ST Alpha - "I feel somewhat differently on this particular issue because I do think (contrary to the writer) that home ownership is a big driver in our economy. " (Reading a Post)

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In response to "The first line of this IM wonderfully sums up our country's woes -- (link)" by ty97

I feel somewhat differently on this particular issue because I do think (contrary to the writer) that home ownership is a big driver in our economy.

Posted by pmb (aka pmb) Oct 18 '13, 09:45

Taking away that tax deduction would hurt the economy beyond the loss of cash to the homeowners. It would hurt the real estate market, which hurts builders, home goods sellers, etc.

Responses:

canada doesn't have one and home ownership rates are higher than the us. great britain had one, abolished it, and it had little effect.... - x Oct 18, 09:54 1
- It's the game change though that takes value out of the economy. Never having had it would make less difference than having it and losing it. - pmb Oct 18, 09:56
[deleted] 4
- Homes would become more expensive to own, but the price would probably drop since the cost is not subject to the deduction. So you'd have people - pmb Oct 18, 09:54 3
  - [deleted] 2
    - I really don't think markets have incorporated this in real estate because they are individual buyers who are not likely to make those broader risk - pmb Oct 18, 10:02 1
      - [deleted]

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I feel somewhat differently on this particular issue because I do think (contrary to the writer) that home ownership is a big driver in our economy.

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