4 ms·
How does the market price falling for someone's house lead to them getting evicted? It's not going to make their mortgage payments go up, nor their taxes. I gue
by maccam94 7y ago
How does the market price falling for someone's house lead to them getting evicted? It's not going to make their mortgage payments go up, nor their taxes. I guess if they stop paying their mortgage because it's underwater, the bank would eventually evict them, but if they can afford the mortgage they could just keep paying it, the price will likely grow in the future as land values go up with increased density.
There is some short term risk that if someone needs to sell their house for some reason, they will get less money for it. Home equity loans won't give you as much money at that time either. But neither of these factors should cause evictions.
We're not talking about repealing Prop 13 in this discussion (which is another law which many YIMBYs want repealed, but if areas were up-zoned at least there would be one path to relieve the pressure on housing availability).