In housing news this week, we found encouraging signs that the conventional wisdom about housing policy might be changing, and continued concern that not enough is being done to end poverty and suffering in our nation.
CQ covers a new wrinkle in the tax debate raging in Washington: Willingness to let go of sacred cows. Both an NLIHC poll and a Pew poll indicate public support for modifying the mortgage interest deduction, and even the home builders are said to be open to a mortgage interest credit that would be helpful for first-time home buyers. NLIHC proposes converting the mortgage interest deduction into a 15% to 20% credit and capping it at interest on mortgages up to $500,000, and using the savings to fund the building and rehabilitation of affordable rental housing.
The Nation celebrated an anti-poverty Thanksgiving last week with reflections on the holiday from advocacy leaders and low income people. In her reflection, NLIHC President & CEO Sheila Crowley said, ” I will know that change has come when people are not sleeping outside on concrete in November two blocks from the White House.”
Finally, a column in Yes! Weekly explores the social cost of an economic and political system that requires minimum-wage workers to work 75 hours or more per week to be able to afford decent housing and other household expenses. The author suggests that other social ills could be the result if Americans cease to believe in the promise of the American dream.