Both are equally bad in my book. If I had to say which is worse,I would say rent control for one simple reason: whereas the mortgage deduction is a benefit open to anyone who wishes to buy a home, rent control is restricted to a select few. It is a closed benefit.
Mopar;
The various car options you describe have the same exact analogies in housing. You want a McMansion, a thrifty solid rowhouse or perhaps a condo? Just as you can define your consumption in cars, so too with housing.
Your home doesn’t depreciate? All the homes I’ve ever lived in required roof replacements, new boilers, painting, etc. You take into account the money required for these items, the property taxes, interest and insurance costs AND the time you have to put into it, and then tell me if the home is “appreciating”.
Well if we’re gonna compare cars to houses lets make the comparison a valid one. You can buy a new lamborghini with solid gold wheels on credit, you can buy a reliable used Honda with all its oil-change records, a new mid-price car on credit or with all cash, or you can drive the second-hand car your grandma gives to you. There are many different options. Doesn’t tell you anything about the advisability of buying a house or a car one way or the other.
But a car depreciates, is not entirely necessary even if you live in the suburbs, and you can’t live in it. (Well, not really.)
Eric Tyson or any of those rent-or-buy calculators will tell you the choice depends on the cost of renting and the appreciation of housing prices.
Allow me to introduce myself. I am Mr. “Red-State, slightly to the right of Attila-the-Hun” Benson. I take a back seat to NO ONE in my defense of the right of private property and the benefits of Capitalism.
You misunderstood my post. Nowhere do I advocate that government take over private property, nor do I disparage home-ownership. What I am advocating is that home ownership be put in persepctive,and in that regard, you are incorrect in stating that home ownership is the cornerstone of the capitalist system. Private property and the effective use of capital is the cornerstone,and in that regard, the US has not been doing well.
I work for a Japanese company, and have to travel often to “producing” countries like Japan and Malaysia. There I see lots of factories churning out goods for Westerners to consume (and we give them IOU’s in return). What do I see here? McMansions that costs thousands to heat and maintain, and few productive assets. That is what I am talking about.
Where is BRG today????
BHO…do you understand that in the latter half of a mortgage you are paying prinvipal mostly???
Your nose hurts for a reason
Biff;
Both are equally bad in my book. If I had to say which is worse,I would say rent control for one simple reason: whereas the mortgage deduction is a benefit open to anyone who wishes to buy a home, rent control is restricted to a select few. It is a closed benefit.
Mopar;
The various car options you describe have the same exact analogies in housing. You want a McMansion, a thrifty solid rowhouse or perhaps a condo? Just as you can define your consumption in cars, so too with housing.
Your home doesn’t depreciate? All the homes I’ve ever lived in required roof replacements, new boilers, painting, etc. You take into account the money required for these items, the property taxes, interest and insurance costs AND the time you have to put into it, and then tell me if the home is “appreciating”.
Well if we’re gonna compare cars to houses lets make the comparison a valid one. You can buy a new lamborghini with solid gold wheels on credit, you can buy a reliable used Honda with all its oil-change records, a new mid-price car on credit or with all cash, or you can drive the second-hand car your grandma gives to you. There are many different options. Doesn’t tell you anything about the advisability of buying a house or a car one way or the other.
But a car depreciates, is not entirely necessary even if you live in the suburbs, and you can’t live in it. (Well, not really.)
Eric Tyson or any of those rent-or-buy calculators will tell you the choice depends on the cost of renting and the appreciation of housing prices.
Your mileage will vary.
has “privitization” got something to do with privies?
“But why does my nose hurt?”
Don’t know. Do you have a cold? Hopefully your nose is not hurting from anything I said.
benson, just curious and I have no hidden point behind this question. What do you think is a worse “Policy” decision,
1) the mortgage interest deduction
2) rent control
Legion;
Allow me to introduce myself. I am Mr. “Red-State, slightly to the right of Attila-the-Hun” Benson. I take a back seat to NO ONE in my defense of the right of private property and the benefits of Capitalism.
You misunderstood my post. Nowhere do I advocate that government take over private property, nor do I disparage home-ownership. What I am advocating is that home ownership be put in persepctive,and in that regard, you are incorrect in stating that home ownership is the cornerstone of the capitalist system. Private property and the effective use of capital is the cornerstone,and in that regard, the US has not been doing well.
I work for a Japanese company, and have to travel often to “producing” countries like Japan and Malaysia. There I see lots of factories churning out goods for Westerners to consume (and we give them IOU’s in return). What do I see here? McMansions that costs thousands to heat and maintain, and few productive assets. That is what I am talking about.
Oy vey