Yeah..i don't even see how this would work. So they don't let people in bad neighborhoods sell their house at market value, and then nobody buys it? How does this help people?
The now-wealthy blacks in those neighborhoods will get to pass down "wealth" in the form of a house. Problem solved. Ignore steps 2 through 4.
That house will then be taxed at the value the government claims it is worth.
The now-wealthy blacks who never had real wealth can't afford to pay the inheritance tax, let alone their property taxes owed to the county. They must surrender the house to the IRS or the county to cover their debt.
Yeah, the tax angle is another example of how retarded this is. They are going to be wealthy on paper only, with a house they can't sell, and be forced to pay taxes on a government mandated inflated property value.
If the price isn't right no one will ever buy anything.
JoePedo's team is half deep swamp fucking war for profit assholes and a weird mix of absolute borderline far left commie bullshit pushers that doesn't square at all with the swamp creatures.
The shit they keep coming out with I am certain someone will get stabbed in the WH in the next 6 months.
It's not so much for purchases as it is for refinances, especially "cash out" refis. Ever hear a story of a black family that is being foreclosed on their house of 30+ years? 100% of the time the equity was drained through refinances and profligate spending.
Appraisals effect both the amount you can take out of the house and the rate you will get to do so. All Xiden is doing is making it easier for blacks to get into financial trouble.
The government and government contractors who get to steal these homes when the people that own them and have owned them for generations can no longer afford their tax bill.
Then these developers on a government contract come in and knock them down to build "affordable housing" then the people who did live in owned homes now rent homes from the government for life and own nothing (and they'll be happy! /s)
Only you left out the part of all of the little grifters who will get their grubby little hands filled with pocket change. Gotta keep feeding the machine.
Sure it will, they will bring down the value of all other houses to match. Sorry xir, you house is now worth $30,000 and this BIPOC family has made a fair government backed offer on your house, you must accept it as the demographics of your neighbourhood are unacceptable.
Actually, the plan is to make it illegal to de-value homes, so that won't work. Until they rewrite the plan to account for that or concoct a plan to counter that. Likely the Affirmatively Furthering Fair Action plan since they already have it in place. Build shitty "affordable housing" in nice neighborhoods and de-value their homes that way. "Poor minorities can't afford to move into your neighborhood? Well we'll just build a bunch of tenements there so they can afford it (sort of), while simultaneously destroying your neighborhood and the value of your home."
Hey Joe, unless you can program people’s brains to act in the manner you want, this will never happen. What determines a home’s value is what people are willing to pay for it.
Sure, you can say a house in the ghetto is worth $1 million on paper, but if nobody will buy it at that price then it’s not actually worth that.
This guys is a much bigger dipshit than I ever gave him credit for. I guess Obama called it when he said “never underestimate Joe’s ability to fuck things up.” Good call Barry.
Look up Affirmatively Furthering Fair Action. A.K.A. - Destroying Nice Safe Neighborhoods. They won't have to reprogram people's brains. They'll just shove it down your throats. Developers have way too much pull and zoning boards roll over for payouts.
What this plan would do is make it impossible for blacks to sell their homes and increase their tax bill making it more likely the government can take the home.
The government can then condemn the property and give it to a developer to build "affordable housing".
It will also prevent private development in those neighborhoods keeping them reliant on the welfare state thus keeping them voting democrat.
Politicians then get kick backs from the developers.
Poor people stay poor and have their most valuable asset stolen from them thus keeping them poor.
This is exactly right. People are thinking this lowers everyone's house value. No, it increases the value of ghetto houses to match non-ghetto homes....which increases the tax burden....which the owners won't be able to cover. So they lose their home due to unpaid taxes...and guess what? When the city sells such homes, they usually undervalue it. So, the developer who buys it will buy it for the original price....the price which the owner couldn't sell it at bc it was illegal. And no one with a brain would have bought it at the higher price. So, yes, this is a gift to developers and a nice kickback scheme.
I don't even understand what the proposed law does. The market, aka what someone will offer, dictates how much a home sells for. Many homes selling dictates overall market conditions. This is not micro-managable.
How have housing prices been driven down? The value of my house has been doubling every 10 years for awhile. Housing prices compared to average annual income have gone way up. I don't see this trend.
Re-read my post. I said they have been driving prices UP.
And the fact that housing prices have outpaced income is direct evidence of my conclusion. In a non-manipulated market, housing prices would correlate to affordability. Affordability is primarily impacted by income.
So, to keep this grift going, they added more people to the workforce, and you now have another impetus for pushing the feminist movement.
This has been going on for a long time. And the banks just reap the benefits the whole time.
A house isnt as smart of an investment as people seem to think.
