Entrepreneurial

from Reuters Money:

Kill the mortgage deduction and give it to entrepreneurs

Prospective home buyer Jessica Doctoroff (C) visits a condominium for sale with her real estate agent Brenda Bremis in Medford, Massachusetts April 2, 2009.   REUTERS/Brian Snyder  Somehow I don't think President Obama had the home-mortgage interest deduction in mind when he mentioned the U.S. tax code before the U.S. Chamber of Commerce this week.

Yet winding down and eliminating this write-off for homes would be good for business. It's unfair, doing nothing to revive the housing market and can be put to better use shifting it to entrepreneurs to create jobs.

Most of the job creation in the U.S. economy comes from small businesses, which typically have no public shareholders to sate and are not primarily interested in fattening pay packages of overpaid executives.

The home mortgage deduction needs to go because it doesn't make housing less expensive, either. If anything, it makes homes more expensive because the subsidy inflates prices. Most homebuyers don't even itemize to take advantage of it. Nixing it would make homes more affordable.

As Alan Mallach, senior fellow at the Center for Community Progress, wrote in this space: "It is one of the most regressive parts of the tax code, since it affects all house prices, including the price of houses bought by lower-income home buyers, who rarely itemize and get little benefit from the deduction."

from PopTech:

Edit your life and win a green contest

Graham Hill's latest design initiative, Life Edited, is a contest to renovate a 420 square-foot apartment in New York City in a way that will radically reduce your carbon footprint. With $70,000 in cash, prizes and a design contract, why not enter it?

Hill, who is the founder of TreeHugger.com, which is now a part of the Discovery network, is on a mission to help everybody get rid of all the unnecessary clutter in their lives. In New York City, this is particularly essential if you want to remain sane. A good way to start is by "ruthlessly editing," as Hill says, your minimal personal space in a green way. Speaking from personal experience, it also clears some (much needed) space in your mind.

In New York, this shouldn’t be so hard to do. In fact, stripping your belongings down to the bare essentials is a regular occurrence given the limited space of most apartments and the fact that various furry -- and not so furry -- freeloaders find clutter to be a perfect place to set up home, as I recently discovered.

Startup faces tough odds in crowded New York rental market

Lee Lin had a full-time job, three rental properties and a problem: he had no time to find tenants to live in them. He tried advertising on free-listing websites like Craigslist, but found it too time consuming, so he created an alternative.

Lin and co-founder Lawrence Zhou, both former programmers, spent nine months and $20,000 in personal savings to build RentHop.com. The website showcases available apartments in New York, predominantly ones that don’t charge renters expensive broker fees.

“Landlords and property managers are very desperate now,” said Lin, who added that when the rental market tanked it forced landlords to absorb broker fees as a way to try to entice renters. These “no-fee” apartment listings have become extremely popular with New Yorkers. “The bottom line is the recession is driving landlords and brokers to work harder to find tenants and that makes room for a new site and a newer business model, such as RentHop to come along.” (Read full article here)

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