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Solution is simple. Create a 40 and 50 year mortgage. It’s the same math applied to the auto industry with 60 and 72 month loans.
I’ve heard that the Federal Mortgage exemption inflates home prices by about 10%. In addition it creates a perverse incentive for wealthy home owners to continually trade up. essentially creating an economic flight from cities to wealthy suburbs,
It might not make sense to eliminate it completely, but it should be phased out for martages about maybe $259K, since if you can afford a huge mortgage payment, you can afford to pay
taxes.