Congressman John Dingell, a democrat from Michigan, is formulating a plan to phase out mortgage interest write-offs for new homes with interior space greater than 3,000 square feet. Although the legislation is not yet introduced, a debate is firing up between environmental groups and the National Association of Home Builders and the National Association of Realtors.
I will keep you posted over the coming weeks and months as the situation unfolds. Kenneth Harney does a good job of framing the debate in his San Francisco Chronicle article:
- Nation’s Housing: No deduction for mortgage interest on big houses? (October 14, 2007)
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