The 50 Year Mortgage

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Episode Transcript

Speaker 1 (00:00):
Good morning, Coon Air contrary. Okay, a lot and I
mean a lot to talk about today. We're also going
to be talking about Trump's decision now to allow six
hundred thousand Chinese students on a visa program on colleges

(00:21):
and universities across the country. Many of them are going
to be coming actually to Massachusetts, but also to other
colleges across the entire country, and it's creating a lot
of backlash among his supporters. We're going to have that
at nine o'clock with a special guest. But first, is
getting a fifty year mortgage a good idea. So, in

(00:45):
the wake of the recent off year elections, and in
particular the Democrat victories in New York City, in Virginia
and in New Jersey, many within Trump's inner circle and
even the President himself now fear that the so called
affordability issue, the cost of living inflation, is still going

(01:10):
to be a dominant, potent issue in the midterm elections,
and Mom Donnie explicitly ran on it. But many who
are in the exit polls, who voted for the Democrats
in Virginia and in New Jersey said that the cost
of housing, rent, food, groceries, utilities across the board is

(01:32):
still way too high. And they're sending a message to Trump,
to the Republicans and to all politicians, we want you,
we need you to lower prices. And so Trump is
now worried as well as Mike Johnson and John Thune,
that the Democrats are going to use the cost of

(01:54):
living issue, the affordability issue as a as a as
a stick a bludgeon to hammer Republicans and perhaps retake
the House and even the Senate in twenty twenty six.
And so now they are going to focus like a
laser beam on the affordability issue. Already, Trump is telling Republicans,

(02:20):
Tell Republicans sorry, Tell the voters. Lay out to the
voters that gas is coming down, that the price of
eggs has come down, that the price of certain foods, vegetables,
fruits is starting to ease and come down. In other words,
don't let the media and the Democrats define the perception

(02:45):
that they are now slowly defining, that prices remain skyrocketing high.
The problem, however, is that that's only half true. It
is true, there's no question I tank up my car
gas is it is getting cheaper eggs, have gone down. Frankly,

(03:05):
other items not as much as I would like, but
they do cost a little bit less. But I'll tell
you this, housing is skyrocketing rent in many cities like Boston.
But it doesn't matter. It could be La it could
be Chicago, it could be Philadelphia, it could be Baltimore,
it could be Atlanta, it could be New York, take

(03:26):
your pick. Rent is getting so expensive that many people
now find it utterly unaffordable. Utilities, energy bills way too high.
Now that's primarily because of what governors are doing. For example,
in Massachusetts, this is almost one hundred percent more heally.

(03:49):
So you know, it's not fair to blame Trump. But
the fact of the matter is, you know how it goes.
He's the president and they judge the economy based on him,
and so Trump is now it's an all hands on
deck saying we now need to find ways to tackle
and confront this affordability crisis head on. That was inherited,

(04:13):
by the way from Joe Biden. This is all because
of Joe Biden and his policies. But Trump vowed and
pledged that he was going to clean up Biden's mess,
and so it now appears that the twenty twenty six
midterms are going to be essentially a referendum on the
issue of inflation and affordability and the Republican's ability to

(04:38):
bring costs and prices down. So what Trump now wants
to do is he's hoping that all of these investments
that are pouring in trillions of dollars, you're going to
finally see wages go up. That's going to help. He
wants to give a two thousand dollars tariff rebate check

(05:00):
to every middle working class home and family. Now it's
not a silver bullet, but two thousand dollars again puts
a little extra money in your pocket and helps you
deal with the you know, with the pine groceries, helping
out a little bit with rent, paying some of your bills.
But one of the big ideas that Trump now seems

(05:21):
to really be interested in is to provide, especially first
time young home buyers, the option of a fifty year mortgage.
As you know, really since the nineteen thirties, mortgages have
historically been thirty years, maybe some forty years, but mostly

(05:46):
it's been a thirty year mortgage. Well, now Trump and
his advisors think that having a fifty year mortgage is
going to bring monthly payments down because you extend the
cost of the loan. By extending the cost of the loan,
you can then have lower monthly payments over a much

(06:08):
longer period of time. Now, one of the things that
is driving all of this is that, let me just
give you an example when the cooner man was growing
up in the nineteen eighties, and to me, the nineteen
eighties remain a golden age. I can't tell you how
grateful I am that, really I grew up, I came
of age in the nineteen eighties, because it truly was

(06:31):
a much much better time than today, that's for sure,
or certainly under Obama. But anyway, let that go. Most
young people, when they bought their first home, the median
age was twenty nine years old. I remember growing up,
you were expected to get your first home by about

(06:53):
thirty years old. You went, you worked, you spent a
few years in an apartment, you developed your credit, you
found someone, you eventually get married, and then you know, together,
you get your first home by your late twenties, early
thirties at the latest. Now the median age. Listen now

(07:13):
to this where people buy their first home is forty
years old. Forty years old, and many people now say
that they really can't buy their home, their first home
until the age of fifty. That, in other words, the

