Should we be legislating to protect American home ownership?

Hey, I am a foreigner (green card holder), who bought a home here to live in with my American family. Why shouldn't I be able to buy a house? In fact, I brought a down payment of 50% from Germany when we moved to the US. That's money directly injected into the US economy.

 

Ridiculous comment.

 

In my town, building codes have not been used to prevent prefabs. I would guess about half of the houses here are prefab. What our building codes do is make it illegal to do a lot of work without a permit, and most permits require a certified contractor to cosign them. When I renovated, I lucked out and happened to know a contractor who knows me well enough to cosign while letting me do all the work and only charging me for coming out to do an inspection after I'd finished. From what I understand, its very difficult to find a contractor willing to do this, which leaves most people unable to put much 'sweat equity' into their own home. I get that its intended to prevent people from being sold a home that was shoddily built, but most people have an inspection done before buying anyway, and seems to me that should be sufficient protection.

 

Perhaps the government should provide the inspections for free, as one of their services, but then who can you sue if the inspection isn't done right and the house falls on your head?

 

Not exactly my area of expertise, but Texas has capped tax appraisal increases in a manner like you suggested OP. It was recently done so I'm not sure how effective it's been, but it might provide more data in the coming years to test your second option.

 

This would help. Probably not a lot, but certainly some. The problem is this would be framed in the media as racist and nationalist and isolationist and etc because it restricts 'foreigners'.

 

New autos are now being priced out of reach of average American income earners.

 

Regulating housing prices seems likely to be as successful as every other price control scheme we've tried; it will end in utter failure.

The real answer has been mentioned in this thread by a surprisingly bipartisan group of posters: restrict the purchase of US real estate by foreign nationals.

 

trailer parks have way to much control too, they can raise the lot of rent just like an apartment in a flash or tell you to move cause they don't like you

many been there, done that... they are nice, but not like homes and not as easy to move as it sounds as they age

 

Freedom can never the result of more government. More government can only make the problem worse. Put this in their hands and they will need more money.

American workers are not stuck in wage slavery. The average renter has the newest cell phone, nice clothes, jewelry, nice hair, leased car, and enjoys eating out, etc. They spend everything they have and then borrow hard money. Credit card interest and payday loan interest will help perpetuate the cycle.

Perhaps less government and lower taxes can do more. How about pre-tax savings for home ownership?

 

Not sure what that means.

I agree more govt cant solve the problem. Govt is bigger than it ever has been and this problem just keeps increasing. But the free market isnt solving it either. The investment firms buying all the housing is free market.

But would raising taxes on investment properties really be 'more govt'? Suppose it were coupled with a reduction or elimination of property tax for primary residences. In my book that would be balanced govt.

 

No matter how you right wingers choose to slice and dice it the reported GDP is THE BEST IN THE PAST 38 YEARS!!!!!!

 

~ I don't know about "we" - but many leave the country for less expensive cost of living. Some retire, some work from home. Some even learn another language ! Also going to another state is an option.
This has happened before , and will happen again. I think regulation on property taxes are in order for some areas - but not on property values.

 

Reported GDP is prolly including the inflated property values. Is the economy really better off when the homes people rent become worth more to their landlord and their rent goes up?

GDP says it is.

 

Are you currently a citizen?

 

You're probably right. So, things will continue as they are. Soon young Americans won't be able to buy their first home; that's sad.

 

Raising taxes will only increase home ownership for government employees and give those making campaign contributions bigger homes. Our government has no chance of turning an Instant Gratification society onto one of Sacrifice for the future. Americans buy Chinese made products that will be in a landfill in a few years, while the Chinese buy our land. Perhaps that is one thing government can do; ban foreign investors and reserve our land for our citizens.

 

~ Bush #2 made housing " more affordable " with his no-doc loan campaign. We all know how that worked out ...
Young adults need to be taught financial responsibility, how to budget and the benefit of home ownership. Doubtful that will happen in the public school system any time soon ...

 

Not selling to foreign buyers would be limiting demand. You would take all the demand from foreign buyers and put it in the trash can.
That would mean the remaining demand would be from US citizens and permanent residents only, but the supply of houses would remain the same.

 

Gee, I had no idea there was a crisis of porn stars not behaving financially responsible: