This New York Times editorial argues that the present strategy to fix the housing mess isn't working; real relief in the form of principal reduction is needed.
Housing values continue to fall, there is a glut of unsold homes on the market and nearly a third of U.S. homeowers are underwater. For these reasons, the New York Times concludes,
"It is increasingly clear that the Obama administration's anti-foreclosure effort...isn't doing nearly enough...The administration decided not to press lenders to grant principal reductions in the flawed belief that simply making payments more affordable would be enough to forestall foreclosures. It hasn't. The administration also didn't fight for the bankruptcy fix when it was before Congress last year despite President Obama's campaign promise to do so. The economy is hard pressed to function, let alone thrive, when house prices are falling."
Instead of focusing on interest relief, the editorial concludes that the federal housing strategy should emphasize principal reduction.
FULL STORY: This Year’s Housing Crisis
Power Plants: A Win for the EPA
New rules from the US Environmental Protection Agency to regulate greenhouse gas emissions from fossil fuel-fired power plants survived an attempt by 25 Republican-led states to block their implementation while their case is litigated.
A Win for ‘Keep it in the Ground’
Coal mining in Wyoming will take a major hit as a result of a U.S. Department of Interior plan to cease future leasing of coal mines in the nation's most productive coal mining basin. The decision casts a spotlight on the presidential election.
Supreme Court Guts the U.S. EPA’s Ability to Limit Carbon Emissions
The consequences of this ruling have long been foretold. With the U.S. Environmental Protection Agency now officially barred from the fight against climate change, Congress will have to act to reduce carbon emissions.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
San Diego Votes to Rein in “Towering” ADUs
City council voted to limit the number of units in accessory buildings to six — after confronting backyard developments of up to 100 units behind a single family home.
Texas Legislature’s Surprising Pro-Housing Swing
Smaller homes on smaller lots, office to apartment conversions, and 40% less say for NIMBYs, vote state lawmakers.
Even Edmonton Wants Single Staircase Buildings
Canada's second most affordable major city joins those angling to nix the requirement for two staircases in multi-family buildings.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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City of Camden Redevelopment Agency
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City of Camden Redevelopment Agency
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