(07:34):
cost of housing, the cost of homes has become so expensive,
and the cost of rent takes so much out of
your paycheck that you can't put enough money aside to
get yourself a home. And so the argument now in
favor of a fifty year mortgage. And I just want

(07:54):
to lay it out for you. The average cost of
the median home in the United States. I'm not talking
Boston because you're gonna laugh when I tell you this figure.
I'm talking you know, you got to think about you know,
we're going into Iowa and Kansas and Idaho. So it's
not just Massachusetts or California or New York. I'm talking

(08:17):
the entire United States. The average cost of a median
home is four hundred and fifteen thousand dollars. Four hundred
and fifteen. Now, that doesn't even get you a shock.
I mean four hundred and fifteen thousand, and frankly, not
just even in Boston. In most parts of Massachusetts, it's

(08:37):
like four fifteen. That's an insult. If you put an
offer on any kind of a home, Okay, and that's
the reality in many, many big urban areas. But still
it's four hundred and fifteen thousand dollars. If you were
to extend the mortgage from thirty years to fifty years,

(09:00):
you get a four hundred and fifteen thousand dollars home.
At the current rate of interest, thirty year mortgage, it
will cost you ballpark two thousand, five hundred dollars a month,
twenty five hundred a month. You now tack on another
twenty years, make it a fifty year mortgage. You've now

(09:22):
lowered your monthly payments by two hundred and twelve dollars.
It will cost you two thousand, two hundred and eighty
eight dollars. And so the administration is arguing that by
extending the loan from thirty to fifty years, you're going

(09:43):
to be lowering the monthly payments by about two hundred,
two hundred and twenty two hundred and thirty dollars. This
is going to make buying a home more affordable. Hence,
more people are going to start to get into the
get their first home, develop some equity, develop some credit.
Uh maybe eventually sell it, get another home. In other words,

(10:06):
it's a way to tackle the affordability issue and make
the American dream, and owning a home is a big
part of the American dream, make it more accessible, especially
the younger first time buyers. Now, let me be brutally
honest with you. I'm against it. I'm against it, and
I'm against it for two reasons. Number one, let's just

(10:28):
say you go from a thirty to a fifty year mortgage.
I to me, sure, I'd rather pay two twenty you know,
twenty three hundred over than two thousand, five hundred. But
I don't think two hundred dollars six one seven two six, six,
sixty eight sixty eight is the number. Okay, So I'm

(10:53):
against the idea of a fifty year mortgage. I don't
think it's going to really tackle the affordability issue.

Speaker 2 (10:59):
Uh.

Speaker 1 (10:59):
And I'll tell you why. As I mentioned, the first
point is you're not really saving that much money. Again,
just to use I'm just going buy you know, median statistics.
So the average home in America four hundred and fifteen dollars,
four hundred and fifteen thousand dollars. Okay, that's the median
cost of buying a home in the United States, if

(11:22):
you were to use current interest rates, thirty year mortgage
two thousand, five hundred dollars. I mean, give or take
a few bucks, but it's two thousand, five hundred dollars
every month that you have to make in payments to
the bank, your mortgage payments obviously interest included. You extend
it from thirty years to fifty years. It's now two thousand,

(11:43):
two hundred eighty eight dollars. Now, okay, I mean, would
I rather pay two hundred and twelve dollars less a month? Sure,
But I'll be honest with you, I don't think that's
what's keeping people up at night. I don't think two
hundred dollars a month is the difference between staying in
a home and not staying in a home. You know,

(12:06):
you look at rents, for example, in Boston, they're twenty
eight hundred a month, three thousand a month, three thousand,
five hundred dollars a month. That's what's choking people. So
if I go to you and say, well, okay, your
rent now is not going to be I don't know
three thousand, five hundred is going to be three thousand,
three hundred. It's still too expensive. I mean that's the problem.

(12:29):
Okay again, sure I'm not poo pooing two hundred bucks
a month. Please don't get me wrong, but I'm saying,
you know, that's not oh my god, all my problems
are solved. It's no. So you're not saving that much.
It's not like you're going I don't know from twenty
five hundred state, I don't know, two thousand, we go, whoa,

(12:50):
that's a five hundred dollars. Okay, that's that's pretty good.
So you're not really saving that much. And here's the kicker,
and this is why I really don't like it. You
end up that house which you started off it was
four hundred and fifteen thousand dollars because now the banks
are taking a much bigger risk. It's a fifty not

(13:12):
a thirty. It's a fifty year mortgage. So the possibilities
now of you walking away from your payments, of you
being delinquent on that mortgage, of you being able to
consistently pay that mortgage over you know, basically your lifetime.
You know, you start at twenty five thirty, you're gonna
pay the mortgage, and you're basically at eighty eighty five

(13:33):
years old. That's your whole that's your whole life that
goes up much higher that you're gonna be delinquent or
not be able to make your payments. So the banks
are gonna charge much higher interest, there's no question because
they're taking a much higher risk. Well guess what the
higher interest is gonna amount to? An extra Listen to

