HB 4136 – Ends tax deduction for mortgage interest paid on 2nd home
Establishes another money account( Oregon Homeownership Opportunity Account) and they put all the “tax deduction” money in that account. Then $ goes to Housing & Community Services Dept for their discretion, to such things as: rent assistance, grants to homeless, helps pay utilities, and provides resources to reduce poverty.
This comes from a socialist agenda transfering the wealth to the poor. It isn’t a hand up, it’s a debilitating hand-out. A way to support illegal immigrants instead of getting them established as citizens.
SUBMIT TESTIMONY HERE before 2/18 at 3pm
Unfortunately, in this state HCSD views through a DEI/Sanctuary status lens in preference for certain “priority groups”, so many needy families in Oregon don’t get help because they are not the “right” color or gender identity, etc
Finance impact would be a significant loss of tax deductions for many folks such as 2nd home, rental properties, investment properties, unless the property is being sold or actively marketed for sale. his will make rentals go up in price – where is the affordable housing priority?
Here’s another bill that will add to unaffordable housing. How will it do that, you ask – when it’s supposed to give money to home buyers? Wasn’t this same kind of shenanigan tried in the 80’s when people who didn’t qualify for a mortgage were given down payments, which lead to the biggest amount of house repossessions in history?
It will also raise rents, but then your answer to that is RENT CAPS. Why is it we never see TAX or FEE CAPS coming from the Democrat legislators? The unaffordability in Oregon is due to Democrats policies.
This is like Gulliver’s Travels, where all the little people tied down the giant. People, WE are the giant, the legislators are the little people. Don’t be silent, and don’t reelect the little people.