Quote:
Originally Posted by JohnnyD
If the interest deduction is the only reason they were able to afford a house then, they never should have bought one in the first place.
No different than buying a two-family. If you can only afford the two-family as long as the other unit is rented out then, you can't afford the house. I have a few friends in this latter category that got close to serious trouble because of an vacant unit.
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I don't think that's the only reason many people can afford the house, but it's a significant amount of money that usually goes back into the economy. In my case, we spend our tax refund money on a vacation and other non-essential things. If our refund is much smaller because of that deduction, we won't be spending as much. If others do the same thing, it's only going to hurt the economy.