(13:55):
this three hundred and seventy nine thousand dollars. Well, do
the math. You now suddenly you don't owe four fifteen
You now owe eight hundred thousand dollars with all that
extra interest. So what you're really doing is you're not
paying the principle off your loan. You're paying basically, it's

(14:18):
almost like you're paying most of the interest every month
with a little bit off the principle. It's it's a
form of debt slavery. I'm sorry. So I'm like, so,
let me get this straight. I get a fifty year mortgage,
so basically I'm spending my whole life trying to pay
off this home. And the banks make so much freaking

(14:39):
money off of this that it's almost double the price
of the home. So I buy the home at four
point fifteen, and you tack on an extra three hundred
and seventy nine thousand dollars in interest. Nah, I'm good,
I'm good. No, I'm Would you take this? I wouldn't

(14:59):
take It's like what they do now with cars. They go, well,
i'll get you a much lower monthly payment. You're like,
because you're like, well, I can't afford these, you know which.
Let's say I want to buy a you know, an
ordinary whatever, a grand dam they just don't pick your car, okay, so,
or a four tourists or whatever. So I want to

(15:20):
buy a car, Well, I can't afford this payment. Well,
i'll tell you what we're gonna do. Instead of having
you pay it off in five years, we're gonna drive
this thing out to ten years. And you're like, wow, okay,
and look at your payment, uh huh.

Speaker 3 (15:35):
Suddenly now it's I don't know, it's thirteen hundred a month.
It was two thousand, but now it's thirteen or fourteen hundred. Yeah,
but now you're paying this thing off over ten years.
In many cases, the car is not even working anymore,
and you still owe on the car.

Speaker 1 (15:55):
It's a raw deal and all you're doing is now
paying for a lot more interest. So the whole thing
is a scam. And in the end, who wins? Is
it the buyer?

Speaker 2 (16:09):
No?

Speaker 1 (16:11):
Is it the consumer?

Speaker 2 (16:12):
No?

Speaker 1 (16:14):
The banks, the too big to fail banks, they walk
away like bandits. And so I understand the intent. I
honestly I appreciate the intent. I do. I know Trump
is trying to bring costs down, and he's thinking, well,
let's get you know, let's knock this thing down a

(16:35):
couple hundred bucks. But a fifty year mortgage. I'm sorry,
Now you may disagree with me. I'm just speaking from
the heart. I wouldn't take a fifty year mortgage, and
I think it brings way too much risk into the system.
I think it's you know, did the housing market the
collapse in two thousand and eight, two thousand and nine,
teach us nothing. I don't want to start. You know,

(16:58):
this casino housing where you're putting people in in mortgages
that they really can't pay, and they say, well, let's
just extend it then over fifty years, because ultimately they're
in a home that's just too expensive for them. Well,
eventually they're not going to be able to make their
payments because they're just not qualified to be in that

(17:20):
home period full stop. Now listen to President Trump. He
was asked by It was on Fox about the idea
of a fifty year mortgage. He says he likes it.
He and his team are seriously thinking about pushing this
and making it available to everybody. And he says, look,

(17:42):
it's no big deal. I just want to lower your
what you pay every single month roll cut twenty five. Mike,
it's not even a big deal.

Speaker 4 (17:55):
I mean, you know, you go from forty to fifty
years and whatever is is you pay, you pay.

Speaker 5 (18:00):
Something less from thirty that some people had a forty
and then that now they have a fifty.

Speaker 2 (18:04):
All it means is you pay.

Speaker 6 (18:05):
Less per monthy paid over a longer period of time.

Speaker 1 (18:07):
It's not like a big factor. I mean, he's right
in the sense that you're not saving that much money,
you know. But he goes, I'm trying to help in
every little bit. That's what he's trying. What he's saying
is every little bit helps. Okay, I guess, But man,
I don't know about you. Do you want to be

(18:28):
paying your home for fifty years? Do you want to
be paying that much interest to the banks? Six one, seven,
two six six sixty eight, sixty eight is the number. Okay,
very very quickly, because the lines are jammed. I want
you to listen now to Kevin Hassett. He is the

(18:48):
head of the White House Economic Council. He is a
big supporter of this idea, and he is asked by
many now in the media. He says, outside the White
House of a press briefing, how serious is President Trump
and the administration looking at rolling out fifty year mortgages

(19:09):
and making them available to especially first time home buyers.
Listen now to Haset's response, roll cut twenty eight mic.

Speaker 6 (19:21):
How seriously is that being considered by the administration. Again,
the issue is.

Speaker 4 (19:26):
That under President Biden, marg rates went up by about
four percentage points, and that about double the typical monthly
mortgage payment. And because of that, we've seen like a
real sharp production and first time home buyers especially, and
also a reduction in people's willingness to move.

Speaker 7 (19:45):
And it's something that.

Speaker 6 (19:47):
We take very seriously as a policy challenge.

Speaker 4 (19:49):
And extending the length of mortgages can reduce monthly payments.

Speaker 6 (19:53):
By hundreds of dollars, and it's something we're taken.

