It’s not a partisan statement to say that the massive tax reform bill – that will soon become the law of the land – is deeply unpopular. Given that tax cuts are generally a pretty easy thing to sell, it’s quite stunning to hear that according to the most recent Quinnipiac University Poll, only 29% of Americans favor the bill. As a housing professional, there is plenty to dislike about the bill. Reducing or eliminating the deductibility of mortgage interest and property taxes alone essentially reflects a belief that government subsidization of homeownership caused the financial crisis, which is absolutely untrue. Considering that Latinos are projected to account for more than 50% of all new homeowners over the next decade, the sudden belief on the part of our elected officials that it’s time for government to drastically reverse its 80-year commitment to promoting homeownership is yet another kick in the gut for a community that has been pummeled over the last two years. That said, with NAHREP growing by leaps and bounds, the force of Latinos in the housing market is more certain and resolved than ever. I believe wholeheartedly that homeownership is the cornerstone of the American Dream, and the drive for a better life will prevail even when more obstacles are dropped in front of us.
Almost everyone, including Democrats, were expecting last Tuesday’s midterm election results to heavily favor Republicans. Many predicted a “red wave” where they would pick up 50-60 seats in the House and 3-4 in the Senate. Joe Rogan said the red wave that is coming will be like the elevator doors opening in the horror film The Shining.