Abstract
In a stylized, parliamentary-style debate, Neil H. Buchanan makes the argument that the tax system should not provide incentives for citizens to own rather than rent their homes. The policy goal is unsupported by evidence of economic or social gains due to home ownership, and even if it were, it is not at all clear that the subsidies' incidence falls on potential homeowners. In addition, ownership carries enormous investment risks that would never be tolerated for any other type of asset and that can destroy a family that sees the value of its house collapse for reasons beyond their control. At the very least, the tax system should not encourage such dangerous risk-taking.
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