Gary Cohn: ‘People don’t buy homes because of the mortgage deduction’ — or do they?

USA Today quoted Richard Green, director of the USC Lusk Center, on how the federal mortgage interest reduction affects homeownership rates.

Green notes that the deduction is most important to those living in states like California, which has both high tax rates and high home prices. Home prices there, he said, could drop without the deduction. As for overall homeownership, he points to other nations like Canada and Australia, which have no mortgage deduction but have very high homeownership rates.

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