Speaker 1 (19:55):
Very seriously now by the way. I mean, I'm not
a big fan of the fifty year mortgage obviously, but
he's right. I mean, you know, to me, it was
the excessive spending under Biden that led to massive inflation,
which then meant they had to massively raise interest rates, okay,

(20:15):
to control the problem that they created. And that's a
major reason why Holmes became so expensive, because the interest
rates skyrocketed, especially the mortgage rates. So to me, the
answer is lower the interest rates. Now, I know Trump

(20:36):
can't do it, you know, with a magic wand he's
got you know, he's got Jerome Powell who's deliberately now
slowly starting to lower rates. But the rates should be
coming down much faster. So we got to get rid
of him as the chair of the Federal Reserve, which
is going to happen soon anyway, because his tenure is up.
What is it next early next year. But to me,

(20:59):
the answer then is lower the rates. Get a Federal
Reserve chairman. By the way, Kevin Hasset is one of
the top contenders. Put Kevin in there and have him
lower the rates. That would be my answer. Now, let
me just play one other cut and then I promise
I'm going to go to the phone lines. Uh six
seven two six six sixty eight sixty eight, Okay, roll

(21:23):
cut twenty nine, Mike, wouldn't.

Speaker 6 (21:27):
It be the same as essentially ranking and howard homeowners
build equities.

Speaker 4 (21:31):
No, it wouldn't, because you would basically build equity, first
of all, a little slower because it's fifty years is
said of thirty years or fifteen years.

Speaker 6 (21:40):
Fifty years fixed U off.

Speaker 4 (21:42):
A great way to build early equity. But don't forget that,
you get the equity of the price goes up on
average prices of TENDA data preset.

Speaker 6 (21:49):
So I don't think that the absence of equity is
a serious concern about this.

Speaker 1 (21:53):
And the bottom line.

Speaker 4 (21:54):
Is that we need to The average age of a
first hide book buyer has gone up by about ten years.
Just a few said it's something that we're very serious
about addressing.

Speaker 1 (22:02):
Oh, I mean, I believe he's serious, no question. The
question is is this the solution? But basically, look, he's asked,
isn't this basically yeah, technically you own a home, But
isn't just like it's like renting with no equity, you know, essentially,
And he says, well, no, that's not really true. He says,
because you know, we believe that the house is going
to appreciate in value over time. So as it appreciates

(22:27):
in value over time, you'll eventually start building a little
bit of equity, and you know, and then maybe you
can resell it or whatever and make a little bit
of a profit and so and maybe get you off
to another mortgage that say it's thirty years or twenty
five years or twenty years. So he's saying, but what
we want to do is we want to drive down

(22:49):
monthly payments. That's our goal. So now, to me, the
flaw in that argument, and that's it. I don't want
to say anymore because I want to go to the
phone lines. And in fact, Grace and I were have
this very discussion yesterday. She said, well, Jeff, I don't
know why you're opposed to this. She said, you know
what's the problem. You get into a home, you make

(23:10):
your lower monthly payments, it appreciates in value over time.
As it appreciates and appreciates and appreciates, then you can
sell it, make a little bit of a profit, and
get into a better situation for you and your family.
And my counter argument was, I go, I hear you. However,
you're assuming the house is going to appreciate. Here, let

(23:34):
me just be brutally honest with you. We bought an
investment property in Maryland and it was a town home.
I mean, we still own it, but we thought, oh,
this is going to be great. It's going to appreciate it.
You know, it's going to appreciate in value and keep
going up. No, the value actually started to go down.

(23:54):
It dropped about forty to sixty thousand dollars, and then
over many years is started to climb up, climb up,
climb up. Only about a year or two ago has
it finally now appreciated enough in value that it's actually
worth a little bit more than what we initially paid

(24:15):
for it. And what was this maybe fifteen years ago.
So what I'm saying is you're just assuming that this
thing is going to take off like Gangbusters and it's
going to go up fifty thousand, one hundred thousand, one
hundred and fifty thousand. No, I'm sorry again, that's a

(24:35):
casino style mentality. Nobody knows what the future holds, so
you have to to me, I'm a realist when it
comes to money. It's very simple. Can we make payments
on a mortgage, yes or no? And can we sustain
this over a fifty year period? Yes or no? And

(24:57):
do I want to pay that much interest on any loan?
And to me, the answer is no.

Speaker 2 (25:05):
No.

