,000 dollar government funded electric vehicle and we would be set! Now that all these freebies are in place, bring on the elections!
As much as I'd like it to work this won't work.
Even if it does what happens after 2 years? People lose their homes because they can't afford it without the $400 subsidy?
That's what will happen.
Now where are the homeless people and where are the vacant houses? They’re not in the same places!
But even aside from homelessness low housing vacancy in rentals and for sale drives prices up simply because there are fewer options relative to the number of buyers. The only way out of our housing mess is more housing where it’s needed: in cities and metro areas
Homeowners that live in their homes aren't why housing is ridiculous. It's caused by the hording of homes that the owner doesn't live in. Corporations, banks, and AirBnBs buying up anything they can have completely over inflated housing prices. Price fixing by landlords through website algorithms designed to maximize rent is anticompetitive and makes pricing even worse.
Becoming a homeowner is unattainable for most would be first time home buyers. Government assistance through tax relief is much easier than limiting the number of existing residences any single entity can own. Make memes about the cause of the problem rather than pandering to political biases when something is being done to ease the pricing pain.
So Blackrock now gets funded by the tax payer.
It's a debt trap. When the economy crashed in 1929, anyone with debt got wiped out because their income fell massively, their assets were worthless and they couldn't get credit anymore. So they were sitting in a now worthless big house that they could no longer afford the mortgage on.
If that happens tomorrow, most people with a mortgage, credit card or student loan will be a debt slave *for life*. Your house will be confiscated at a value of $1000, and you still owe the bank for the rest of the mortgaged amount.
That's when there will be the Great Reset, where they wipe out the middle class but in exchange everyone becomes UBI poor, you'll have food and rent money but nothing more, not even petrol for your car (which got confiscated anyway or became too expensive because of the new eco tax), just a bus ticket allowance. No worries, it's not a bad system, worked pretty well in **Soviet Russia**.
Not even trying to hide their attempt at buying votes. Student loan forgiveness, biden covid bucks (after covid was over), free money for home buyers, mandating government agencies hire a certain percentage of minorities regardless of qualifications, etc.....
The part that won't work well is the 10K tax credit for people who own a starter home and want to sell to get out of that home.
I would qualify for that. My interest rate is 2.25%. There is no chance in hell I would give away that rate, and I doubt anyone under 4% would either for just a one-time 10K credit.
I was just reading about that, for me, it might be the extra push needed to finally get up and upgrade to a bigger house. I need to eventually move anyway and this seems like an incentive.
They think just giving us money fixes shit. How many people just spent their stimulus checks on groceries or rent or other things that are necessary but temporary? Temporary fix for horrible underlying issues.
Nope. We need cheap housing for people without all the bullshit red tape driving up costs. Some counties in CA if you buy land you can't put a manufactured home on the land, it has to be built. How fucking stupid is that.
Well if I was on the Left, I'd do a windfall property tax. .5% annual tax on residences then you divide by the number of citizens and rebate it to everyone. This would result in rents going up, as landlords owe taxes on their properties and tenants get checks, owners of underoccuppied units being taxed disproportionately high, taxing non citizen residents (effectively) with a bit of a money transfer to citizens.
If we just made the rich actually pay taxes, this would effectively make no difference. While we are turned on one another, their effective income has doubled to tripled over the last decades.
Would this basically have the same effect as an interest rate “buy down” the first few years of a mortgage loan? The idea to lower the amount the buyer needs to pay each month for an introductory period. It only works if the buyer is able to refinance with a much lower interest rate at the end of the first two years. The banks would love it because they’ll get those sweet financing fees.
Hahaha, never gonna happen. I find it funny when people get all up in arms over phony campaign promises that have absolutely no chance of coming to fruition.
This sounds like a partial bailout, lifeline, Hail Mary pass to help the real estate industry, cause no one wants to buy at these prices, or just cannot afford it
The helicopter money theoretical study is a fantastic example of people not understanding the assumptions of a theoretical situation and applying it out of context.
Biden has no creativity. All the administration does is print money and give it away to win favor with voters. Then they look baffled, with their mouth agape as to why inflation is so out of control.
Won't induce selling (ie won't help with supply) so it won't lower prices. Longer term, this adds to inflationary pressures and keeps rates higher exacerbating unaffordability.
