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Biden to propose new $5000 tax credit for first-time home buyers
(www.washingtonpost.com)
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this post was submitted on 07 Mar 2024
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politics
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This is the best summary I could come up with:
Biden will also call on Congress to provide a one-year credit of up to $10,000 for families who sell their starter homes, so long as their houses are below the median price in their county.
The idea is to free up a part of the market that has been effectively frozen, as thousands of homeowners cling to low mortgages of 2 or 3 percent and avoid buying a new home with a much higher rate.
Meanwhile, some housing experts raise concerns that new credits could inject even more demand into the market while supply is still catching up — possibly pushing prices even higher.
And Biden will unveil a new $20 billion competitive grant fund as part of his budget, expected next week, which would support the construction of affordable multifamily rental units and remove barriers to housing development.
Those include steps taken to reduce closing costs for home buyers, which the White House stresses can add thousands of dollars to a purchase and put it out of reach.
“President Biden is absolutely right to lay out his plans to make housing more affordable,” said Lindsay Owens, executive director of the Groundwork Collaborative, a left-leaning think tank.
The original article contains 978 words, the summary contains 197 words. Saved 80%. I'm a bot and I'm open source!
Instead of funding the creation of rentals, which will only lock Americans into renting forever, why don't we fund low cost condos? Literally the same buildings as apartments but with individual ownership.
I will keep my 2.2% thx