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Yes it’s a terrible and immoral idea. It basically means giving people with mortgages free houses. What about people who are renting? I wonder how they would fe
by richardknop 9y ago
Yes it’s a terrible and immoral idea. It basically means giving people with mortgages free houses. What about people who are renting? I wonder how they would feel if other people except them were given free houses from the government.
It also means rewarding fiscal irresponsibility as people who took 90-100% mortgages on big houses and could barely afford repayments are going to be rewarded while fiscally responsible people who were renting and maybe saving for a deposit down the line get nothing.
- disgruntledphd2 9y agoThey get more house supply, at a much cheaper price. What tended to happen (at least in places without non-recourse loans) is that all of the people in houses pay way too much towards their mortgage, have to make sacrifices in other areas of their spending, and loads of retail/service employees get fired.
- richardknop 9y agoThen rent like the rest of us. Don't take a mortgage if you can't afford it. Rent and save a bigger deposit so you can take mortgage with lower repayments. The idea that people should be rewarded for making poor choices / taking loans they cannot afford is really worrisome.