It’s an absolutely dumb idea, though. It won’t solve a single thing.
The real fix would upset the rich. No person, entity, or affiliated entity should be allowed to own more than like 5 homes.
That’s literally all it would take to solve the issue. 60% all all rental houses are owned by corpos. Some own over 50,000 houses they collect rent on. That’s just absolute bullshit that shouldn’t exist. Owning houses shouldn’t be a 7+ figure income strategy
There’s a simpler solution: no non-individual entity can own a residential property - house, condo, apartment, whatever. The exception, of course, being banks, in the interest of mortgages, but that’s rather different anyways - the bank is essentially holding ownership of the property in escrow until the loan is paid back. That one rule would go SO FAR in controlling the price of housing. Yes, scarcity is part of the issue, but blatant corporate profiteering and forever-renting is an insidious and horrifying threat that fucking NOBODY who makes policy talks about, because if they did the lobbyists would bury them.
There would of course be ramping taxes for owning multiple residences, up to 100% once you get past a vacation home or two, but you must know that that’s nowhere even close to being the primary driver of the housing crisis.
If course companies and people owning multiple homes is the driving factor. That’s the only reason it isn’t a buyers market and housing costs have literally over doubled in the past 15 years. Everything has been bought up to be used as rentals or air BNB’s.
It’s an absolutely dumb idea, though. It won’t solve a single thing.
The real fix would upset the rich. No person, entity, or affiliated entity should be allowed to own more than like 5 homes.
That’s literally all it would take to solve the issue. 60% all all rental houses are owned by corpos. Some own over 50,000 houses they collect rent on. That’s just absolute bullshit that shouldn’t exist. Owning houses shouldn’t be a 7+ figure income strategy
There’s a simpler solution: no non-individual entity can own a residential property - house, condo, apartment, whatever. The exception, of course, being banks, in the interest of mortgages, but that’s rather different anyways - the bank is essentially holding ownership of the property in escrow until the loan is paid back. That one rule would go SO FAR in controlling the price of housing. Yes, scarcity is part of the issue, but blatant corporate profiteering and forever-renting is an insidious and horrifying threat that fucking NOBODY who makes policy talks about, because if they did the lobbyists would bury them.
Worded like that, an individual can own 1,000 houses.
There would of course be ramping taxes for owning multiple residences, up to 100% once you get past a vacation home or two, but you must know that that’s nowhere even close to being the primary driver of the housing crisis.
If course companies and people owning multiple homes is the driving factor. That’s the only reason it isn’t a buyers market and housing costs have literally over doubled in the past 15 years. Everything has been bought up to be used as rentals or air BNB’s.