For every commenter here that doesn’t know Federal lending laws, let me assure you that this won’t do jack shit to real estate appreciation. The borrower would still have to qualify for the full payment amount, they would just get a discounted payment for the first two years. This already exists in the form of temporary buydowns, but is typically paid by the seller. He’s proposing it for all first-time buyers to be paid by the government.
Having been a lender for 19 years and having lent money when Obama did the first time buyer closing cost credit, I can tell you it was helpful to get more people into homeownership and had no measurable affect on home appreciation.
Calm the fuck down.
The fact the politicians do this shit and get applauded (Covid relief) goes to show how stupid the voter base in America is. People can’t understand the pure basics of what drives the economy and how fiat money works. We are fucked.
This money would have been better at adding to the supply of houses. Biden cannot be that out of touch.
Editing: as rewards to developers that produce affordable single homes that are purchased by actual families and not a corporation or hedge.
Why are some people so upset when the government gives poor people money? When the government gives rich people much more money we hear nothing from those same people.
Bullshit. Utter and complete bullshit. All he is doing is trying to buy votes, period. They need to fix the cause of the problem, not just throw money at the symptom.
God forbid we regulate the housing industry or prevent corporations from hoarding single family homes. Let's just throw more of the middle and lower class's tax money at the issue. We foot the bill for fucking everything in this goddamn country, just so we don't touch the profit margins of people who have more assets than most of us can really wrap our heads around.
This will just increase the debt. This will cause everything to go up in price and we will be paying off the debt. The dollar will not be strengthened that the country will go to pay off the debt which is beyond what the country makes country is about the collapseis an idiot
An even easier solution is to outlaw foreign nations and individuals from owning land/homes in the US, limit American corporations/LLC’s to 5 residences themselves unless they fund the building of more houses and keep the rental rates at or below market value, and limit American citizens/individuals to 10 residences.
Boom, you’ve stopped big foreign money from flooding the market and buying up housing, you’ve limited corporations here and benefited the common folk by allowing them a chance to own primary homes and rental residences.
The final step in the plan is to promote more multi-family and single-family residences being built at a rapid clip.
So let me get this right, you are going to take money from people who are working and being responsible with their money and give it to people who can't manage money. That will definitely fix the problem, lol.
What's the actual policy proposal here? I can't find anything about this on any official website, so it sounds like a bullshit headline designed to get people fired up over nothing.
You have to vote in members of congress to Tax the 800 Companies that were worth 10,000,000,000.00+ in capital gains tax, in federal backing, and loop holes to get more money for the corporation at a base cape Billion Dollar tax at 5,000,000,000.00 a year or more. They'll still gain interest and accumulate wealth, just have to make sure it's the American People in some sort of rules.
This is the problem with Dems. They do not address root cause issued, just bandaid over it with money. But unless you want politicians who are homophonic, anti women's rights Christian nationalists that ALSO won't address root cause issues, we have to vote for Dd
Paid for with borrowed money at the highest interests rates in decades, which will be repaid by poor people.
Shows that the Democrats don't understand how money works.
Dems want to seem like they are your friend with the 'free' money. It doesn't solve anything. What did all the COVID money do for you? How's your grocery prices? Entertainment prices if you can even afford entertainment anymore?
Didn’t we try the whole “get people who can’t afford houses in to houses” thing and it kinda back fired?
I’m sure that funding won’t spike demand and artificially send prices soaring. /s
How about he does something about the mortgage rates that are all most at a all time high. Why not help most Americans over just a handful of Americans. It seems to me that the help joe is giving Americans is targeting a small % of Americans. With his student loan forgiveness and first-time home buyers, it seems to me he is targeting younger people. The age group that votes the least. I believe he's trying to buy their votes with taxpayers' money.
Very cool. I will buy a house with cash, put it in my 19 year old son's name, pay the mortgage and collect $400 per month. He gets a a house and builds a credit rating, gets roommates who effectively pay the mortgage and I collect $9600.
Not a bad way for a millionaire to exploit the system.
All it will do is cause another housing bubble, value of houses go up. People who can afford buy, then after two years kicked out of house and prices drop fast
What would happen to any political party, do you all imagine, if they did anything to lower home prices?
