Comment by Schnitz
6 days ago
It’s a valid point of view. That said, for most homeowners it is as simple as: My house is multiples More expensive than my next expensive asset. Loosing all the equity in my home will affect my lifestyle and financial future negatively, a lot. I will therefore continue to vote against whatever brings home values down.
There really isn’t an easy and elegant way out where you neither pay off the haves nor pitch the have nots majority against the haves.
> nor pitch the have nots majority against the haves
There are almost twice as many owner-occupied homes ("haves") as not ("have nots").
https://fred.stlouisfed.org/series/RHORUSQ156N
Yup, and that's why it's so hard to get housing policy changed. To make it harder, I'd wager that homeowners, proportionately, lobby and vote more than renters do.
You only win here if you placate the homeowners, and a surefire way to do that is by making them whole when you whack 20% off their home's resale value. Maybe there are better ways, but I'm having trouble thinking of them.