Limit it to corporations of a certain size then. It’s not people like your friend that are doing the bulk of the damage. It’s large corporations buying up entire neighborhoods to rent them forever.
Increase property taxes significantly, and provide an owner-occupant credit equal to the increase. If you want to rent out a single family home as a corporation, you are going to pay an exorbitant premium on your property taxes.
Now, this doesn’t stop OP from making money on his investment: he can convert his “rental” properties into “land contracts” or “private mortgages”, which makes the “tenant” an owner or co-owner of the property, allows them to accrue equity, and earns the owner-occupant credit against the home’s property tax.
This practice only works on a small scale. When large companies try to do this, they simply become traditional lenders.
Set it high enough, and the only low-density rentals that will be feasible are duplexes, triplexes, and quadplexes, where the landlord lives on site to get the owner-occupant credit, and rents the additional unit(s).
Limit it to corporations of a certain size then. It’s not people like your friend that are doing the bulk of the damage. It’s large corporations buying up entire neighborhoods to rent them forever.
Increase property taxes significantly, and provide an owner-occupant credit equal to the increase. If you want to rent out a single family home as a corporation, you are going to pay an exorbitant premium on your property taxes.
Now, this doesn’t stop OP from making money on his investment: he can convert his “rental” properties into “land contracts” or “private mortgages”, which makes the “tenant” an owner or co-owner of the property, allows them to accrue equity, and earns the owner-occupant credit against the home’s property tax.
This practice only works on a small scale. When large companies try to do this, they simply become traditional lenders.
Set it high enough, and the only low-density rentals that will be feasible are duplexes, triplexes, and quadplexes, where the landlord lives on site to get the owner-occupant credit, and rents the additional unit(s).