Housing and home ownership is Robert F. Kennedy Jr.’s second priority (2 of 12)

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By Esteban Cabrera

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(The author is a Latino consultant for American Values 2024)

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New York: In the previous chapter, we addressed the first proposal of the independent candidate Robert F. Kennedy Jr., who is backed by AMERICAN VALUES 2024 SUPER PAC, whose servant is the Latino consultant, under the title: “Robert F. Kennedy Jr. priority as a priority THE COST OF LIVING OF THE NORTH AMERICAN PEOPLE.

On this occasion, we will address RFK Jr.’s second proposal, which refers to Housing and Home Ownership in the US.
Kennedy believes the dream of homeownership is fading for many Americans with high mortgage rates, rising prices and stagnant incomes. “To make matters worse, venture capital firms and hedge funds are buying millions of single-family homes. As the costs of home ownership rise to unattainable limits, rents follow them into the stratosphere,” writes RFK Jr. in the second point of his campaign proposals.

Consider these statistics:

• Homeownership in the United States has been declining since the Great Depression. We lost over 1 million homeowners in 2021 (more than in the 2008 housing crisis) and another million in 2022.
• The median home price has increased from $250,000 in 2019 to $400,000 in 2023.
• Mortgage interest rates have more than doubled since President Biden took office.
• These rising interest rates and skyrocketing home prices have raised the average monthly payment for someone who bought a home from $1,050 in 2019 to more than $2,600 per month.
• At the same time, net pay has fallen by 9% after inflation and taxes.
• At the current rate, by 2030, 60% of single-family homes will be owned by corporations.
According to our independent candidate, Robert F. Kennedy Jr., homeownership is now out of reach for all but the highest income group. Younger Americans, in particular, hardly dream of owning a home. It faces a future at the mercy of anonymous corporate landlords who will raise rents to the highest level the market can bear.
However, none of this is inevitable. As President, RFK Jr. will enact a series of policies to put homeownership back within reach of working families and proposes the following:

Mortgage bonds:

Government-backed mortgage bonds at 3% tax-free to bring the mortgage interest rate to 2019 levels and even lower. It’s like having a rich uncle, Uncle Sam, who is willing to cosign his mortgage. Since the financing will come from investors, the cost to taxpayers will be minimal. This measure alone will reduce the monthly costs of purchasing the average home by $1,000.
Kennedy Proposes bringing abandoned land and buildings back online. Many cities have miles of vacant land, and buildings seized for tax arrears or other reasons. The Kennedy administration will encourage local governments to return city-owned land and facilities to the market.

Zoning changes:

We will encourage municipalities to change zoning laws to allow accessory housing units (granny flats) on more properties, make housing available, bring families together, and provide homeowners with rental income. More supply means lower prices.

Changes to the tax code:

Minor changes to the tax code can make corporate investments in single-family homes unprofitable. For example, we can change business depreciation rules and reform the “business zones” that have contributed so much to gentrification.
Together, these changes will restore homeownership to tens of millions of Americans and reduce costs for tens of millions more. We will get the big corporations out of the single-family home business.

Source: Kennedy 24

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