Comment on Fox star trashes Trump’s 50-year mortgage plan: ‘I do not like this idea’
pdxfed@lemmy.world 3 weeks agoI love that the article has the insane quote suggesting kicking out 55 million visa holding immigrants, and this quote says 30 million illegals… that’s 85 million people. That’s more than a quarter of the entire US population of ~340m. They propose, in a time of worker shortages, when basic needs aren’t being met to remove 1/4 of the people living here.
If you can look past the blatant racism and xenophobia that is driving by political ends I guess we can trust that this new “land grab” of available homes would be efficiently, effectively and responsibly distributed to those in need in a way that ensures continuity of communities, neighborhoods, cities, tax bases…don’t even want to imagine. America is falling apart and has been for 30 years. We’d go full RoboCop.
Supervisor194@lemmy.world 3 weeks ago
If 25% of the available buying pool was disappeared, it would create a glut that would probably crash the market. Just like in 2008, people would give their keys back to the bank rather than accept that their formerly $750,000 house was upside down to the tune of several hundred thousand dollars. This is particularly true now because in 2008, so many people did it that the banks couldn’t properly hold it against their credit. They were essentially forced to let them re-buy much sooner than they would have been able to in a normal world (and they were enabled to do so by government bailouts - they’re too big to fail!). So people have been trained that they don’t have to accept their house values crashing, and rightly so tbh. But it means the next crisis would be worse.
We’re going to, because money doesn’t know what to do other than attempt to further itself.