patrick.net

How about some legislation with the express intent to LOWER house prices, unlike the crap legislation we're getting from Pelosi and Barney Frank designed to make housing less affordable?

We should completely eliminate Fannie Mae, and after that, the mortgage interest income deduction.

Here are some more ideas from Steve, a patrick.net reader:

the goals should be something like to promote home ownership by
discouraging flipping and owning multiple residences

promote homeownership but discourage multiple residences:
- remove the mortgage rate deduction for all but the primary residence.
- second home/first investment property/ vacation property will have
no mortage deduction and no additional tax
- third home will carry a 10% annual tax
- fourth home will carry a 20% annual tax
- fifth home 30% tax
- sixth home 40% tax
- etc

discourage flipping:
- 35% tax on sale of property held for less then 6 months
- for property held less 6 months to 1 year will prorate down to 0%

i'm not sure what the legal issues are in putting something on the
ballet, i'm a tech person like yourself, maybe you can ask on your
site for someone with experience in that? or a section of your site
for brainstorming this?

#housing