The Big Beautiful Bill increases the deductibility of state and local taxes, enhancing housing subsidies. While this benefits many homeowners, it also perpetuates high sale prices and complicates the housing market. Numerous ownership incentives have made the market overly reliant on subsidies. Despite noble intentions, such measures primarily assist the few who qualify while leaving many potential homebuyers struggling. As of early 2025, homeownership rates fell to 65%, indicating stagnation in ownership rates after the pandemic. The housing market's excessive stimulation is resulting in detrimental effects for broad access to homeownership.
The Big Beautiful Bill perpetuates a long-standing misconception that subsidies provide a lasting boost to the housing sector. It translates to another housing subsidy that further props up ridiculously high sale prices.
Supporting homeownership is a noble cause. These subsidies are typically offered with the best intentions, yet they benefit only the few who qualify and complicate the real estate market.
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