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View Diary: If you're 60 you don't have to worry... (56 comments)

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  •  Yup exactly. Urban homeowners are screwed. (3+ / 0-)
    Recommended by:
    kurt, Deejay Lyn, estreya

    Property in cities is naturally more expensive. There's less land to go around, so prices are higher. Higher prices = higher mortgages. The mortgage deduction is the only way I can afford to stay in my home.

    So let's say they get their way. I live in San Francisco. If I'm forced to sell, someone else who doesn't need a mortgage is going to buy my house. Guess what, that means that only the super rich (or rich foreign investors) can afford to own homes in cities. That pushes middle class and upper middle class homeowners out of their homes and into rentals, which displaces lower income renters.

    This dynamic is already been happening in San Francisco, where renters get pushed out of the city every year, except Romney/Ryan would make it even worse. Most of our teachers, EMTs, and first responders no longer live in the city and now live across a bridge. What happens when there's an earthquake and none of the people who are trained to save our asses can get here, because they're on the other side of a collapsed or backed up bridge?

    This election just got deeply personal for me. I'm so tired of hearing them pretend to stick up for people like me, homeowners and small business owners who have reached a decent level of success. They don't care about me in the slightest.

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