The most striking proposals were for the elimination of medical debt for millions of Americans; the “first-ever” ban on price gouging for groceries and food; a cap on prescription drug costs; a $25,000 subsidy for first-time home buyers; and a child tax credit that would provide $6,000 per child to families for the first year of a baby’s life.
Both can be done. Besides, first time homebuyers are the ones most in need of the kickstart needed to ownership. Consider also that the people with $2m homes likely aren’t going to see a direct increase in demand because of this. It would instead be current owners of so-called starter homes who could then use their existing equity to purchase a forever home.
Are there starter homes just sitting about, unpurchased because people can’t afford them?
My friend, in california, every house costs a million dollars. All this is going to do is bump up the value of a house by 2.5% at the expense of taxpayers. Unless we’re going to massively increase tax on the rich and cut tax for the poor, I don’t see this as a win.