Speaker 1 (25:05):
Oh, I'm telling you over I would I would rather
shoot myself in the head than take a fifty year mortgage.
I'm obviously exaggerating for effect. I don't want to shoot
myself in the head, you know, But I'm just saying like,
I'd be like, hell if Grace and I were at
the bank and be like, oh, we really want this home. Oh,
we really want it. You know, the down payment, we

(25:26):
can squeeze it, but damn these monthly payments. Well, hey, hey,
don't pay twenty five hundred. I can get you in
at twenty three or even twenty two fifty. Come on,
you can swing it. And I'd be like, hold on,
what fifty years? Fifty years? I'm not even sure I'll
be alive in fifty years. No, but that's me I

(25:50):
want to hear from you. Six one seven two six
six sixty eight sixty eight is the number, okay. It
is the Cooner Country Pole Question of the Day, sponsored
by Marios Marios quality roofing, siding, and windows. Would you
buy a home or refinance your home with a fifty

(26:15):
year mortgage? If you have that option and now they're
seriously considering giving that option and underwriting the banks. That's
the key. The banks are demanding fine, but you got
underwrite us. In other words, the federal government has to
come in and say, hey, if people start not making
their payments, if they get delinquent on these mortgage payments,

(26:37):
you know the banks are going to be technically on
the hook for the money. The government is coming in
and it's going to say, no, we're going to backstop you.
So ultimately the taxpayers are going to be on the hook.
So the question I have for you is would you
buy a home or refinance your home with a fifty
year mortgage to get slightly lower monthly payments about two

(26:59):
hundred bucks a month? A yes, B no. You can
vote on our web page w r KO dot com
slash cooner w r KO dot com slash cooner k
U h n E R. You can also vote on
X and again I was active on X yesterday. All

(27:21):
one word that's my handle. One word at the Cooner report.
K U h n E r I am not just
a hell no on a fifty year mortgage over my
dead body. No, but that's me Lisa in mithu n
You're gonna kick us off, Lisa, and welcome.

Speaker 2 (27:42):
Good morning, Jeff. It was good seeing me a couple
of weeks ago at the Kelly Kelly events. So I'm
calling you from my retirement home in the future in Florida.
But I called.

Speaker 1 (27:55):
Lisa. I want to forgive me. That was my bad.
I didn't hear Mike. Mike was telling me we had
to go to break because it is so sad. I
want to go back to Lisa and Methuen. But just
before I go back to you, Lisa, by the way,
six point fifty now on the Great WRKO, Jeff Cohner,
Boston's Bulldozer. I mean this really, I think just now,

(28:15):
Mike and I had a brief exchange before we went
back on air, and this really sums it all up,
and it's it's really sad. Mike. I mean, I don't
want to give away his age, but he's basically now
into his late twenties, okay, And you know when I
was growing up and for most of American history, that
was basically the age you bought your first home, right,

(28:36):
you know, twenty eight, twenty nine, thirty, you know something,
thirty one whatever. So you know, Mike is now in
that age rage, so that age range. So I asked him,
I said, you know, Mike, are you are you a
fifty year mortgage guy? Like, you know, would you pay
for you would you get a home, first time home

(28:56):
and you know, and put a fifty year mortgage on
your back? He said, to be honest, yeah, he goes.
To be honest, buying a house is so expensive now
for his generation. It's it's like you don't even think
about it. It's just you don't even consider it. Like
thirty year mortgage, fifty year mortgage, fifteen year mortgage, twenty

(29:20):
year mortgage, twenty five year more. Like we just it's
so expensive. I'm you know, no, really, it's like if
we could just get out of our parents' home and
get out on our own and just even rent, and
rent is also extremely expensive. So this is what I mean.
It's almost like we don't even come fifty years, thirty years,

(29:44):
We just can't afford it because everything's gotten just the
cost has just exploded. And that to me is it's
very sad that it's very, very sad. Six one seven
two six six sixty eight sixty eight is the number. Okay,
let's go right back to Lisa and Methuen. Lisa, you
have two residences. You are now in your second residence

(30:07):
in Florida. Please pick up where you left off.

Speaker 2 (30:10):
Okay, So being a Massachusetts resident because I'm gonna go
at least another six years before retirement, Jeff, I will
not be able to stay in Massachusetts due to the
cost of the taxes. It's not even just the interest
rates of the bank or the over priced houses. For example,

(30:32):
in my town of Thun, our interest rate is one
point zero seven, I mean tax rate, and in Florida,
the town I'm in now is zero point in two.
My nephew, who's thirty years old, still was at home
with my system because he's been looking at property, and
it's what if he goes in New Hampshire, he's going
to have a longer commute because he's a physical therapist.

(30:55):
Goes into Boston or and he could find maybe something
pretty decent. But it's the interest rate. This fifty year mortgage.
When I bought my house off my family and when
my dad passed. I bought it for two forty at
an interest rate of six point seven. Say we refinanced

(31:15):
in two thousand and twenty one at two point seven
five to fifteen years. My house from two forty is
now worth seven fifty. I'm in a good position. I
could sell my home. I could easily pay cash in
Florida when I want to retire if I want another house.
But for people like my son and my nephew, there

(31:35):
is absolutely no way with the price of the houses,
the taxes constantly going out. My taxes for my house
when I first bought it a Mathuin was twenty eight hundred,
it's now sixty eight hundred dollars. There's no way that
a young person can afford to buy a house. And that, Jeff,

(31:55):
has to do with both parties, Republican and Democrats. My
house's most thor and I have it, send it upstairs.
I only charge your seventeen hundred. I could easily get
fifteen hundred. But I'm trying to help others who are
struggling to get by. And the only way it's going
to happen, Jeff, is they have to lower the cost

(32:16):
of what the interest rate is, the cost of housing.
And we know in Massachusetts that's not going to happen.
So Trump really needs to come up with a better
plan because fifty years is not going to do it.
You're going to bay three times the amount of what
your house is ever worth, and you'll be like upside
down with the copy. I want to let you go
and I just want to hear your thoughts. Keep doing

(32:38):
a good job, Jeff, Thank you, thank you, thank you.

