4 ms·

https://petitions.whitehouse.gov/petition/suspend-mortgage-payments-and-interest-until-coronavirus-pandemic-has-passed https://petitions.whitehouse.gov/petition

by 23B1 7y ago

https://petitions.whitehouse.gov/petition/suspend-mortgage-payments-and-interest-until-coronavirus-pandemic-has-passed https://petitions.whitehouse.gov/petition/suspend-mortgage-p... 3 signatures so far. If the housing market, core to our economy, can be insulated from a crash rebuilding will be significantly easier.

droptablemain 7y ago
Has the current administration ever bothered to respond to any of those?
baybal2 7y ago
I think housing market in USA seriously needs a healthy correction to make housing available to masses again
- save_ferris 7y ago
  Yeah, but if that happens, the economic factors leading to a housing crash (i.e. mass unemployment) will almost certainly also prevent most people who need affordable housing from being able to purchase it.
  - JMTQp8lwXL 7y ago
    All else equal, getting rid of superfluous zoning rules that are preventing new construction and thereby lowering prices, wouldn't harm those who close to being able to afford housing today. Relaxing zoning doesn't hurt the economy. If anything, restricted zoning limits the economic growth we need.
    - save_ferris 7y ago
      That I completely agree with. It just sounded like the parent suggested that a housing crash would somehow make real estate affordable for everyone, which clearly isn't the case, based on what happened in 2008.
- gen220 7y ago
  Anecdotal, but many rental prices for new listings in NYC are nearly 30% off the norm in the last week (I’m a Zillow junkie). I wish our lease was up now...
- SilasX 7y ago
  If only the problem weren't self-reinforcing where existing homeowners have the majority of their net worth tied to their home and thus double down on fighting any policy that would reduce home values.
  - stagger87 7y ago
    Is this actually a problem? Why would people want more of their net worth tied up in their home? Wouldn't cheaper homes make the properly ladder game more accessible? Are people leveraging their current home value enough to need it to be higher?
    - 23B1 7y ago
      People use their homes as part of their retirement plan - this is doubly so for those of us that expect Social Security to be gone by the time we retire.
    - ed312 7y ago
      You have to account for the "I got mine so screw the next guy down on the ladder" mentality. One of the _real_ cross-party political issues is just how selfish and anti-community most Americans have become.
      - 6gvONxR4sf7o 7y ago
        Another real cross-party issue is how quick people are to label other people doing their best to make it in complex systems as selfish and immoral. If you have a $400k mortgage on a $500k asset, and I'm proposing systemic changes to make it worth $250k, you'll end up owing $150k more than it's worth. If something happens and you lose your job, you're screwed. You can sell and refinance and you'll still owe nearly as much every month as the person who bought your newly cheaper house, but now you don't have a house. It's not about "I got mine, fuck you" so much as "this is my life's savings you're talking about making dramatically smaller" and "I'm super leveraged on this asset."
    - throwaway55554 7y ago
- 23B1 7y ago
  A 'serious correction' would erase the wealth of the home-owning middle class. A pause on mortgage payments and interest simply extends the mortgage schedule by a year.
  - Red_Leaves_Flyy 7y ago
    Exclude all for profit property, and all second homes. All of America is suffering right now. If we protect the land owners we're only lengthening the noose around all of necks.
    - kube-system 7y ago
      > Exclude all for profit property Eh, a lot of low income people live in for-profit properties.
      - Red_Leaves_Flyy 7y ago
        I was not clear. Give mandatory breaks to all renters in for profit apartments. Give breaks on primary residences up to the median home value less the top 10% of homes. No breaks for people holding vacant, second, vacation, rental, speculative, or comical I commercial for profit properties. If they can't weather the storm they don't deserve to keep the properties.
        kube-system 7y ago
        > Give mandatory breaks to all renters in for profit apartments. > No breaks for people holding [...] rental [...] properties. Some of those rental properties might no longer be rental properties if their owners are insolvent, particularly in the case of 1 or 2 family homes. Banks do not want tenants.
        Red_Leaves_Flyy 7y ago
        Banks can find tenants, sit, or sell. All are fine with me as long as the countries housing markets see much needed correction.
- kube-system 7y ago
  There is plenty of housing available, just not west-coast 3000 sqft 4/3 new construction. High housing prices are a localized issue. https://www.zillow.com/homedetails/12810-Leeila-Ave-Cleveland-OH-44135/33362802_zpid/ https://www.zillow.com/homedetails/12810-Leeila-Ave-Clevelan... https://www.zillow.com/homedetails/302-Purdy-St-Buffalo-NY-14208/66870884_zpid/ https://www.zillow.com/homedetails/302-Purdy-St-Buffalo-NY-1... https://www.zillow.com/homedetails/405-Gimber-Ct-Indianapolis-IN-46225/1120126_zpid/ https://www.zillow.com/homedetails/405-Gimber-Ct-Indianapoli... https://www.zillow.com/homedetails/5720-Pepperbush-Dr-Fayetteville-NC-28304/53621812_zpid/ https://www.zillow.com/homedetails/5720-Pepperbush-Dr-Fayett...
JMTQp8lwXL 7y ago
The housing market is in bad shape as-is. Prices falling for housing would be good for a struggling middle class and below. Some states, like California, have policies that distort a free-functioning market. Many cities have artificially constrained housing stock by limiting new development via zoning.
- 23B1 7y ago
  I agree that zoning is a big part of this and would be an easy release valve for people who want to own homes. I'm betting with everyone going work remote as well, cities can be more diffuse when commutes become less important.