A single property, with a 50% premium over the life of the 30 year mortgage, tied to a specific location, requires a third party to sell which takes a significant cut of the money, expensive maintenance, regulated to shit, etc
I think Martin Shkreli of all people was the first one I heard actually explaining why your house isnt an asset its a liability. Now im hearing it more, even Elon doesn’t own a home, he just rents.
Have you ever actually sat down and looked at the numbers? Bro, home ownership has been a HUGE financial windfall for my family, made us millionaires more than twice over.
You're ignoring the basic fact that it Real Estate is the only investment that you can leverage yourself 4:1 or more by putting money down and financing the rest at basically lower than inflation rates. And it is a REAL asset that you can actually live in, not some useless stock certificate. And at they end of the day, they ain't making more of it.
I earn almost $200k per year in salary and my RE investments add another $80k/year while keeping my personal housing costs fixed. All my neighbors who rent pay about the same as my mortgage, maybe a little more, with no guarantee of future stability.
In 10 years I'll be 50 and retired with no housing costs and passive income while everyone who argues renting is better will have basically no assets and ever increasing costs of living.
Home ownership has made me money as well, the Trump housing boom made my old house go from very slightly underwater to selling for 20K takehome.
I also got a new house that has gone up over 50k in value in the past year. I could make 30k~ after closing costs I estimate and the only thing I've done is put a heat pump in.
Right now renting doesnt make much sense in my state (WA). Rent is higher than some mortgages right now with good credit and with the housing market doing well its better to be building equity.
So ill give you that it can work out for some people, and its definitely better than renting esp if there isn't much difference between the cost of renting/owning
But I remember in 2008 when people were underwater on their homes and the job market crashed too, renters looked like geniuses then. They could move to where the jobs were, everyone else had to let their bosses use them as doormats because they couldnt sell and eat the loss.
This would pretty much put every appraiser and realtor out of business. What would be the point of having them if homes weren’t valued at market price?
The exact same home are going to sell for different prices if one is in a nice neighborhood close to downtown in a big city and the other is in a bad neighborhood next to a major highway.
So, at first glance this actually seems like it's a boon to the states, especially ones with high property tax. The only entity which would really be affected here would be the state/local governments which do housing evals.
So if I have a house in the ghetto of Chicago, it has to be valued the same as if I had that same house off the lake in Springfield. And since the Chicago house can't be devalued, and the state sure as hell isn't going to take a hit by lowering the valuation of my Springfield house, the only solution is to artificially raise the value of the house in the ghetto, thereby driving property taxes up.
So, in essence, people in poor areas are about to get buttfucked with higher property taxes because federal policy now dictates a 4-bedroom 2 story in the ghetto is now worth just as much as a 4-bedroom McMansion on snob hill.
Poor neighbourhoods have low value. Doesn't matter who is in them. Poor neighbourhoods filled with white people still have low value. Lol people are so stupid to fall for this honestly.
So if they artificially inflate the cost of these homes, no one will ever buy them. Hard to acquire wealth through real estate when your real estate is now nothing but an albatross around your neck.
Is this for real?
They are pretending that devaluing is artificial. If your home is in a place where you are likely to be broken into or you may be assaulted or killed by someone in the neighborhood less people want to buy. Less buyers equals less leverage. Less leverage means less value.
The value of something is determined by what someone will pay for it.
Sounds like something an economist would say. Sit tight. The thought police will be by later to enforce a change in attitude and behavior.
Yeah..i don't even see how this would work. So they don't let people in bad neighborhoods sell their house at market value, and then nobody buys it? How does this help people?
The now-wealthy blacks in those neighborhoods will get to pass down "wealth" in the form of a house. Problem solved. Ignore steps 2 through 4.
That house will then be taxed at the value the government claims it is worth.
The now-wealthy blacks who never had real wealth can't afford to pay the inheritance tax, let alone their property taxes owed to the county. They must surrender the house to the IRS or the county to cover their debt.
The now-wealthy blacks are poor again.
Yeah, the tax angle is another example of how retarded this is. They are going to be wealthy on paper only, with a house they can't sell, and be forced to pay taxes on a government mandated inflated property value.
🤡 🌎
Another perfect example of government fucking things up.
They fuck up everything they touch. They are the stick being jammed in the spokes of our republic.
The government will buy your crack house for $1 million (if you're related to the senator). See?
This. The bill will affect the tax and insurance values only, meaning this is just another way to tax the poor.
Congratulations, you played yourself.
Just like the true minimum wage will always be zero
Union Workers are just American Communist. Change my mind.
Yeah I don't get the point of this law at all.
If the price isn't right no one will ever buy anything.
