While I agree that that is where responsibility lies as things stand, I do kind of feel that given the unusual nature of the housing market and the fact that a considerable number of people persist in buying into booms might mean that we should restructure things to help discourage that.
Like, maybe…I don’t know. Federal mortgage availability in a given metropolitan area could be conditioned on the Case-Schiller Index or something. That would tend to stabilize prices.
It’d also tend to discourage cities from blocking construction of new housing.
These people bought as investment. Homes in my area peaked around $1.8M in 2023, now they are lucky to get $1.2M.
The real losers are people who got HELOCs to buy stupid shit and vacations, because all graphs extrapolate upward.
While I agree that that is where responsibility lies as things stand, I do kind of feel that given the unusual nature of the housing market and the fact that a considerable number of people persist in buying into booms might mean that we should restructure things to help discourage that.
Like, maybe…I don’t know. Federal mortgage availability in a given metropolitan area could be conditioned on the Case-Schiller Index or something. That would tend to stabilize prices.
It’d also tend to discourage cities from blocking construction of new housing.