Tuesday, May 16, 2017
New York Times blames housing unaffordability on mortgage interest deduction, never mentions how the Fed just reinflated the housing bubble quite apart from it
Housing was on its way to being affordable again until the Feds stepped in to stop foreclosures from rising and prices from falling, late in 2008. As a result of rock bottom interest rates which existing owners used to refinance their mortgages, housing is now more expensive than it has ever been, but the Times attacks the mortgage interest deduction for causing the problem.
Prices are up 47% since the 2009 low, in just eight years! The mortgage interest deduction was invented over 100 years ago, and helped to build the post-war middle class.
The Times seems bent on further destroying it.