All REALTORS do not Agree with NAR on the Mortgage Interest Deduction

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The National Association of REALTORS lobbies hard for the mortgage interest tax deduction. A minority member is calling on them to stop.

HOUSEPAD

If home ownership is this lucrative, why is the tax deduction needed?

The National Assocation of REALTORS (NAR) is working hard to preserve the mortgage interest deduction in 2011 under their campaign Home Ownership Matters. Ryan Gehris, a REALTOR with HOUSEPAD and beneficiary of this deduction, is calling on NAR to stop lobbying for this policy. Here are the latest assertions and talking points from a letter by NAR president Ronald Phipps this month, with Ryan Gehris responding.

1. "While we agree that not everyone who wants to buy a home is financially ready, this hardly means we should discourage ownership for all."

Response: "Why not 'discourage' ownership for those who are not 'financially ready' by not clouding their decision with tax incentives 'for all' to buy anyway? Is it 'discouraging' home ownership by not giving owners better tax treatment than renters?"

2. "The median net worth (of owners) is more than $200,000 compared to about $5,000 (for renters)."

Response: "If home ownership is this lucrative, why is the tax deduction needed?"

3. People who own are more "self reliant" than renters.

Response: "Whose role is it to make that determination? How many individuals' bad housing decisions are due to government incentives injecting artificial external factors into the decision?"

4. The country's founders such as John Locke wrote that "government had a duty to protect citizens' 'life, liberty, and property'."

Response: "What logical steps connect government protecting property with government giving favorable tax treatment for taking out large loans on property?"

About HOUSEPAD LLP: Since 2003, Ryan & Ken Gehris of HOUSEPAD have listed over 17,000 properties on multi-list (MLS) and Realtor.com. The company is licensed in 24 states, 80+ MLS’s, and specializes in listing property on behalf of for-sale-by-owners or real estate investors on a limited service, flat fee basis. The brokerage services for sellers are set up as a real estate equivalent to online stock trading.

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Ryan Gehris
HOUSEPAD LLP
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