this post was submitted on 12 Aug 2023
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If government had the power to just snap their fingers and halve the price of all real estate, regular home owners should not be negatively affected.
It's mostly only the people who own multiple homes as investments, developers, and people who rent out their properties.
If you own a home that you live in, yes it will suck that prices dropped after you signed your mortgage, but you already agreed to pay that before so you should be able to afford those payments wether your house is $1M or $500K.
If you need to move, the house that you need to move to will now be half price so you didn't lose anything with your own house going half price. If anything you win by not having to pay as much taxes.