A home buyer tax credit will not help people stay in their houses, and it will not fix the credit crisis. The only issue a home buyer tax credit addresses is the oversupply of single-family houses, which is something best left to the marketplace—not taxpayers—to correct. We also oppose the property tax deduction proposed for owners who do not itemize their taxes. This provision would largely benefit owners not in risk of losing their houses and would only further unbalance our housing policy, which is already heavily biased toward homeownership even though many local officials, the Congressionally chartered Millennial Housing Commission and many housing analysts agree that our top housing priority should be creating more rental housing in order to address our critical housing needs.
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