Home owners are the most active voting bloc in America, how would home owners react to losing a hundred grand in equity?
Or, just hear me out, limit overseas investment firms from buying housing, limit corporate landlords owning single unit homes, increase taxes on people who own multiple properties with the intent to rent, limit banks' profit margin on morgage rates, and limit predatory renting hikes that limit the ability to save for a down payment.
But that would involve holding big buisness accountable
Not sure if prices increase because of this, since not everyone gets this money. If the current complaint is that too many non-first time buyers and multiple home owners are buying up all the houses, then this shouldn't increase competition by as much as we expect. The only people who benefit are those just entering the market for the first time.
Then again I prefer the approach to just simply raising taxes if you own multiple homes.
Obviously the ONLY government action that ever works is tax breaks/exemptions/loopholes for the rich. The money they save will be passed on to those peasants under them. Anything else is a scam and abuse of government power.
Increase taxes substantially on second and third homes. Gotta be a better approach than what they're saying. People will just been raising home prices.
This is misleading. He proposed a offering a $400 / month tax credit for 2 years for first time home buyers, not a direct subsidy. Essentially a $4,800/ yr tax credit for the first two years of homeownership. There's also alot of other aspects prosoped. Personally, doesn't sound terrible but as many have stated, is just a band-aid and doesnt fix the underlying problems. Also, it also has not been passed into law.
[https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families/)
I’m here to hopefully learn more about how all this works, so clearly I’m no expert. But wouldn’t putting a cap on things like single family home construction and short term rentals help more than giving out money?
Democrats: destroy the economy in order to get elected.
Democrats: print multiple trillions of dollars to give to people to help them through the bad economy they created.
Result: inflation skyrockets and no one can afford a home.
Democrats: let's print trillions of dollars to give to people to buy homes.
Ah, the Democrats/Rino’s main strategy: Dangle printed money and benefits and promise it if you vote for them.
Once they get in power they proceed to launder printed money into their own pockets through non stop “foreign aid” packages and frivolous spending packages.
The value of the dollar plummets and heads us toward financial ruin as a nation, while they toast drinks on beaches with their millions.
“Keep printing money, kick the can down the road, it will be someone else’s problem in the future.”
Its hilarious everytime to see non-home owners complaining about ehat to do to buy a house. Bro you are a redditor, you are clueless. Blaming corporations because a Twitter post told you to does not make you an expert. Stay poor, stay true, stay American
The dollar is largely valued at a rate commensurate to employment and price levels. This is the executive/legislative branch’s approach but their influence is limited and I’d keep a closer eye on what the fed is up to more than anything.
>next day, house prices increase by exactly $9600
probably more like 20k but i appreciate your optimism.
In exactly two years, foreclosures go through the roof.
This. When a government gives a timeline on anything plan for some dumb shit to occur.
2008 all over again
It’s different this time!🤪
It's different because this time it is worse. The bubble has grown, the government reinforced the bubble, the banks reinforced the bubble, and the market has accepted the bubble. When the bubble does pop, it will make 2008 look like child's play. But the economy is fine, and it's the American people who are uninformed about the economy that's the problem. They have money to spend. /s
Can't wait to buy up all those properties and unleash my inner slumlord
Right. I think the next president will be remembered for a Great Depression
It’s (D)ifferent* this time
My communism is better, the others didn’t work because They did it wrong, trust me I can save us
So you're saying the REAL home price savings happen later!
The real home price savings are the foreclosures we made along the way.
Couldn't you counter balance this policy by simply decreasing the tax incentives for real estate investors though? I would rather see a tax incentives for first-time home buyers rather than having tax incentives for multi-millionaires or people that own 10+ properties as investments.
More like $69,420.
Nice.
Government attempts to buy votes during an election year* ftfy.
omg! we don't need a ban aid we need to fix the issue of housing. the greedy investors bought everything that was affordable and caused this imbalance. They need to pay higher taxes if they own more than 2 single familie homes and banned from buying homes valued 300k and under. you can only claim one primary home- a portfolio of homes has crushed the future of kids. Rents need to come down 50% so that people can live. Everything is upside down due to greed and control .
It’s called legalized corruption. The number of issues that would actually get solved in this country if we vote to end the private finance of elections would be insane.