Speaker 1 (32:40):
Lisa, and thank you for sharing that.

Speaker 2 (32:42):
Well.

Speaker 1 (32:42):
Look, that's the other thing is the property taxes. I
mean they're punishing. Look really, I mean it's by the way,
it's not just a Massachusetts thing. I mean, it really
is just across the country. I mean there's some states
it's not so bad, but overall everybody says it's not
just the cost of the home that are getting more
and more expensive. It's the property taxes, and they just

(33:05):
keep going up and up and up.

Speaker 2 (33:09):
No.

Speaker 1 (33:09):
Look, and what this is to me, there are two
three things to do to solve this very quick. One,
get someone like Kevin has sit frankly in there a fedchair.
Lower those freaking interest rates. Okay that number one. Number Two,
supply forget you know, on the demand side supply, build

(33:32):
more homes period and make it profitable. In other words,
take off the regulations, take off the red tape, take off.
You know, these homebuilders say, my god, they tie our hands.
You wouldn't believe it. It's impossible to put up homes
or a community or whatever because you've got to deal with,

(33:52):
you know, the federal government, the state government, the local government,
the local bureaucracy.

Speaker 7 (33:58):
They go.

Speaker 1 (33:58):
You don't understand. It's just after while, Hey, it's a hassle.
It takes forever to build, and it becomes so expensive
to build, which is why everything is getting more and
more expensive. But if you could get the regulations off
their back and build up supply, well, obviously the more homes,
the prices start to go down. And this is the

(34:19):
big one, this is the elephant in the room. Illegal immigration.
Boston is exhibit A. Okay, but I can do city
after city when you bring in twenty million illegals in
four years, and you've got thirty to forty million illegals

(34:40):
in the country, and remember you're paying them to pay
the rent. Right, it's not as if they're sleeping on
the streets. So like in Massachusetts, more Heelly's giving them
thirty thousand dollars every two years to rent an apartment,
so they're going to go around and snatch all of
the apartm what does that do to rent? It drives

(35:03):
rent through the roof because now you've got all of
these millions and millions and millions of people competing for
housing and for rent and for rentals against you know,
ordinary American citizens and legal residents. So that's what's causing
the housing market to explode, and the rents that I
don't know how people afford. I'm being honest with you. Three.

(35:27):
I mean, I hear these horror stories. Three thousand a month,
three thousand, five hundred a month. You've got people in
their twenties like in a way, I mean to me,
socialism is never the answer. So I know, ultimately, I
never understand how somebody can vote for Momdani. But what
I'm saying is I can kind of get it a
little bit. I mean, they know, these people in their

(35:49):
twenties and thirties, say, there's four of us in an apartment.
That's the only way we can make it because the
rent is so high. I don't want to live with
three other strangers. In an apartment or even if friends
like come on, my parents had an apartment. They saved
some money and they got home. But that's the American dream. Well,
we can't even forget about owning a home. It's just

(36:11):
too expensive. Now you're lucky if you get out of
your parents's basement. Because you're right, Lisa, many many young
people today, and young is now thirty thirty two, thirty three,
thirty four, they're still living with their parents because they
can't afford it. Now it's let me get two or
three roommates and together we'll cobble together enough rent money

(36:35):
every single month because the rent is so expensive. Well, yeah,
because you're competing against an army of illegal aliens. So
just objectively imagine what would happen twenty thirty forty million
illegals suddenly gone, say you just snap your fingers and

(36:58):
they're automatically transper bored it to the country of their
origin where they came from. What do you think would happen?
You could just feel it. Oh my god, There'd be
apartments everywhere, There'd be vacancies everywhere. There'd be also a
lot less congestion, and also there'd be so much welfare,
more welfare, social services, money available for American citizens, and

(37:23):
our hospitals wouldn't be to the you know, overflowing, and
our schools wouldn't be overflowing. But let all that go,
look at the available supply in housing, Well, what would
that do? It would drop the price dramatically. It would
be normal, not the way it is now. You know,

(37:44):
people don't realize this. You can look it up even
in some of the poorest third world countries in the world.
Take Caracas. I'm just gonna use that as an example. Venezuela,
very poor country. Take a look what rents are in Caracas.
You're gonna say, how do people do this? So even

(38:05):
in very, very poor countries, because if there's so many
people rent housing expensive, it's skyrockets. Here's the difference. They're
used to sleeping ten, twelve, fifteen in a home or
in a a in a three bedroom or two bedroom.

