Forget about all those empty houses, let's build more!
House Bill 485 would allow North Carolinians to take a tax credit of up to $2,000 a year for five years if they buy a brand new house in the coming fiscal year. Republican sponsors of the bill and members of the home building industry said it would create thousands of jobs and stimulate a sluggish market.
It might stimulate new home sales, but that's only part of the market. There are tens of thousands of empty foreclosed properties on the market, dragging down the values of other homes in nearly every neighborhood in this state. This bill would make that much worse.