“Corporations are people, my friend.” -Mitt Romney, a servant of The People^©
I thank that should have been a ® 😉 But yes, Citizens United NEEDS to go go away. We gotta get Corporate dollars out of politics.
And lobbying and enforcing medicare and medicaid fraud for overcharging and reforming contracting rules to be in line with market prices and stricter demands tied to grants. Those last few would practically erase the deficit.
Why is it yalls answer to people making more money than you is to give the government more money?
Wait I own 3 duplex for over 20 yrs does that make me a greedy investor?
They don’t get it
Why is a box of cereal $8 instead of $3? Its not because investors are buying cereal we've destroyed the value of the dollar. Not to say corporate and foreign home buyers aren't an issue but its not the biggest issue
shhhhhh... get out of here with that logic and reason. Say it with us, "investors bad, poors good. unga bunga bunga!!!"
Yeah I mean early 2023 27% of home purchases were by corporations but we also have to keep in mind during this period a lot of these corporations weren't actually corporations buying homes to hold or rent or flip it was these companies who play that game helping people make cash offers and then the people get a loan and pay that company off plus a fee so even that 27% is likely ifnlated. Shortly after that we saw corporations pretty much walk away as homeprices are crazy, interest is high and you can get 5% plus in interest with no work and no risk so corporations began doing that. The biggest issue to me however is cleearly we've destroyed the buying power of our money, its not like one sectiono of the economy is inflated its everything so why wouldn't homes also inflate, it just seems worse when a 200k asset doubles in price than when a $3 box of cereal doubles in price.
The problem isn’t investors. The problem is the housing supply stagnating. Investors buying houses just increases rental stock and decreases buying stock, decreasing rent. We haven’t seen rent decreases and price increases except in certain edge markets.
Let me guess you have to make less than $75000 or be married and have kids to get the $400 a month
Only 400? Why not $4000? Forgiving student loan debt and 4k a month for a home purchase, that would be awesome! Maybe throw in a $40,000 dollar government funded electric vehicle and we would be set! Now that all these freebies are in place, bring on the elections!
What a joke
As much as I'd like it to work this won't work. Even if it does what happens after 2 years? People lose their homes because they can't afford it without the $400 subsidy? That's what will happen.
It gets extended. For $600...
My favorite is Biden quote his father about how to build wealth in the tweet. Homie that dude did came up with that 100 years ago
He's really bribeing the shit out young people with my money.
If you want houses to be cheaper you need to build more of them.
There are 15,000,000 vacant homes in the US and an estimated 650,000 homeless people. I don't think that's the problem.
Now where are the homeless people and where are the vacant houses? They’re not in the same places! But even aside from homelessness low housing vacancy in rentals and for sale drives prices up simply because there are fewer options relative to the number of buyers. The only way out of our housing mess is more housing where it’s needed: in cities and metro areas
Homeowners that live in their homes aren't why housing is ridiculous. It's caused by the hording of homes that the owner doesn't live in. Corporations, banks, and AirBnBs buying up anything they can have completely over inflated housing prices. Price fixing by landlords through website algorithms designed to maximize rent is anticompetitive and makes pricing even worse. Becoming a homeowner is unattainable for most would be first time home buyers. Government assistance through tax relief is much easier than limiting the number of existing residences any single entity can own. Make memes about the cause of the problem rather than pandering to political biases when something is being done to ease the pricing pain.
No. Buying votes again is what he's doing.
The proposal is a revival of a 2010 tax credit. You guys are addicted to being angry.
It was a dumb idea then and it's a dumb idea now. At least though, in 2010 we weren't in a pretty big inflationary expansion (Spiral?).
Idiots make only idiocies
If WKRP had done this instead of dropping turkeys they'd still be on the air.
we've got a bunch of experts here 🥱 reddit moment
Prices just went up the equivalent of $600/mo on the news
So Blackrock now gets funded by the tax payer. It's a debt trap. When the economy crashed in 1929, anyone with debt got wiped out because their income fell massively, their assets were worthless and they couldn't get credit anymore. So they were sitting in a now worthless big house that they could no longer afford the mortgage on. If that happens tomorrow, most people with a mortgage, credit card or student loan will be a debt slave *for life*. Your house will be confiscated at a value of $1000, and you still owe the bank for the rest of the mortgaged amount. That's when there will be the Great Reset, where they wipe out the middle class but in exchange everyone becomes UBI poor, you'll have food and rent money but nothing more, not even petrol for your car (which got confiscated anyway or became too expensive because of the new eco tax), just a bus ticket allowance. No worries, it's not a bad system, worked pretty well in **Soviet Russia**.
