Donald Trump wants to make home ownership affordable again. Over the past year, the US president and his administration have at various turns pressed the Federal Reserve for deeper rate cuts, proposed letting homebuyers pledge cryptocurrency as mortgage collateral and floated the idea of abolishing capital gains tax on home sales.
His latest batch of ideas — which includes the creation of 50-year mortgages — suffers from similar issues as previous ones. They may, at the margin, help homebuyers to make the sums work. But they do little to address the core problem of housing supply. So if they result in higher demand for homes, the benefits of such reforms will easily be eroded by higher prices.
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