Republican tax bill makes homes more unaffordable
Halving the set-off for mortgage interest adds to burden in areas where prices are high due to shortage
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New York
PRICEY US housing markets, from New York suburbs to California's coastal cities, could take a direct hit under the tax-reform bill released by House Republicans.
Under the bill, mortgage interest would be deductible on loans up to US$500,000 instead of the current US$1 million for couples filing jointly - weakening the incentive in high-cost markets where property deals often require large mortgages.
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