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Biden's Housing Plan Offers $400 Monthly Tax Credit for New Homeowners, Critics Warn of Price Hikes
May 11, 2024, 02:42 PM
President Biden's new housing plan, announced recently, aims to assist Americans in achieving homeownership by providing a $400 monthly tax credit to households for two years when they buy their first home or trade up for a little more space. This initiative, totaling $9,600 over the two-year period, is designed to make homeownership more accessible and to offer financial breathing room for new homeowners. However, critics argue that the plan could inadvertently drive up home prices. They suggest that by increasing demand through subsidies without addressing the supply side, the plan may lead to higher overall housing costs and potentially repeat the foreclosure issues seen in the 2008 financial crisis.
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