Republican tax bill makes homes more unaffordable

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.