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This is should be an interesting debate. The powers that be trying to manipulate the market in an effort to "help" people. That usually doesn't go well.
'We could "actually require developers, maybe, to set aside certain portions of their development as lots for moderate-income homes," Thompson said.
The Home Builders Association of Durham, Orange and Chatham Counties indicated that it opposes that particular proposal. "It's just an issue of legality. We don't believe you can do that in North Carolina," said Frank Thomas, with the HBA-DOC.'
Virginia Beach/Norfolk did this, developers were building homes in the $400k+ range when the majority of folks in that area made $35k-$50k/yr. It just didn't add up. Now there are thousands of unsold and foreclosed homes...gee I wonder why.
Most homes built recently are 3000 sq ft. +, if you look at the homes our parents were in they were half that size. Start building homes in the 80k-150k price range and you'll see housing pick up.
I don't get it. All that I hear in the media is that we must stop housing prices from dropping in order to save our fairyland economy. Now this article is saying that we need to develop affordable housing. So which is it? Should housing be expensive or affordable?
If the government wants affordable housing, then the answer is simple. Cancel the mortgage interest tax deduction, return the 250K tax-free capital gains rule on sold houses to a once in a lifetime event, stop Fannie Mae / Freddie Mac from buying any additional loans, eliminate all government attempts to keep interest rates lower than market price, and otherwise do nothing. Housing would become affordable to median income earners by itself if it was not artificially inflated by the government.
Builders will not build houses that they cannot sell, and they cannot sell McMansions without the government subsidizing that market.
Virginia Beach/Norfolk did this, developers were building homes in the $400k+ range when the majority of folks in that area made $35k-$50k/yr. It just didn't add up. Now there are thousands of unsold and foreclosed homes...gee I wonder why.
Most homes built recently are 3000 sq ft. +, if you look at the homes our parents were in they were half that size. Start building homes in the 80k-150k price range and you'll see housing pick up.
The same things were/are done in the Washington D.C. area (NoVA, MD), but it was very hard to get into the homes that were "cheap" in these places. Waiting lists were extremely long and the income line required to buy one of the affordable houses was pretty low, so most people were not qualified.
Not the home, the unexpected repairs that are budget busters for lower income working folks.
Examples: Heat pump $4K
Roof $5 - 6K
Water heater $1K
Windows $5K or more
Siding $10K
you also pay another $100+ per month for condo dues over typical sfh/th dues. they get the money one way or another.
again, this is why renting is always an option.
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