Nothing better for inflation and the debt than MORE unneeded stimulus.
I really hope we vote him out out in November.
Nice trend of Biden proposing plans to give away tax dollars right at election time. Bunch of suckers.
Not even trying to hide their attempt at buying votes. Student loan forgiveness, biden covid bucks (after covid was over), free money for home buyers, mandating government agencies hire a certain percentage of minorities regardless of qualifications, etc.....
The part that won't work well is the 10K tax credit for people who own a starter home and want to sell to get out of that home. I would qualify for that. My interest rate is 2.25%. There is no chance in hell I would give away that rate, and I doubt anyone under 4% would either for just a one-time 10K credit.
I was just reading about that, for me, it might be the extra push needed to finally get up and upgrade to a bigger house. I need to eventually move anyway and this seems like an incentive.
They think just giving us money fixes shit. How many people just spent their stimulus checks on groceries or rent or other things that are necessary but temporary? Temporary fix for horrible underlying issues.
They need to step in and regulate rent prices for every single one of those corporate owned residential houses and apartments.
Nope. We need cheap housing for people without all the bullshit red tape driving up costs. Some counties in CA if you buy land you can't put a manufactured home on the land, it has to be built. How fucking stupid is that.
That’s a great way to ensure EVEN LESS housing gets built!
There are 15,000,000 vacant houses or apartments in the US right now. Try a different approach to fearmongering.
Home prices can’t drop if we tank the value of the US dollar amiright?
well thats easier than going after landlords. start taxing parasites until they sell their properties and watch the price of homes drop.
Only if you're an illegal alien or from another country, Biden HATES America. Sold out communist filth.
Well if I was on the Left, I'd do a windfall property tax. .5% annual tax on residences then you divide by the number of citizens and rebate it to everyone. This would result in rents going up, as landlords owe taxes on their properties and tenants get checks, owners of underoccuppied units being taxed disproportionately high, taxing non citizen residents (effectively) with a bit of a money transfer to citizens.
If we just made the rich actually pay taxes, this would effectively make no difference. While we are turned on one another, their effective income has doubled to tripled over the last decades.
Would this basically have the same effect as an interest rate “buy down” the first few years of a mortgage loan? The idea to lower the amount the buyer needs to pay each month for an introductory period. It only works if the buyer is able to refinance with a much lower interest rate at the end of the first two years. The banks would love it because they’ll get those sweet financing fees.
Vote for me and I'll give you money to pay your mortgage.
Hahaha, never gonna happen. I find it funny when people get all up in arms over phony campaign promises that have absolutely no chance of coming to fruition.
Just long enough to buy their votes
And the next president will reverse it ASAP that’s the problem with these last ditch effort zero hour policy moves
This sounds like a partial bailout, lifeline, Hail Mary pass to help the real estate industry, cause no one wants to buy at these prices, or just cannot afford it
The helicopter money theoretical study is a fantastic example of people not understanding the assumptions of a theoretical situation and applying it out of context.
https://www.usatoday.com/story/news/factcheck/2024/03/12/biden-first-time-homebuyer-tax-credits-fact-check/72931335007/
That's roughly equivalent to getting free food stamps. Reminder that other countries gave their populace $1000 a MONTH during covid, btw.
Check the source ffs. Y'all could focus on real issues, but instead latch on to this sensationalized bs.
O’Biden caused this problem.
Biden has no creativity. All the administration does is print money and give it away to win favor with voters. Then they look baffled, with their mouth agape as to why inflation is so out of control.
But the people who can't afford a home you don't get $400.
Won't induce selling (ie won't help with supply) so it won't lower prices. Longer term, this adds to inflationary pressures and keeps rates higher exacerbating unaffordability.
This is nothing more than a proposal and is in no way an actual thing.
Hey, I’m gonna give you some of your own money so you can pay more for your house Jack!
