From Bloomberg.com. Sen Harris proposal –
“We must right the wrong, and after generations of discrimination give black families a real shot at home-ownership — historically one of the most powerful drivers of wealth,” Harris said. 🤑 see below
The great giveaway continues.
“The program, ($100 billion) which would be administrated by the Department of Housing and Urban Development, would give grants of up to $25,000 to families with incomes of up to $100,000, or as much as $125,000 in high-income communities. Harris said the plan would, over time, reduce the wealth gap between black and white families by one-third.”
🤑 That is a very misleading statement, generally not true
Hey, I’m all for helping those truly in need, giving a foot up to get them started, but do families earning up to $125,000 (more than twice the median US household income), need taxpayer assistance? At those income levels, if you can’t come up with a down payment, still as low as 5%, how will you afford all the expenses associated with home ownership?
Government policy pushing home ownership and subprime lending got us into the Great Recession and still we don’t learn our lessons.