JoePedo's team is half deep swamp fucking war for profit assholes and a weird mix of absolute borderline far left commie bullshit pushers that doesn't square at all with the swamp creatures.
The shit they keep coming out with I am certain someone will get stabbed in the WH in the next 6 months.
They must have some interesting meetings.
It's not so much for purchases as it is for refinances, especially "cash out" refis. Ever hear a story of a black family that is being foreclosed on their house of 30+ years? 100% of the time the equity was drained through refinances and profligate spending.
Appraisals effect both the amount you can take out of the house and the rate you will get to do so. All Xiden is doing is making it easier for blacks to get into financial trouble.
So....you're going to price fix houses in black neighborhoods to make it more expensive to live? Who does this help exactly?
The government and government contractors who get to steal these homes when the people that own them and have owned them for generations can no longer afford their tax bill.
Then these developers on a government contract come in and knock them down to build "affordable housing" then the people who did live in owned homes now rent homes from the government for life and own nothing (and they'll be happy! /s)
Pretty much how I see it.
Only you left out the part of all of the little grifters who will get their grubby little hands filled with pocket change. Gotta keep feeding the machine.
The tax man.
Sure it will, they will bring down the value of all other houses to match. Sorry xir, you house is now worth $30,000 and this BIPOC family has made a fair government backed offer on your house, you must accept it as the demographics of your neighbourhood are unacceptable.
Guess I'm not selling then.
No, you don’t understand. You MUST sell.
Cold. Dead. Hands.
Actually, the plan is to make it illegal to de-value homes, so that won't work. Until they rewrite the plan to account for that or concoct a plan to counter that. Likely the Affirmatively Furthering Fair Action plan since they already have it in place. Build shitty "affordable housing" in nice neighborhoods and de-value their homes that way. "Poor minorities can't afford to move into your neighborhood? Well we'll just build a bunch of tenements there so they can afford it (sort of), while simultaneously destroying your neighborhood and the value of your home."
Hey Joe, unless you can program people’s brains to act in the manner you want, this will never happen. What determines a home’s value is what people are willing to pay for it.
Sure, you can say a house in the ghetto is worth $1 million on paper, but if nobody will buy it at that price then it’s not actually worth that.
This guys is a much bigger dipshit than I ever gave him credit for. I guess Obama called it when he said “never underestimate Joe’s ability to fuck things up.” Good call Barry.
Look up Affirmatively Furthering Fair Action. A.K.A. - Destroying Nice Safe Neighborhoods. They won't have to reprogram people's brains. They'll just shove it down your throats. Developers have way too much pull and zoning boards roll over for payouts.
To the people asking how this helps:
What this plan would do is make it impossible for blacks to sell their homes and increase their tax bill making it more likely the government can take the home.
The government can then condemn the property and give it to a developer to build "affordable housing".
It will also prevent private development in those neighborhoods keeping them reliant on the welfare state thus keeping them voting democrat.
Politicians then get kick backs from the developers.
Poor people stay poor and have their most valuable asset stolen from them thus keeping them poor.
This is exactly right. People are thinking this lowers everyone's house value. No, it increases the value of ghetto houses to match non-ghetto homes....which increases the tax burden....which the owners won't be able to cover. So they lose their home due to unpaid taxes...and guess what? When the city sells such homes, they usually undervalue it. So, the developer who buys it will buy it for the original price....the price which the owner couldn't sell it at bc it was illegal. And no one with a brain would have bought it at the higher price. So, yes, this is a gift to developers and a nice kickback scheme.
This.
I don't even understand what the proposed law does. The market, aka what someone will offer, dictates how much a home sells for. Many homes selling dictates overall market conditions. This is not micro-managable.
But it is macro-manageable. They've been artificially driving up housing prices for decades with housing policy and market interventions.
Hell, the NAR's chief economist has had a bullish outlook every single year since the position was created.
Hahah even their commercials sound like a mob boss threatening to break your legs.
How have housing prices been driven down? The value of my house has been doubling every 10 years for awhile. Housing prices compared to average annual income have gone way up. I don't see this trend.
Re-read my post. I said they have been driving prices UP.
And the fact that housing prices have outpaced income is direct evidence of my conclusion. In a non-manipulated market, housing prices would correlate to affordability. Affordability is primarily impacted by income.
So, to keep this grift going, they added more people to the workforce, and you now have another impetus for pushing the feminist movement.
This has been going on for a long time. And the banks just reap the benefits the whole time.
I'm guessing this would apply more to the banks appraising the property than to buyers or sellers
It keeps the tax bill up.
"We dont understand why no one is buying these houses"
Racism.
Does it seem like the goal is to lock poor black people in their ghettos permanently? If nothing ever sells, how can it change?
seems like the goal is to make it impossible for poor people to get on or stay on the property ladder and force them into renting
A house isnt as smart of an investment as people seem to think.