(38:27):
We're Americans, okay, we're Westerners. We don't believe in packing
two three families in an apartment. I see this. It's
very common in Boston, in New York, in Chicago, in
La I could you know, many big cities. So yeah,
they can afford three four thousand dollars a month rent

(38:50):
or even to get a home together, because they come
in ten, twelve, fifteen, and you know, a father and
a mother, two kids take one bedroom. A father and
a mother, two kids the other bedroom. I don't want
to live like that. I'm sorry, I don't want a
third world life. To me, call me crazy. You have

(39:11):
the father, the mother, whatever, the husband, the wife, the
spouse whatever, the children. They rent the apartment, they alone
and they live in it. Well, who the hell can
pay three four thousand dollars for an apartment? Very few.
It's only for the elites. So what's happening is we're
creating an economy that is literally for the wealthiest and

(39:34):
for the illegals and the middle and working class were
the ones getting to quote Elizabeth Warren hammered, we're being
squeezed and to me, a fifty year mortgage you're just
putting a band aid. You're not solving anything. But that's
me agree, disagree. David in New Hampshire, Thanks for holding,

(39:58):
David and welcome.

Speaker 7 (40:01):
Hey, good morning, jump Hi David. Yeah, I don't I
don't like the idea, right, I mean, if people want to,
you know, take a fifty of mortgage that that's on them.
But I mean think about it like this. I mean,
most people are firing at twenty years old, and at
twenty you'd be paying for it until you were seventy.
I mean, if you buy it when you're forty, what

(40:21):
happens when you when you want to retire? And you know,
most people at least that I know, they retire. I
mean their their income is a lot lower than when
they were working. I mean, how you how were you
going to afford it? Then?

Speaker 2 (40:33):
You know?

Speaker 7 (40:33):
And and and kay until you what ninety you know?
And uh, you stole my thunder there because I was
going to say, you know, three things in my mind
that would pitch this and you and you you already
mentioned it was illegal immigration, to get rid of all
the illegals, and that would that would you know, lower
the rents and everything else, lower the interest rate, and

(40:54):
get rid of pam bomb camp BONDI because until we
could well the one that will bomb repealed there, that's well,
you know, the actual.

Speaker 1 (41:05):
Smith Month Act, the Smith Month Act m U n
d T.

Speaker 7 (41:15):
It's stopping the deep days and without stopping and without
putting them, getting the media back to the truth. I mean,
the propaganda and everything. Nothing is going to change. Nothing
is going to ever change. And unless we can, you know,
take this country back, get rid of the illegals, like
you said, and lower the interest rate. I mean, I'm

(41:35):
I'm fifty four. I I don't own a hold. But
it's a mobile jet. Okay, it's tripled in value, but
that means nothing. It's not going to get me anything.
And there's no equity on a mobile hole. So you
know what I mean, it's like you just keep paying
and pay them. I don't even own the property jet.
They call it a co op. It's a trailer block.

Speaker 2 (41:56):
Let's be realistic.

Speaker 7 (41:58):
And you know, and I and I pay property taxes
just on the house because I don't know the property.
You know, I basically read the property and I mean,
and it went from eight hundred a months, I mean
eight hundred a year ten years ago to thirty two
hundred a year and I don't even know.

Speaker 1 (42:16):
That's disgusting. I mean, that's that's what I mean. It's
highway robbery, and that's happening. It's not you know, if
it's any consolation, Uh, David, it's you know, it's not you.
It's it's happening all across the country. I mean, that's
I mean, that's what I mean. So you know, that's
and you know, and Mike was in my ear as
you were talking, you know, to reinforcing your point, because
you were saying, well, say you buy a home at

(42:38):
forty you're gonna what are you gonna have a home?
You know, until you what ninety years old? So Mike
said to me, because Mike's twenty seven to twenty eight.
And Mike says, Jeff, even if I got it now
right now, fifty year mortgage, I don't know if I'm
even gonna live that long. I mean, what am I
going to be seventy seven seventy eight? So you're dead
on David. You know, look I like the intention you

(43:01):
want to help lower prices, of course, but no, we
need something more serious than this. David, God bless you
and thank you for that call, my friend. Six one
seven two six six sixty eight sixty eight.

Speaker 6 (43:15):
Oh.

Speaker 1 (43:15):
Look, we're being dispossessed off of our own land and
off of our own country. I mean, I'm just that's
what's happening with illegal immigration, and they've rigged the entire
system to benefit them, and of course the wealthy oligarchs
who control both parties. So yeah, look, if you're look,

(43:35):
if you're let's say, if you're a hedge fund person,
if you're a high tech person, if you're in the
banking financial class, You've never made more money in your life,
So what do you care about inflation?

Speaker 2 (43:50):
Oh?

Speaker 7 (43:50):
Really?

