Trump to sign law barring investors from buying up single family homes

Didn't you tear me a new one, when I made this proposal not long ago? That's now being passed by a large bipartisan majority

I thought you hated Trump?

linate wrote:

Didn't you tear me a new one, when I made this proposal not long ago? That's now being passed by a large bipartisan majority

I don't think I tore into you, but I did say why I think it's a bad idea that won't work.

The fact that Trump is signing it validates my objections in my opinion, Trump is the king of bad ideas that won't work.

In the end it will make it harder for Americans to get into a new home. The assumption is that eliminating the investors will cause excessive supply which will drive prices down. But builders monitor demand on a monthly basis, builders that overbuild don't survive, holding real estate inventory is prohibitively expensive, if anything, the tendency is to under build. Cutting demand will be followed very closely by cutting supply. At the same time the Fed is going to raise interest rates, the effective cost of buying a new home will go up, and fewer families will qualify.

In 2007 the collapse of the subprime mortgage market popped the US United States housing bubble, 50% of the home builders went bankrupt, the rest shrunk to about 10% of thier former size. When COVID and sub 3% mortgage rates created an unprecedented explosion of demand for single family homes, a smaller construction industry couldn't build fast enough and yes, as a result prices went up dramatically, investors exacerbated the problem, but that perfect storm is over, the builders grew and caught up with the imbalance and are back to building to demand, only more careful than before, inflation has hit construction materials very hard, so costs to build are up, builders are not going to build too much supply, the reduced demand will be met by reduced building, prices don't go down, interest rates go up, fewer families achieve the dream of home ownership.

I have applicable experience and strong opinions about it, I don't mean to be laying into you, it's just my take on how the industry will respond, eliminating investors will have the opposite of the intended effect in my opinion.

He's not completely terrible and I do abide by some conservative principles

and to be fair trump and the Republicans are acting uncharacteristically here. Regulating the housing market is a dem tactic. But sometimes some policies are too good of ideas that'd make any politician look bad to vote against

Trump didn't sign it, must have read my post.

Yeah right, if Trump was reading my posts, seal team 6 would have fragged my ass by now.

Trump says he won't sign it unless his crooked voter id system is implemented. I knew this bill was too good to true and that trump is too corrupt to do something decent. He'd rather hold the American people hostage

linate wrote:

He's not completely terrible

OK, now I'll tear you a new one.

Fuck you, he is completely terrible. Take it back and apologize.

and I do abide by some conservative principles

What's that got to do with it, Trump is not a conservative, I was a Republican most of my adult life, Trump isn't a Republican either.

Trump refused to pass the Housing Act.