Government interest free homebuyer loans in return for increased income tax rate for fixed period
The Government should give interest free homebuyer loans to those who don't own a propery on the basis that the recipient will pay an increased rate of income tax for a defined period (say 30 years) to repay the loan.
This will stimulate the housing market without increasing the debt burden (via interest payments) and avoid lining the pockets of greedy bankers...
If an individual becomes unemployed, they don't pay the increased tax, but they don't lose their property. When employment resumes, they resume payments (and the repayment time is extended to reflect the period of unemployment)
The amount leant could be limited by some calculation based on average income for the last 5 years.
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