That 25k quickly becomes “oh, everyone had 25k more so we can charge 25k more”.
Don’t give rich house builders tax breaks, they’re the ones causing the problem by deliberately not building enough. You’re the fucking government. Build houses yourselves. Rent them through social housing programs.
The precious “free markets” have had their crack at it, and have shown that they’re not to be trusted to either own or build them. Prices have soared and that’s 100% intentional on their part.
I’ve started to come around on the 25k down payment assistance. It definitely has it’s problems, and there will absolutely be those who gouge because of it. But because it’s specifically down-payment assistance it will still help first time buyers get mortgages on houses they can afford the regular payments on, but don’t have the extra to set aside for a 10% down payment because rent is taking everything they could be setting aside for a down payment. And it’s limited to first time home buyers, with 2 years of on-time rent payments, and says “up to” 25k. Wouldn’t surprise me if it ends up being limited to 10% of the purchase price (which gets you more favorable loan terms).
My wife and I only own our home because her wealthy dad was willing to front about half of the down payment with an interest-free repayment to him alongside the mortgage. With 25k from the government we’d not have needed that, and we got an acre in California. 25k is huge.
We’ve only ever had trouble with this mortgage once, and it was trouble we could have managed without help had we just tightened our belts for a while (just don’t go to the ER. Even if you have insurance. Even if you’re dying on the floor and an ex first responder demands you to for your safety: die instead. I am not joking, had it not been for familial help we’d be paying it off for the next 5 years and it would eat almost all of the little savings we’ve finally started managing to build up, so one more bump and we’d lose fucking everything), so it looks like all those “well sure you can afford rent that’s 1.5x the cost of the potential mortgage, but how do we know you can afford it on the job you’ve had for 8 years?” Pricks were wrooooooooooong
Neither choice is great. One is evil.
That 25k quickly becomes “oh, everyone had 25k more so we can charge 25k more”.
Don’t give rich house builders tax breaks, they’re the ones causing the problem by deliberately not building enough. You’re the fucking government. Build houses yourselves. Rent them through social housing programs.
Most builders are already fully booked for work. The one’s that could work faster generally aren’t the ones you want building your house.
dont allow corporations and billionaires to buy thousands of flats
Yeah, that too.
The precious “free markets” have had their crack at it, and have shown that they’re not to be trusted to either own or build them. Prices have soared and that’s 100% intentional on their part.
I’ve started to come around on the 25k down payment assistance. It definitely has it’s problems, and there will absolutely be those who gouge because of it. But because it’s specifically down-payment assistance it will still help first time buyers get mortgages on houses they can afford the regular payments on, but don’t have the extra to set aside for a 10% down payment because rent is taking everything they could be setting aside for a down payment. And it’s limited to first time home buyers, with 2 years of on-time rent payments, and says “up to” 25k. Wouldn’t surprise me if it ends up being limited to 10% of the purchase price (which gets you more favorable loan terms).
My wife and I only own our home because her wealthy dad was willing to front about half of the down payment with an interest-free repayment to him alongside the mortgage. With 25k from the government we’d not have needed that, and we got an acre in California. 25k is huge.
We’ve only ever had trouble with this mortgage once, and it was trouble we could have managed without help had we just tightened our belts for a while (just don’t go to the ER. Even if you have insurance. Even if you’re dying on the floor and an ex first responder demands you to for your safety: die instead. I am not joking, had it not been for familial help we’d be paying it off for the next 5 years and it would eat almost all of the little savings we’ve finally started managing to build up, so one more bump and we’d lose fucking everything), so it looks like all those “well sure you can afford rent that’s 1.5x the cost of the potential mortgage, but how do we know you can afford it on the job you’ve had for 8 years?” Pricks were wrooooooooooong