NPR's Steve Inskeep interviews Wall Street Journal economics editor David Wessel on aspects of the American dream of home ownership that apparently are not working. Not only does Wessel suggest eliminating the tax deduction, but pushes renting too.
Inskeep is quite surprised by Wessel's questioning a system which the federal government has pushed on the American people "for generations". Wessel states that this was of the major causes of the financial crisis - promoting home ownership to those who couldn't afford it. Moreover, he notes that it is not lifting people out of poverty as has long been held.
"Why doesn't the president of the United States ever get up and say, 'You can be a full-fledged American citizen and rent an apartment - it's OK,' " Wessel says. "That's not what presidents have traditionally said."
"How about doing away with the mortgage interest tax deduction? Canadians* don't have that tax break, and as a result, they're encouraged to pay down their mortgages more quickly.
Doing away with the mortgage interest tax deduction "is one of those things that economists talk about and politicians just aren't going to do anytime soon because it's so popular," Wessel says."
[*Contributor's note: Professor Richard Florida of the University of Toronto might dispute Wessel's assessment of home ownership in Canada].
FULL STORY: Is The Homeownership System Broken?
As Home Prices Rise, So Does the Number of Renters
The intense competition in today's housing market means more people might have to settle for rental housing.
Ben Carson’s Clear Disdain for Fair and Affordable Housing
Carson has spent much of his time as HUD secretary attacking the housing programs, initiatives, and regulations central to the agency’s mission.
U.S. Cities Where Homeowners Stay Put the Longest
A study identifies cities where people stay in their homes longer, and they tend to be at either end of the income and home values spectrum.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
In Both Crashes and Crime, Public Transportation is Far Safer than Driving
Contrary to popular assumptions, public transportation has far lower crash and crime rates than automobile travel. For safer communities, improve and encourage transit travel.
Report: Zoning Reforms Should Complement Nashville’s Ambitious Transit Plan
Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.
Judge Orders Release of Frozen IRA, IIJA Funding
The decision is a victory for environmental groups who charged that freezing funds for critical infrastructure and disaster response programs caused “real and irreparable harm” to communities.
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.
Clanton & Associates, Inc.
Jessamine County Fiscal Court
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service