P.Error — 1 year ago(October 03, 2024 03:07 AM)

I read that Harris is going to propose up to 25K for first-time home buyers to be used as a down payment. Sounds great so far, right? That'll help many people and help the housing market which is near collapse.
But no. Only
first-generation
home-buyers qualify.
LOL! Whose boomer parents wouldn't own at a home? Who, living in America, could possibly be a candidate for a first-generation home buyer? Even homeless people you see begging for change likely have parents who own homes.
People are poor, but almost no one is generationally impoverished. Boomer families raising children simply weren't renting apartments in the 80s and 90s.
And first-generation home buyers? Does this preclude grandparents from owning a home, too? Even those living the gang life in the ghetto have grandparents who own a home, because houses were <20K when they purchased theirs.
And what if your parents own a mobile home? Say you're a dirt poor person in your 30s, and your dirt poor parents in their 60s just managed to pay off a trailer they owned since 1992. This will exclude you because your parents own a home.
So who exactly would be a candidate? Even if perhaps some in the deep rural Amish sticks and inner cities qualify, the 25K down payment wouldn't help them, because they could never afford the mortgage and taxes on the house anyway. So, I wonder if the 25K would have to be used on a house - this sounds like a scheme to give people 25K they can use on whatever they want. I guarantee if people are this poor, they're not going to be using a 25K handout on a down payment on a house, anyway.
You'd at least need a decent savings and a decent job just to be able to use this 25K as a starting point who are otherwise struggling due to inflation - and 99.9% of citizens in that position have parents who own homes. So this is a meaningless proposal that helps absolutely no one who could use it.
Who else would qualify as first-generation homebuyers? Think about it. Oh yes - IMMIGRANTS. This is a thinly veiled plan to give immigrants 25K for a house.
Never lose your desire.