The government “must help to ensure that all Americans have access to quality housing that they can afford,” the report said. “This does not mean our goal is for all Americans to be homeowners.” The New York Times
This is an interesting change of direction for the USA. In addition to reducing financing subsidies that encourage home ownership, I wonder if they will level the taxation between renting and owning?
Public policies that encouraging excessively high levels of home ownership can be problematic both for the individual and the economy. From an individual perspective, renting is often the more appropriate alternative if the person moves frequently to pursue work or education opportunities. For the economy, high levels of home ownership reduces labour mobility and creates a situation that leads to high unemployment in some regions and unfilled jobs in others.
The Obama administration appears to be headed in a positive direction with this policy proposal.
