this post was submitted on 16 Aug 2024
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Housing Crisis
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It won't help us outside of maybe the first week of implementation, and that's being generous. By this time next week people will have gamed out a scheme to legally eat that money and expect all down payments to be n+25k.
As Cory Doctorow puts it, you don't deal with a bully by giving kids extra lunch money to compensate.
The issue it's addressing is that companies are buying up homes and renting them. This 1st time buyer grant would help individuals and not apply to corporations
Not even talking about corporations, just everyone with a house to sell. Their expectations are going to remain the same plus 25k with this. It will be like that 25k never existed as it passes from government to seller making no impact on actual costs to the buyer.
Phrased another way, this is a $25k tax on corporate buyers and people buying their next home.
I'm perfectly ok with the first, not as much the second.
So it increases the cost for corporations to buy houses. Even if what you were describing was how markets worked(it isn’t), it’s still helping.
Or anyone looking to move, upsize, downsize, etc since it is only for first time buyers. Why can't we just prevent corps from doing it in the first place instead of making them pay a miniscule (for them) fee?
Except that per your logic, all homes are now magically valued exactly $25k more, so once you own a home you have the extra equity to afford it.
You are quite naive.
Damn bro, when?