Nov
29
Mortgage Cap Would Hit California, Florida, New York Hardest
By-
House plan would limit home mortgage tax deduction to $500,000
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Legislation seen threatening home ownership ‘American Dream’
Property owners in California, Florida and New York have the most to lose if Congress limits tax deductions for interest payments on home mortgages, according to a Bloomberg analysis of Zillow data.
Assuming a 20 percent down payment, the three states together are estimated to have more than 80,000 homes currently listed for sale where the mortgage could reach at least $500,000, the limit laid out for new home sales in the House Republican tax plan. In California, that’s 44 percent of homes on the market…
Mortgage Cap Would Hit California, Florida, New York Hardest
