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WEDNESDAY, NOVEMBER 25, 2009
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10

Fed Housing Policy Shift: Rent, Don't Own

Jackhammers Bush "ownership" policy

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(Newser) – In a major housing policy shift, President Barack Obama will steer billions of economic stimulus dollars to create tens of thousands of federally subsidized rental units in American cities, reports the Boston Globe. The $4.25 billion initiative is a stark departure from former president George Bush's push to create an "ownership society."

Analysts say the move is practical, given foreclosure rates, the credit crunch, and the struggling economy. The move is also seen as a federal acknowledgment that not everyone is cut out for home ownership. Plans call for construction of low-rise apartment buildings and town houses, and federal purchase of foreclosed homes to be remade into rental units.

A reduced price sign sits in front of a house in Glendale, Calif.
A reduced price sign sits in front of a house in Glendale, Calif.   (Getty Images)
A reduced price sign sits in front of a house in Glendale, Calif.
A reduced price sign sits in front of a house in Glendale, Calif.   (Getty Images)
A sale sign rests near a newly constructed home in a housing development in North Aurora, Ill.
A sale sign rests near a newly constructed home in a housing development in North Aurora, Ill.   (Getty Images)
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“I’ve always said the American dream should be a home—not homeownership."
- Representative Barney Frank, chairman of the House Financial Services Committee

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10 comments
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guanlob
Aug 17, 09 1:30 AM CDT
Schizophrenic government. First they tell us to buy houses then they tell us to buy cars then to rent. I got an idea...how about they but out of trying to manipulate consumers insatiable demands? Reply
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IN RESPONSE:
Alexandria
Aug 17, 09 2:57 AM CDT
They're creating subsidized rental units because a lot of people are having trouble paying for/owning their homes. And the idea to own came from Bush, the idea to rent came from Obama. Of course it's 'schizophrenic government', they're two different people from two different parties. Did you expect them to have the same view on everything?
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IN RESPONSE:
guanlob
Aug 17, 09 6:51 PM CDT
"Of course it's 'schizophrenic government', they're two different people from two different parties. Did you expect them to have the same view on everything?" Federal Reserve Chairman is the one doing monetary policy, and a lot more other officials have been around for both Bush and Obama terms.
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IN RESPONSE:
radnip
Oct 1, 09 4:26 PM CDT
The result of schizophrenic voters and schizophrenic humans.
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Reader60610265
Aug 17, 09 7:42 AM CDT
It makes no sense to rent , unless it is only for a short period of time . Renting is the equivalent of flushing your money down the drain . If you can afford to pay today's rent prices you can afford to buy a house . But you have to be responsible , have a budget live within your means .Don't barrow against your home unnecessarily and make what you have last a little longer than you planned if necessary. Use your head .The problem with people buying houses these days is that they want it all now ,car ,house ,furniture kids .No planing and no common sense. Reply
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