Friday, May 13, 2005

This Bonfire Needs Some Gasoline!

It is disappointing to see a suggestion that home builders, some of whom are headed by billionaires, be offered a tax credit for affordable housing, when they are partly responsible for the high prices. "The proposal would grant a tax credit to firms that build affordable housing and sell it to middle-class buyers. The credit would cost around $2.5 billion over five years."

It won't pass but it's good to see the idea shot down. "The Center for American Progress issued a report this week arguing that the current business cycle has seen families own the smallest share of their own homes since the 1950s. Rapidly rising home values were outpaced by even faster growing debt, the report said."

Remember the highest percentage of people ever owned stock, just before the crash? "Homeownership set a record in 2004, with 69% of American families owning a home."


At 1:31 PM, Anonymous Anonymous said...

Just saw on the news that Carl Ichan was selling his positions in a couple of mortgage companies.

At 1:49 PM, Blogger Ben Jones said...


At 7:46 PM, Anonymous Anonymous said...

Classic, another government 'solution' to take care of some percieved inequity somewhere.

And, as with all government solutions, the favored method of attempting to correct the percieved inequity is to throw money at it. Tax credits make perfect sense because all levels of government are flush with cash these days.



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