The Rust Belt isn't the only region in the country.
once a housing slowdown grips the coasts it will seep into every corner of the economy
What if the deductability of real estate taxes had actually created a distortion in the market, and people who earlier might have moved away but stayed because the government was subsidizing their real estate investments decide to grab their 300 thousand dollar profit (down from 500 thousand because of SALT) and move to another state, plopping their wad of cash down on a new home, thereby boosting the demand for housing material?
Not to mention easing the California housing shortage AND enabling people who previously could not afford a nice home to buy one at a reduced price?
You want this blue state swine everywhere:) Seriously, we don’t know how populations would behave on such a macro level if your theory played out.
Some real estate is so prime that not much moves it. SALT should be adjusted, not removed IMO. Blue states need to get their budgets under control. I understand why this was passed....just wish it was applied in a more judicious manner.