When Donald Trump started his term as President back in 2016, uncertainty was his administration's method of approach, more so when it came to real estate and housing policies. Despite his business background, the tax laws introduced by Trump ended up driving down the prices of U.S. homes by at least 4%, owing to federal budget deficits. The real estate market's setback was close to a whopping 1.04 trillion dollars.
Post the 2020 elections, Joe Biden's victory has resulted in a 6% increase in the number of deals in the real estate market. Biden has also introduced a 100 billion dollar housing fund to support low-income housing. The very likely repeal of the SALT-cap is projected to reduce property taxes, increasing real estate transactions across the nation for the first time since Trump's term.
While it may not happen instantly, America could potentially be looking at a long-term economy with revised interest rates and easily accessible home loans. Will this move reverse Trump's effect on the economy? Could Biden's new legislation make it easier for Americans to invest in housing and real estate? What is your take on it?
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