Comment by rcxdude

When supply is so constrained that the first home is unaffordable, measures like this generally just push the price up without actually increasing the number of people that can afford a house. You can see this in the UK where multiple 'making houses affordable' tax breaks for first-time buyers have mainly just lined the pockets of existing property owners (except when the existing owner is the local government, in which case they should obviously take the loss despite having all the obligations to provide services and none of the authority to raise tax income, with the all the predictable holes in their budgets that result).