by 23B1 7y ago

droptablemain 7y ago

Has the current administration ever bothered to respond to any of those?

baybal2 7y ago

I think housing market in USA seriously needs a healthy correction to make housing available to masses again

save_ferris 7y ago
Yeah, but if that happens, the economic factors leading to a housing crash (i.e. mass unemployment) will almost certainly also prevent most people who need affordable housing from being able to purchase it.
- JMTQp8lwXL 7y ago
  All else equal, getting rid of superfluous zoning rules that are preventing new construction and thereby lowering prices, wouldn't harm those who close to being able to afford housing today. Relaxing zoning doesn't hurt the economy. If anything, restricted zoning limits the economic growth we need.
  - save_ferris 7y ago
    That I completely agree with. It just sounded like the parent suggested that a housing crash would somehow make real estate affordable for everyone, which clearly isn't the case, based on what happened in 2008.
gen220 7y ago
Anecdotal, but many rental prices for new listings in NYC are nearly 30% off the norm in the last week (I’m a Zillow junkie). I wish our lease was up now...
SilasX 7y ago
If only the problem weren't self-reinforcing where existing homeowners have the majority of their net worth tied to their home and thus double down on fighting any policy that would reduce home values.
- stagger87 7y ago
  Is this actually a problem? Why would people want more of their net worth tied up in their home? Wouldn't cheaper homes make the properly ladder game more accessible? Are people leveraging their current home value enough to need it to be higher?
  - 23B1 7y ago
    People use their homes as part of their retirement plan - this is doubly so for those of us that expect Social Security to be gone by the time we retire.
  - ed312 7y ago
    You have to account for the "I got mine so screw the next guy down on the ladder" mentality. One of the _real_ cross-party political issues is just how selfish and anti-community most Americans have become.
    - 6gvONxR4sf7o 7y ago
      Another real cross-party issue is how quick people are to label other people doing their best to make it in complex systems as selfish and immoral. If you have a $400k mortgage on a $500k asset, and I'm proposing systemic changes to make it worth $250k, you'll end up owing $150k more than it's worth. If something happens and you lose your job, you're screwed. You can sell and refinance and you'll still owe nearly as much every month as the person who bought your newly cheaper house, but now you don't have a house. It's not about "I got mine, fuck you" so much as "this is my life's savings you're talking about making dramatically smaller" and "I'm super leveraged on this asset."
  - throwaway55554 7y ago
23B1 7y ago
A 'serious correction' would erase the wealth of the home-owning middle class. A pause on mortgage payments and interest simply extends the mortgage schedule by a year.
- Red_Leaves_Flyy 7y ago
  Exclude all for profit property, and all second homes. All of America is suffering right now. If we protect the land owners we're only lengthening the noose around all of necks.
  - kube-system 7y ago
    > Exclude all for profit property Eh, a lot of low income people live in for-profit properties.
    - Red_Leaves_Flyy 7y ago
      I was not clear. Give mandatory breaks to all renters in for profit apartments. Give breaks on primary residences up to the median home value less the top 10% of homes. No breaks for people holding vacant, second, vacation, rental, speculative, or comical I commercial for profit properties. If they can't weather the storm they don't deserve to keep the properties.
      - kube-system 7y ago
        > Give mandatory breaks to all renters in for profit apartments. > No breaks for people holding [...] rental [...] properties. Some of those rental properties might no longer be rental properties if their owners are insolvent, particularly in the case of 1 or 2 family homes. Banks do not want tenants.
        Red_Leaves_Flyy 7y ago
        Banks can find tenants, sit, or sell. All are fine with me as long as the countries housing markets see much needed correction.
kube-system 7y ago
There is plenty of housing available, just not west-coast 3000 sqft 4/3 new construction. High housing prices are a localized issue. https://www.zillow.com/homedetails/12810-Leeila-Ave-Cleveland-OH-44135/33362802_zpid/ https://www.zillow.com/homedetails/12810-Leeila-Ave-Clevelan... https://www.zillow.com/homedetails/302-Purdy-St-Buffalo-NY-14208/66870884_zpid/ https://www.zillow.com/homedetails/302-Purdy-St-Buffalo-NY-1... https://www.zillow.com/homedetails/405-Gimber-Ct-Indianapolis-IN-46225/1120126_zpid/ https://www.zillow.com/homedetails/405-Gimber-Ct-Indianapoli... https://www.zillow.com/homedetails/5720-Pepperbush-Dr-Fayetteville-NC-28304/53621812_zpid/ https://www.zillow.com/homedetails/5720-Pepperbush-Dr-Fayett...

JMTQp8lwXL 7y ago

The housing market is in bad shape as-is. Prices falling for housing would be good for a struggling middle class and below. Some states, like California, have policies that distort a free-functioning market. Many cities have artificially constrained housing stock by limiting new development via zoning.

23B1 7y ago
I agree that zoning is a big part of this and would be an easy release valve for people who want to own homes. I'm betting with everyone going work remote as well, cities can be more diffuse when commutes become less important.