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Glad I'm not a whale I picked up a few more FNMAT !
Kamala Harris’s housing plan is similar to a
Singaporean strategy—where 90% of residents own their homes
Alena Botros - Mon, August 19, 2024
In the housing world, we’re in an era of haves and have-nots, or as influential economics
writer Noah Smith recently put it, “a direct and inevitable conflict between two large
classes of American society: homebuyers versus homeowners.”
The dichotomy is old, stemming from a time decades ago when a home started to be
perceived as an investment rather than simply a place to live. It feels extremely
pronounced at the moment, however, because the gap between those who own a
home and those who don’t has expanded so much in recent years. Homeowners want
their homes to appreciate in value, therefore amplifying their wealth, while new
homebuyers want prices they can afford. This has sometimes led to a war between
baby boomers and millennials.
“It’s basically a zero-sum game,” the former Bloomberg opinion writer and
macroeconomics expert Smith wrote on his blog yesterday.
In an election year, it’s always the economy. And by way of that, it’s housing.
Democratic presidential nominee and Vice President Kamala Harris recently
shared her housing plan, and Smith is into it. He likened it to Singapore’s
housing policy.
“In Singapore, the government controls the supply of housing, because it
owns about 90% of the land, and can decide how much to build,” Smith wrote.
“Singapore’s Housing Development Board increases supply slowly and
steadily over time, so that everyone has a place to live, and so that
housing—at least, theoretically—earns a modest but predictable
financial return.”
And “it gives lower-income first-time homebuyers a government grant to
help them buy houses,” he said, through a wealth redistribution system.
In 2023, the homeownership rate among Singaporeans was close to 90%.
Some key components of Harris’s plan include up to $25,000 in down
payment assistance for first-time homebuyers and a $10,000 tax credit
for first-time buyers; tax incentives for builders who build starter homes
and affordable rentals; a $40 billion fund to build housing; a repurposing
of some federal lands for housing; a ban on price-setting tools used by
landlords; and a removal of tax benefits for investors buying a
substantial number of single-family homes.
There’s a lot there, but Smith focused on the credits to first-time
homebuyers, tax incentives for builders, more money to build, and
the repurposing of federal lands. He called the latter three “supply
expansion,” and labeled the plan for federal lands “very Singaporean.”
Supply is something the Biden administration has mentioned in its
policy announcements and plans, too, which as Smith points out
is the basis of the YIMBY, or yes-in-my-backyard, movement: the
need for more homes and the ways we can build more homes.
Harris is beginning to embrace that, it seems.
“The Harris economic program—and the Biden program—are
solidly in line with the YIMBY movement that has been winning
victories at the state level,” Smith said. “The key to the YIMBY
movement is that it emphasizes goals over methods—the idea
is to build housing by any means necessary, including
deregulation, tax incentives, and government housing construction
all at once. Harris’s plan embodies this all-of-the-above approach.”
He continued: “Critics have lambasted Harris’s first-time homebuyer
grants as just another demand subsidy that will push up prices.
But Singapore does the same thing! And research suggests that
the effect on prices won’t be that huge.”
But will America become the next Singapore where housing is
concerned? Probably not. Still, it’s encouraging to see housing
take center stage, and to see it being discussed in a way that
recognizes fundamental issues, such as a massive shortfall of
homes. But so much of housing policy happens at the local level,
from governors to mayors to wealthy neighborhood associations.
Not to mention, the Singaporean government controls much
more land than our government.
“Harris’s YIMBY plan won’t fix all that’s wrong with housing in
America,” Smith wrote. “Our state and local laws are too
fragmented, and our NIMBYs too entrenched, for any federal
plan to make the housing shortage go away. But making the
U.S. just a little bit more like Singapore can only be a good
thing, and that’s what Harris is trying to do here.”
This story was originally featured on Fortune.com
BREAKING:
— Nandita Bose (@nanditab1) August 15, 2024
KAMALA HARRIS WILL CALL FOR THE CONSTRUCTION OF 3 MLN HOUSING UNITS AS PART OF HER ECONOMIC POLICY SPEECH ON FRIDAY - SOURCE
HARRIS WILL OFFER TAX INCENTIVES FOR BUILDERS THAT CONTRUCT PROPERTIES FOR FIRST-TIME HOME BUYERS-SOURCE
(confirming WSJ)
FHFA waiver stress test Deadline pic.twitter.com/nYzR1lZd3K
— Cmdr Ron Luhmann (@usnavycmdr) August 16, 2024
Spot on Lite! There's more of us on the same page than there are conspiracy pushers. Take heart folks
Thanks for keeping my analysis alive under my twitter on $FNMA. The mod/admin are corrupt here - The point is - this is all political and ideologies of each side - Trump has promised many deregulation and private market driven economics that we all want.
Harris Emhoff and Biden are people who would rather die than release a private market catalyst to keep the self-regulatory and sustainable investment cycle of mortgage origination, fully stocks cheap lumber and US Homebuilders at ATH's for stock with plenty of capital, and a CBOE BrokerTec fixed-rate Treasuries platform now adding due to extremely high global demand US GSE MBS. Get ready for the synergy of MAGA 2.0. Day One. Let's go!
$Booom ! - CNBC - Mortgage refinancing surges 35% in one week,
as interest rates hit lowest level in over a year
https://www.cnbc.com/2024/08/14/mortgage-refinancing-surges-35percent-in-one-week-as-interest-rates-hit-lowest-level-in-over-a-year.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard
FHFA to Hold 1st Meeting of Advisory Committee on Affordable, Equitable, & Sustainable Housing -08/14/24
— Cmdr Ron Luhmann (@usnavycmdr) August 14, 2024
Wash, D.C. – FHFA 1st meeting of the ACAESH in person Sept 10-11, 2024, at FHFA’s headquarters in Wash, D.C., with video and audio coverage available.https://t.co/xhKKCJF2Bq pic.twitter.com/0gtWO0X5TA
#21. $RELEASE $Fannie/Freddie fm 16 yr US GOV HOSTAGE as
you wrote in your Nov 2021 letter !
21. RELEASE Fannie/Freddie fm 16 yr US GOV HOSTAGE as you already wrote in your Nov 2021 letter ! pic.twitter.com/ubQWluLi4F
— Cmdr Ron Luhmann (@usnavycmdr) August 12, 2024
$Booooom ! - don't look now but ...
$Freddie BID X ASK - 1.08 X 1.09 
$Fannie BID X ASK - 1.07 X 1.09
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