The biggest subsidy is Fannie/Freddie buying 30 year mortgages with the now explicit backing of the Federal government. If that didn’t exist there wouldn’t be

The biggest subsidy is Fannie/Freddie buying 30 year mortgages with the now explicit backing of the Federal government. If that didn’t exist there wouldn’t be 30 year mortgages. How that distorts the real estate market is a big open question but my guess is it drives up real estate prices. Of course that has been a continuous policy decision for almost 100 years so it’s nothing new.