A single property, with a 50% premium over the life of the 30 year mortgage, tied to a specific location, requires a third party to sell which takes a significant cut of the money, expensive maintenance, regulated to shit, etc
I think Martin Shkreli of all people was the first one I heard actually explaining why your house isnt an asset its a liability. Now im hearing it more, even Elon doesn’t own a home, he just rents.
Have you ever actually sat down and looked at the numbers? Bro, home ownership has been a HUGE financial windfall for my family, made us millionaires more than twice over.
You're ignoring the basic fact that it Real Estate is the only investment that you can leverage yourself 4:1 or more by putting money down and financing the rest at basically lower than inflation rates. And it is a REAL asset that you can actually live in, not some useless stock certificate. And at they end of the day, they ain't making more of it.
I earn almost $200k per year in salary and my RE investments add another $80k/year while keeping my personal housing costs fixed. All my neighbors who rent pay about the same as my mortgage, maybe a little more, with no guarantee of future stability.
In 10 years I'll be 50 and retired with no housing costs and passive income while everyone who argues renting is better will have basically no assets and ever increasing costs of living.
Home ownership has made me money as well, the Trump housing boom made my old house go from very slightly underwater to selling for 20K takehome.
I also got a new house that has gone up over 50k in value in the past year. I could make 30k~ after closing costs I estimate and the only thing I've done is put a heat pump in.
Right now renting doesnt make much sense in my state (WA). Rent is higher than some mortgages right now with good credit and with the housing market doing well its better to be building equity.
So ill give you that it can work out for some people, and its definitely better than renting esp if there isn't much difference between the cost of renting/owning
But I remember in 2008 when people were underwater on their homes and the job market crashed too, renters looked like geniuses then. They could move to where the jobs were, everyone else had to let their bosses use them as doormats because they couldnt sell and eat the loss.
This would pretty much put every appraiser and realtor out of business. What would be the point of having them if homes weren’t valued at market price?
The exact same home are going to sell for different prices if one is in a nice neighborhood close to downtown in a big city and the other is in a bad neighborhood next to a major highway.
So, at first glance this actually seems like it's a boon to the states, especially ones with high property tax. The only entity which would really be affected here would be the state/local governments which do housing evals.
So if I have a house in the ghetto of Chicago, it has to be valued the same as if I had that same house off the lake in Springfield. And since the Chicago house can't be devalued, and the state sure as hell isn't going to take a hit by lowering the valuation of my Springfield house, the only solution is to artificially raise the value of the house in the ghetto, thereby driving property taxes up.
So, in essence, people in poor areas are about to get buttfucked with higher property taxes because federal policy now dictates a 4-bedroom 2 story in the ghetto is now worth just as much as a 4-bedroom McMansion on snob hill.
Congratulations, your tax bill is now more than your yearly income! - Biden
Most people who work in the government are stupid and have no real world experience
Price control huh... but they are not crypto-commies, says them
My house identifies as a mansion
Poor neighbourhoods have low value. Doesn't matter who is in them. Poor neighbourhoods filled with white people still have low value. Lol people are so stupid to fall for this honestly.
The value of all houses drops.
Gates and Bezos buy the nation.
The End.
Kind of this. Except replace gates and Bezos with china and Saudi arabia.
Dear Left, Because you want something to be so, does not make it so. No matter how really, really, really much you want it to be so.
CHEMST
SO if they ignore neighborhoods, doesn't this mean housing prices will skyrocket and even fewer people can afford homes?
Prices of houses in poor neighborhoods will skyrocket. Its about equality. All houses are equal and are therefore worth the same. -lib logic
Then you will have to force someone to buy an inflated priced property. Why would anyone pay more than its market value?
location location location
If all hones are of equal value, I expect Joe Biden would not mind swapping one of his for mine.
Uhhh taxes will be higher for the property. Tell me how that helps these struggling communities.
Equity, except everyone LOSES!
So if they artificially inflate the cost of these homes, no one will ever buy them. Hard to acquire wealth through real estate when your real estate is now nothing but an albatross around your neck.
so a rundown 500k house in the middle of a crime ridden ghetto shithole?
sounds like a deal!!.... to a fucking retard.
Feelings/Appeal to emotions versus actual solutions.
Inner cities should be scuttled. People should be transplanted and separated from each other. Inner city culture is trash.
Is this for real? They are pretending that devaluing is artificial. If your home is in a place where you are likely to be broken into or you may be assaulted or killed by someone in the neighborhood less people want to buy. Less buyers equals less leverage. Less leverage means less value.
so sniffy joe is taking economic advice from aoc?
location, location, location.