A Phil Hall Op-Ed: This Thursday, President Joe Biden and former President Donald Trump will appear at their first presidential debate of the 2024 election. Curiously, I was not asked to serve as a moderator for the event – oh well, those things happen. But if I was part of the debate, I would ask the following real estate-related questions for the presumptive candidates.
Questions for President Biden
- During your presidency, home prices and rental housing costs have reached record highs while affordability opportunities have become more elusive for both homebuyers and renters. Is the correct to say that your economic policies created the high-cost challenges facing the housing market?
- The National Association of Home Builders has repeatedly complained that your administration’s policies have been driving up the cost of home construction. Are the builders correct in putting the blame on you for more expensive construction?
- In one of your recent speeches, you blamed real estate agent commissions for elevated home prices. This is not an opinion shared by any economist – how do you justify blaming agents for the high cost of today’s housing?
- The Department of Justice under Attorney General Merrick Garland is seeking to void a 2020 settlement with the National Association of Realtors and reopen an investigation into the trade group. There is little precedent for such an action – why is your attorney general trying to tear up the settlement from four years ago and bring another investigation?
- Last week, the New York Post identified 19 military across the U.S. which are too close to land owned by Chinese entities – and many of these entities appear to have ties to the Chinese government. In view of the increased hostility by China against the U.S., do you believe there is a significant threat to the nation’s security by having so many Chinese-owned properties near U.S. military facilities?
Questions for Former President Trump
- You have yet to put forth specific proposals to address the challenges facing the housing market. Do you plan to offer any proposals prior to the election?
- President Biden has proposed a $10,000 tax credit to help first-time homebuyers in today’s difficult housing market. Do you support this strategy for helping prospective buyers – and if not, why not?
- During your administration, you did not resolve the federal conservatorship of Fannie Mae and Freddie Mac. The government-sponsored enterprises (GSEs) are still in conservatorship – if you return to the presidency, do you plan to push for GSE reform?
- During your administration, you were criticized for scrapping the Obama-era Affirmatively Furthering Fair Housing policy that required localities receiving HUD funding to document and publicly report patterns of racial bias. The Biden administration reversed your action – if you are in the White House, will you reverse Biden’s reversal?
- You appointed Jerome Powell as the chairman of the Federal Reserve, but within a short time you were openly criticizing how he handled his job. You’ve already stated you would not reappoint Powell – what type of a financial expert are you looking for to fill the central bank’s leadership?
And as for the CNN team hosting the event, I would throw in a bonus question: Why won’t you allow Robert F. Kennedy Jr. to debate Biden and Trump?
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
Photo: Elvert Barnes / Flickr Creative Commons
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Kennedy is a spoiler and Joe can’t remember where he is. Just the man we need to lead
the greatest country on the face of the planet.
BRAVO!
I think you overlook the fact that Trump is a proven liar, adulterer, and FELON (34 times).
I would not hitch my wagon to that!
Do you really think Biden is innocent? Young girl sniffing, Pay for access and possible behind the door’s family profiteering. Look, Trump is a tattle-tailer they don’t want bad players in our government to be found out. They are doing anything to stop him from getting in. You can’t buy him off. All your statements above are probably true of 99% of politicians. Let’s put in term limits so not so much time to become corrupt. (Maybe 15 years). If Thursday’s event doesn’t go well for Biden, our government will probably bump him off (like heart attack) and bring in someone else right before the election.
Biden’s blame on Realtors for the increase in housing market is insane. Realtors’ fees have increased while commissions have declined. The market is based upon supply and demand. If affordable interest rates is in place, more homes on the market, more buyers seeking to purchase would balance out this supply and not drive prices up. $300K loan at 4% interest compared to 7% interest is approximately $6,375 a year more in payments = $17,500 per year additional income needed to qualify for the same home. Even with wage increases over the past 4 years at 4% average, this still leaves a negative impact. Even if home prices stay the same and wage increase at 4%, It will still take 4-5 years to balance out. The $10,000 tax credit will do nothing other than maybe $400 year savings. 35 year Realtor Vet here.