The announcement follows Newsom’s 2024 executive order, which directed encampment cleanups after a U.S. Supreme Court ruling granted state and local governments more authority to remove them.

you are viewing a single comment's thread
view the rest of the comments
[–] 4 points 1 year ago* (1 child)

Houses are for living, not speculation.

The US making any moves like China would result in one of the biggest crashes this country has ever seen. It's politically toxic without a revolution or a crash and neither party would pursue it because the upper middle class would revolt if their "wealth" in housing equity would disappear. Even China can't fully commit.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 4 points 1 year ago* (last edited 1 year ago)

    For a lot of folks their equity is the only savings they have. And those folks are a lot more politically active and pay more taxes and donate to campaigns so politicians care more about them.

    It’s gonna be hard to get this passed without a lot of carve outs and/or backlash.

    Maybe adding a homestead personal income tax credit for folks who owned their home prior to the new law with a gradually applied cap on it to mitigate the loss of equity for people who only own one home.

    But without a ban on corporate ownership of homes it might not help much.

    Ooo, offer a 3% matching contribution to get the tax credit as US bonds.

  • source
  • parent