If anything I have posted so far hasn’t made me a pariah among my professional peers, this piece may well do that.
A column I read in the New York Times on Saturday got me thinking, again, about the question of U.S. government policy of supporting home ownership (which has fallen a couple of points to around 67 percent since the housing bust) by allow a tax deduction for mortgage interest.
In his provocative article, Joe Nocera quotes several economists and questions the policy. Why does the policy represent a cow so sacred that it cannot be slaughtered, not even touched?
That cow, of course, is that that home ownership fulfills the American dream. To my mind, heretical as it may be for a real estate broker to ask, hasn’t the time come to send that old cow to pasture? (more…)