Speaker 1 (43:50):
Like, so what, Okay, I'll play three thousand a month,
What do I care? I mean, you're making millions, Oh
three thousand and four thousand, What do I care? I'm
making three four, five, six seven eight million dollars a year,
So yeah, what do I care? And if you're an illegal,
well you're getting subsidized by the government. And illegals they

(44:12):
live three four families in a redroom or sorry, in
an apartment, each family in a bedroom. So they're like, hey,
where they're from. And I'm not saying this as an insult,
It's just a statement of fact, you know, compared to Bolivia,
compared to Somalia, to Ethiopia, to Senegal. So they're like,

(44:35):
you're in heaven. You mean I get to stay in
a furnished apartment. You mean we actually get our own
bedroom with a mattress in beds and an actual roof
and heating in the wintertime, and centralized air conditioning in
this in the summertime, with a big flat screen television

(44:57):
with you know, we can you know, get laptop, some
cell phones and electricity and plug it into the wall.
And Okay, so what we're in a tight cram space.
We came from a tight cram space. But we're not
sleeping on dirt, we're not sleeping in a hut. So
for them, this is a massive increase in their standard

(45:18):
of living. For them, they've hit the lottery. But if
you're an American or a Canadian, or a Swede or
a German or a French or whatever, you're like, no, man,
I'm We're Western.

Speaker 2 (45:31):
I know.

Speaker 1 (45:32):
I'm sorry. We don't pack three four families into a
three bedroom apartment. That's that's not what we That's not
what we're about. And that's that's what's slowly happening. It's
the third worldization of our nation. That's what we have
to address. Agree, disagree. Lou in Rhode Island. Thanks for

(45:56):
holding Lou and welcome.

Speaker 2 (46:00):
How they're doing.

Speaker 5 (46:01):
Jeff, uh, you're you're right about the legals, uh to
you know, twenty bring twenty million people in the country,
and it's going to cost something, and especially if it's subsidized.
But here's what I want to say. There's two a
couple of really big points I want them to say. First,
First of all, the Democrats are going to run on affordability.
Where are the Blue states so much more affordable than

(46:23):
the red states? I mean, the affordability up here in
New England it is terrible. So what are they going
to brag about. It should be a paradise if Democrats
are in charge. And then they're and they make things
so affordable, which they don't. And it's even worse now
because remember Mandami, he defeated another Democrat and so now
then he has used to doing the communist thing for affordability,

(46:45):
which means the government's going to own everything and they're
going to dole out the houses and fix them up
and and and it's going to be terrible. And on
top of that, with him and and and Healy and
everybody else, they're making their states and their cities a
magnet for more legals to come in there because it's
going to be a paradise. He's going to protect them.
It's going to be terrible. It's gonna be even worse

(47:05):
than the Blue States. So that's that. But I want
to get to a couple of major points that I
think are important, because I think the legal thing is
very important. But the second thing is is that recently
Bill Gates came out and he said, oh, climate change
is no big deal. Look at all the money we
have put in regulations, we have put into climate change
over the years, especially under Biden. The new Green Deal

(47:29):
bill that they call the Anti Inflation Bill is eight
hundred and ninety one billion dollars, and that's to subsidize
all this screen stuff. Not only that, look at the
cost of energy. If more healing had not stopped those pipelines,
your energy prices would would have been down much lower
by now, way down lower. If we could have had
more nuclear and used more fossil fuels or energy would

(47:52):
be way lower. He's got Trump first of all. Number
one has to focus on energy. Get these energy costs down.
Force the blue They used to start bringing in more
energy cheaper, either through pipelines through nuclear. I have a
neighbor who worked in the energy business. He said, nuclear
is so much more advanced now. You can build big plants,
you can build small plants and they'll really reduce to

(48:15):
the cost of energy. It's much cleaner. Get rid of
all the green energy regulations that we have that drives
up the cost of housing. It's ridiculous. How much you
got to have solar, You got to have this, it's
got to be there, you got to be this. And
then it's like Thomas Ohl said, the regulations killed housing
in California. You've got to get these regulations down, especially
the green regulations that drive up the cost of housing

(48:37):
and bring the housing down. I mean, back in the fifties,
they used to be able to build things like Leavittown.
Remember I don't know if you know about Levittown, but
they used to build all these houses all over the
place that were affordable to people, that people could buy.

Speaker 6 (48:48):
Oh no, I.

Speaker 1 (48:49):
Remember, Oh, you're right. No, no, I mean I used
to teach that when I was at university, about Levittown
and just what it did for especially working middle class Americans.
They were suddenly able to get into a home, and
they were good quality homes, well built, and because they
had low regulations, and they encouraged builders to build and

(49:10):
to create these communities and just to piggyback off of
what you're saying, Lou about these red crippling regulations, the
fires in the Palisades, I think, what is it, ninety
nine percent of the homes haven't been rebuilt yet. I think,
what do they say, only two hundred or in the
process of rebuilding out of thousands and thousands of homes
that have been burned down. And when you say, well,

(49:32):
why to go all of the environmental regulations, all of
the permitting, all of the process, all of the regulations,
all of the paperwork, all of the so the builders
are saying it takes forever to rebuild, and this is
an emergency zone that was burned to the ground. Builders

(49:56):
in Massachusetts keep tell me if I'm wrong