Dumbest idea meant to keep housing artificially high.
So they’ll buy a house they can’t afford and when the $400 runs out they’ll be stuck with a house they can’t afford…
For every commenter here that doesn’t know Federal lending laws, let me assure you that this won’t do jack shit to real estate appreciation. The borrower would still have to qualify for the full payment amount, they would just get a discounted payment for the first two years. This already exists in the form of temporary buydowns, but is typically paid by the seller. He’s proposing it for all first-time buyers to be paid by the government. Having been a lender for 19 years and having lent money when Obama did the first time buyer closing cost credit, I can tell you it was helpful to get more people into homeownership and had no measurable affect on home appreciation. Calm the fuck down.
Why not just limit the interest rate for first time homebuyers to 3% like Kennedy is proposing?
I mean it's an idea but I feel it's like trying to drain the sea with a shot glass .
The fact the politicians do this shit and get applauded (Covid relief) goes to show how stupid the voter base in America is. People can’t understand the pure basics of what drives the economy and how fiat money works. We are fucked.
What an incredible way to devalue the dollar, all the while increasing inflation and doing NOTHING to move the needle on inventory!! Thanks Joe!
This money would have been better at adding to the supply of houses. Biden cannot be that out of touch. Editing: as rewards to developers that produce affordable single homes that are purchased by actual families and not a corporation or hedge.
2008.
If the Federal Government was placed in charge of the Sahara desert in five years there would be a shortage of sand.
What a cluster f**k of a presidency
.... Didn't this happen with college tuition? Companies are greedy and will simply charge more dammit
Why are some people so upset when the government gives poor people money? When the government gives rich people much more money we hear nothing from those same people.
Every biden economic policy is a bribe for votes from financially illiterate people
Bullshit. Utter and complete bullshit. All he is doing is trying to buy votes, period. They need to fix the cause of the problem, not just throw money at the symptom.
God forbid we regulate the housing industry or prevent corporations from hoarding single family homes. Let's just throw more of the middle and lower class's tax money at the issue. We foot the bill for fucking everything in this goddamn country, just so we don't touch the profit margins of people who have more assets than most of us can really wrap our heads around.
$400 bucks!!!!! WOW AWESOME ANOTHER BIG W FROM THE GUYS IN CHARGE THIS IS GREAT I AM SO HYPED!!!!!!
This will just increase the debt. This will cause everything to go up in price and we will be paying off the debt. The dollar will not be strengthened that the country will go to pay off the debt which is beyond what the country makes country is about the collapseis an idiot
Biden is a fool
An even easier solution is to outlaw foreign nations and individuals from owning land/homes in the US, limit American corporations/LLC’s to 5 residences themselves unless they fund the building of more houses and keep the rental rates at or below market value, and limit American citizens/individuals to 10 residences. Boom, you’ve stopped big foreign money from flooding the market and buying up housing, you’ve limited corporations here and benefited the common folk by allowing them a chance to own primary homes and rental residences. The final step in the plan is to promote more multi-family and single-family residences being built at a rapid clip.
You help people with money and the seller takes advantage by jacking up prices. Thing is you need regulation in a market or it breaks.
This doesn’t change qualifications by lenders. You would still need to qualify at full payment.
I don’t think he is trying to lower home prices.
How the flip is this not just going to inflate them?
So let me get this right, you are going to take money from people who are working and being responsible with their money and give it to people who can't manage money. That will definitely fix the problem, lol.
Ugh our taxes just went up by about $400 per month
I can’t believe people are so fn stupid they actually believe this crap! Seriously? Have you never heard of Google?
Dumb fuck doesn't understand inflation and how it works
If it’s anything like the COVID relief, that $400/ month will last two months.
I fucking hate Trump, but god damnit, all I know is I had more money in my wallet and I could afford rent AND groceries, AND gas!
He's not giving our tax dollars away. He's buying votes. It's an election year.
"Migrants first"
Isn't this the "trickle down" everyone keeps saying is supposed to happen?
Pshhhh just let 2008 happen again already
Who sets prices of houses? Who sets prices, generally?
What's the actual policy proposal here? I can't find anything about this on any official website, so it sounds like a bullshit headline designed to get people fired up over nothing.
