Today, the Suburban Journals reminds us that, earlier this month, the Missouri Housing Development Commission approved an initiative that will offer property tax relief to Missouri home buyers. From the article:
Under the new program, eligible Missouri families who enter into a contract to buy a new or existing Missouri home after Jan. 1 would have their property tax for the year paid, up to $1,250. In addition, to support the creation of “green jobs” in Missouri, families would be eligible for an additional $500 in tax relief if they buy an energy-efficient home or items to make the home more energy-efficient, such as Energy Star appliances.
Home ownership — just like any other investment — involves significant risks and costs. I’m worried that Missouri could help provoke another housing crisis by encouraging home ownership amongst those who wouldn’t otherwise select it.
In an op-ed in the Springfield News-Leader, to which David Stokes previously linked, Paul Hamby presents an alternative means than government subsidies to increasing home ownership:
If the goal is to get more Missourians into housing, there is a simple proven formula for that: Good paying jobs for Missourians. A business climate to create more jobs is where the governor should be focusing. That means less government regulation, fewer taxes on small businesses and families and fewer federal mandates. When government starts meddling, fairness goes out the window.
