Source: Bloomberg
Property owners in California, Florida and New York have the most to lose if Congress limits tax
deductions for interest payments on home mortgages, according to a Bloomberg analysis of Zillow data.
Assuming a 20 percent down payment, the three states together are estimated to have more than 80,000
homes currently listed for sale where the mortgage could reach at least $500,000, the limit laid out for
new home sales in the House Republican tax plan. In California, that’s 44 percent of homes on the
market.
Colorado and Massachusetts follow with one third of the number of homes on the market. Hawaii, though
it has fewer homes for sale than California, New York and Florida, could see a high percentage of
mortgages that would be affected by the proposed cap — more than half.