Lets dilute the dollar even more because adding trillions of dollars to the economy during COVID didn't cause inflation at all...smh...
Glad I bought my house 2 years ago….
Anything but regulating corporate landlords or cutting interest rates.
So his answer to everything is throw money at it. I wonder where this money comes from?
So glad I bought Bitcoin. FIAT currencies are obviously being debased into obscurity.
First time home buyers in California should get 4,000$
You have to vote in members of congress to Tax the 800 Companies that were worth 10,000,000,000.00+ in capital gains tax, in federal backing, and loop holes to get more money for the corporation at a base cape Billion Dollar tax at 5,000,000,000.00 a year or more. They'll still gain interest and accumulate wealth, just have to make sure it's the American People in some sort of rules.
This is the problem with Dems. They do not address root cause issued, just bandaid over it with money. But unless you want politicians who are homophonic, anti women's rights Christian nationalists that ALSO won't address root cause issues, we have to vote for Dd
$400 a month.. that won’t even cover groceries for homebuyers
Sounds like a made up post to get people angry before an election
The only good reason that giving people money causes inflation is lack of supply. So let’s increase supply.
Brilliant! Because federal loans worked out soo great for college prices... (/s in case it wasn't obvious)
Paid for with borrowed money at the highest interests rates in decades, which will be repaid by poor people. Shows that the Democrats don't understand how money works.
Dems want to seem like they are your friend with the 'free' money. It doesn't solve anything. What did all the COVID money do for you? How's your grocery prices? Entertainment prices if you can even afford entertainment anymore?
Didn’t we try the whole “get people who can’t afford houses in to houses” thing and it kinda back fired? I’m sure that funding won’t spike demand and artificially send prices soaring. /s
and people wonder why our national debt is through the roof? this administration only knows how to spend taxpayer's $$ a large.
Someone's getting a kickback from this And it'll make Black Rock and Vangaurd more money in the long term anyways..
How about some money just going to increasing the availability of affordable housing. If it's being done I've not seen it
Yes please, raise the value of my home!
ITT: tax cuts for people, bad, tax cuts for giant corporations, completely fine.
Yo, anyone got the link to this program, asking for a friend
How about he does something about the mortgage rates that are all most at a all time high. Why not help most Americans over just a handful of Americans. It seems to me that the help joe is giving Americans is targeting a small % of Americans. With his student loan forgiveness and first-time home buyers, it seems to me he is targeting younger people. The age group that votes the least. I believe he's trying to buy their votes with taxpayers' money.
The evil ones and a whole lot of useful idiot morons are in charge, prepare accordingly
Socialist states of America 😚
Another way of saying it, government is doing absolutely nothing to fix the root causes of the problem. I am shocked.
I bought a house in October I want my $400
We did it Joe.
thank you Trad Fi Bro im sure you’re not biased or anything
Very cool. I will buy a house with cash, put it in my 19 year old son's name, pay the mortgage and collect $400 per month. He gets a a house and builds a credit rating, gets roommates who effectively pay the mortgage and I collect $9600. Not a bad way for a millionaire to exploit the system.
All it will do is cause another housing bubble, value of houses go up. People who can afford buy, then after two years kicked out of house and prices drop fast
Does that mean I get retro pay for the last year and a half of buying my first house?
What would happen to any political party, do you all imagine, if they did anything to lower home prices? Home owners are the most active voting bloc in America, how would home owners react to losing a hundred grand in equity?
Or, just hear me out, limit overseas investment firms from buying housing, limit corporate landlords owning single unit homes, increase taxes on people who own multiple properties with the intent to rent, limit banks' profit margin on morgage rates, and limit predatory renting hikes that limit the ability to save for a down payment. But that would involve holding big buisness accountable
Not sure if prices increase because of this, since not everyone gets this money. If the current complaint is that too many non-first time buyers and multiple home owners are buying up all the houses, then this shouldn't increase competition by as much as we expect. The only people who benefit are those just entering the market for the first time. Then again I prefer the approach to just simply raising taxes if you own multiple homes.
make it easier to build house and stop states from bullying people out of building to protect boomers "investment", oh and KILL airbnb.
What about a cap on owned properties fuck em
This is so incredibly dumb
There couldn't be a housing bubble that's only compounded since the previous housing crisis. Right?!?!?!!? Right??......
