Renting: the new American dream
Years of efforts by Democrats and Republicans alike to promote homeownership for everyone have received their share of criticism in these post-bubble days, now that we've seen what can happen when no attention is given to whether prospective buyers are financially ready or the loans they're getting are reasonable for their life situations. Paula M. Cino, director of energy and environmental policy at the National Multi Housing Council (NMHC) has strong opinions on the topic.
How does government support for homeownership compare with government support for renting
Cino: Federal homeownership subsidies outnumber rental support 4 to 1 or about $230 billion to the renters' $60 billion. If subsidies were adjusted to reflect the true distribution of households that rent vs. own, rental housing subsidies would have to increase by about $36 billion. The unbalanced nature of our housing policy is even more obvious when you consider that the richest 20 percent of the population claimed more than a third of the homeownership subsidies through the mortgage interest deduction.
Why does it matter if the government offers more breaks and incentives for homeownership
Cino: The current allocations simply don't reflect the diversity of housing needs nationwide. One third
