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Mexico Goes All In on Housing: 1 Million New Homes, Zero-Interest Mortgages (www.newsweek.com)

submitted 1 month ago by [email protected] to c/[email protected]

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Mexican President Claudia Sheinbaum has launched a comprehensive housing initiative to address the country's housing deficit by building a million homes and offering zero-interest mortgages.

The program, aimed at supporting vulnerable groups, focuses on female-led households, young people, Indigenous communities and senior citizens. The announcement is a fulfillment of Sheinbaum's campaign promise to create affordable housing and promote equitable urban development.

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[+] [email protected] -7 points 1 month ago (2 children)

Maybe. A million houses only puts a small dent in things. Who is making these million houses?

Also, will there be something in place to prevent everyone from just charging a lot more for houses? At 5%apr you may only be able to afford a 150,000 home, but at 0% they can charge you 400,000 for it.

[–] Maggoty 6 points 1 month ago

According to the article the government is building them, selling them, and providing subsidized loans for them.

[–] kemsat 2 points 1 month ago (1 children)

I’ve found that money is only really an issue when it’s being used to deny things. If we actually need it to get done, somehow people seem to get it done regardless of finances.

So the only thing that really matters is whether we want to help people or not. If not, people like you will bring up this topic as a way to stall or deny the helping of people.

[–] [email protected] 1 points 1 month ago (1 children)

That doesn't answer the question I had. Whenever prices of expensive things get subsidized, it makes the prices go up. Prices are based on how much a company thinks it can get for something from the people buying. If a car is selling for $40k and then it gets subsidized to give a buyer $20k off, that car quickly turns into a $55k car and the company just profits more.

[–] kemsat 1 points 1 month ago

The car example is kinda bad since dealers always markup the cars.

Anyway, it would still help to have a million more homes enter the market. The price is also partly determined by the availability of the product, so adding more supply should lower prices.