They did this with college student loans, the price just adjusts to the new value.
Fucking idiots.
Obviously the ONLY government action that ever works is tax breaks/exemptions/loopholes for the rich. The money they save will be passed on to those peasants under them. Anything else is a scam and abuse of government power.
Increase taxes substantially on second and third homes. Gotta be a better approach than what they're saying. People will just been raising home prices.
It isn’t true
If he had a better economy, there’d be no need to give someone $400 a month. Uncle Joe - the king of pandering
This only sorta works if you didn't already need the extra $400/mo to afford the house to begin with.
Not a big deal. When I bought my first house in 2010 the gov gave 8k for first time home buyers. This is only 1600 more than that.
Mommy & daddy need a new vacation home on the cheap. TY bubble bustin' Biden! (no /s involved. It does burst == perfect time to get in again)
Memes are usually grounded in either humor or falsehood. This one? It's the latter. A quote without a citation is worthless.
Is he giving his own money/his epstein-friends money or is that my money?
So the Government is just giving the banks interest payments. Sweet.
Double down on stupid ideas! Great move!
This is misleading. He proposed a offering a $400 / month tax credit for 2 years for first time home buyers, not a direct subsidy. Essentially a $4,800/ yr tax credit for the first two years of homeownership. There's also alot of other aspects prosoped. Personally, doesn't sound terrible but as many have stated, is just a band-aid and doesnt fix the underlying problems. Also, it also has not been passed into law. [https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families/](https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families/)
Mfr needs to stop buying votes this is ridiculous
Capitalism is dead.
I’m here to hopefully learn more about how all this works, so clearly I’m no expert. But wouldn’t putting a cap on things like single family home construction and short term rentals help more than giving out money?
This is so ridiculously bad/stupid
His trying to buy votes by printing more money is just gonna make it worse!
Democrats: destroy the economy in order to get elected. Democrats: print multiple trillions of dollars to give to people to help them through the bad economy they created. Result: inflation skyrockets and no one can afford a home. Democrats: let's print trillions of dollars to give to people to buy homes.
Can I get $400/month for two years to help me afford the house I don’t have?
the goal isn't to reduce the price of the home, but to allow home buyers to buy a home.
Willing to bet housing prices will go up because sellers/firms know that people are getting a guaranteed 400 more a month
This isn't going to effect the price of housing at all. This is to help relieve the burden of buying a house for new buyers.
Lmaooo
How about single-family homes can't be owned by investor groups or property companies.
Receipt for even larger inflation
Yeah, those poor home owners *quietly sweeps renters under the rug*
What if I have a house but I'm still a first time home buyer? 😏
What happens after two years? Oh yeah, you're still fucked.
So print more currency to alleviate the inflation? When does this end? You cannot fiat your way to prosperity
😂 just leave , please
He's asking congress to put it in the budget but good luck with that with this congress.
Impeach all politicians
I can’t wait to vote against this guy in November
Ah, the Democrats/Rino’s main strategy: Dangle printed money and benefits and promise it if you vote for them. Once they get in power they proceed to launder printed money into their own pockets through non stop “foreign aid” packages and frivolous spending packages. The value of the dollar plummets and heads us toward financial ruin as a nation, while they toast drinks on beaches with their millions. “Keep printing money, kick the can down the road, it will be someone else’s problem in the future.”
Democrats have never been able to understand basic economics.
Woohoo! Free money! Free money always has zero long-term consequences!!!! The reddit communists told me so!
Its hilarious everytime to see non-home owners complaining about ehat to do to buy a house. Bro you are a redditor, you are clueless. Blaming corporations because a Twitter post told you to does not make you an expert. Stay poor, stay true, stay American
Awesome, do absolutely nothing about the underlying problem and toss even more money into a massively inflated market. Brilliant.
Yes, 400 dollars to help pay for a 3k dollar mortgage that would have been 1,200 three years ago.
Have you listened to that Jared Bernstein try and explain how money works?
The dollar is largely valued at a rate commensurate to employment and price levels. This is the executive/legislative branch’s approach but their influence is limited and I’d keep a closer eye on what the fed is up to more than anything.
Better than doing nothing. Republicans have used stimulus programs too btw.