Owning a home has become increasingly difficult in recent years. With a red-hot real estate market and skyrocketing mortgage rates, more and more Americans are worried they’ll never be able to afford a home.
At the end of last year, the number of homes for sale was at a record low. And in April, the average rate on a conventional mortgage hit its highest level since 2011. Renters are feeling the strain as well — rents in some American cities have risen 40% over the last year. The public-ownership option would allow renters to collect a share of ownership equity without having to pay the costs of operating and maintaining the apartment. And this would target renters who can already afford market-rate housing so that it wouldn’t compete with funds going toward low-income households.
Stupidest plan ever
Yes
As long as individuals accept debts in order to buy homes, they voluntarily raise property prices indirectly.
One where houses are for living in and not commoditised speculative investment vehicles for investors?
You have to think twice and twice again before 'rethinking the traditional model' for anything. Once you enter the realm of 'reimagining,' you are probably lost.