How would people here feel about a tax that increases in rate per-property owned? People and organizations can still own as many properties as they want, but at some point they're going to be taxed so much it'll be impossible to profit off of them.
Until we actually remove republicans and republican lites from the legislature I highly doubt we'll see any progressive tax reforms, like actually taxing the rich. You could probably find more support for expanding house buying programs. Stuff like lowering the down payment requirements, and or give a large grant for a portion of the house value if it is high and it could be clawed back at sale.
The problem right now is one of supply and demand, not because corporations are buying up too many properties. It's the other way around where corporations are buying up properties, because due to not increasing supply, and demand continue rising, it's a good investment.
We need more high density housing all over the place. I live in a nice little town right outside a large US city. We have a train right into the city, and a nice little downtown area that could certainly use more business. They have been trying to put up apartment buildings, but the NIMBY-ism is through the roof. It's like every little attempt to add more housing, people start whining to high heavens how it is killing our "small town" feel. I mean, I get it, I moved here for a reason, but something has got to give.
I can only imagine what's happening in more rural areas where everyone wants their big lots and single homes.
So I don't really oppose increasing taxes per home, but I don't think it's really going to solve the issue of increasing home prices as that's not the root of the issue.
Personally, I'd prefer a monthly fine for unfilled housing, that is based on the rate you are charging for it. Landlord wants to jack your rent up 20%? If you leave, they pay a fine, based on that amount until they fill the unit. The fines go to subsidizing housing costs, so there is a self-balancing system. Right now, with property values increasing at insane rates, owners don't really need to rent to break even, which leaves them free to price gouge their tenants. There is little pressure pushing rates back down, and there is all the freedom in the world to jack them up as high as you want.
How would people here feel about a tax that increases in rate per-property owned?
That's functionally how the homestead exemption works already
they’re going to be taxed so much it’ll be impossible to profit off of them.
I would simply start a PAC with all my extra money and bribe/coerce politicians into reducing the tax rates.
I'm not sure. Realizing I had no idea how much wealth the truly wealthy possess has been a reoccurring theme from the past few years. I think I'd rather see some hard limitations on who can own what.
The sky is blue
What a terrible article. The solution is throwing more subsidies? Of course it's not! The solution is making it illegal to own more than a few properties. It really is that easy.
Why is the for profit house building industry involved in solving the problem they had a hand in making?
Reform the CPA and just build ourselves. Or use the army core of engineers. They are getting paid either way.
Raise property taxes 500% for property that is not registered as the owners primary residence.
That should do it
Don't be stupid. How else an I going to make money by doing nothing? Get a job? That's for people who don't pull themselves up by their bootstraps!
There's always talk about tax breaks for home owners...
Never talks of raising taxes on landlords and empty units tho.
That's what would fix it. Tax them out of the housing market slowly and.prices will go down as they get out of the business.
Indeed. Nothing about this addresses rental markets and general extreme cost of living. Rather, it finds new ways to prop up severely overvalued housing markets.
Housing costs are so high because it’s become an investment over a necessary place for a human to live. A correction is severely needed and long overdue, but the government works hard to keep values artificially high from zoning laws at the bottom to preventing corrections at the top.
At the very least, they should raise real estate taxes on empty units. This will penalize people for owning several vacation homes, as well as incentivize landlords to lower rates in order to fill the unit.
Difficult to enforce, but send a few people to jail for real estate tax fraud and the rest will fall in line.
Build. Social. Housing.
Its not a difficult concept. The “market” is not going to build anything that lowers the price. The market is not going to build anything fast enough. The market is absolutely not going to give a flying fuck about building to create communities.
Could that be because those homeowners are charging rents high enough to cover both mortgage and insurance and more on the rented property?
Correct. In capitalism one must profit off the necessities of life.
Also, when you buy a house, the cost of the mortgage is locked in...assuming you don't do an adjustable rate mortgage which were never designed for long term homeownership.
When they say "the housing crisis", is that what the poors call the record profit boon?
That's just the ruling class acting blind, disguising as a neutral news source
If I could, I would pass a law saying that no corporation could own more than two dwelling structures. That still allows them to own things up to apartment high-rises. But only two.
No. You make it so that they cannot hold single family dwellings period unless for the purpose of listing and selling them to non-corporate individuals.
they'd just make nesting doll structured holding companies with all profits going to the top but any losses being contained within each branch
actually this sounds like a great idea BRB gotta register some LLCs in Delaware
Decommodify housing along with every other human necessity, like water, food, utilities, and healthcare. There's no way that any of these problems will be fixed permenantly otherwise.
Ban corporations/private companies from holding empty residential housing. Problem solved. Not complicated. Our system fucking sucks and is designed to protect land owners which is why we're in this situation. This is fucking up our entire society, slowly bringing us down, we're losing to China. This change needs to happen soon otherwise we're going to see the working class get milked hard enough that our real economy will collapse.
Ban corporations/private companies from holding empty residential housing. Problem solved. Not complicated
Who passes this law? Who signs it? My municipal and state governments are infested with real estate agents landlords, attorneys, and bankers, all of whom profit from artificially scarce housing.
my rental office rose my rend $200 and I couldn't afford deposit on a new place. am fucked.
We don't need tax credits.
We need Private equity out of the housing market.
We need better safeguards for tenants.
Financial moves like tax credits and incentives always end up benefitting the haves.
What frustrates me is there doesn't seem to be anyone in a position to promote change to this problem that is really talking about it. They may pay it lip service but nothing beyond that.
It's a national problem, but policies that affect housing are mostly local. So you need to override local control with state/federal policy, or convince a 50,000 municipalities to change their laws.
And the few states that have passed reforms for zoning, etc. are getting sued to shit in court by the city/towns.
This problem was 50 years in the making, it would take more than 50 years to fix.
My piece of total shit landlord just took 4 months to fix my bathroom then raised rent an absurd amount. I’m enraged.
This is something I'm currently struggling with. I rent a house and the roof is leaking in two different rooms. Problem is that last time I had the landlord do any repairs he increased my rent by $300 a month. I know that having a leaky roof is damaging his property, but it's only a minor inconvenience for me at the moment.
I'm not about to spend an extra $6,000+ a year just to preserve his property when I can keep it from bothering me with a tack, some string, and a pitcher for the water to go into.
A partial solution is to remove nimby laws that prevent accessory dwelling units, duplexes, and medium and high density housing. Then you use the tax laws to heavily punish corporate ownership of low and medium density housing, and make it progressively more expensive for mom and pop landlords after a reasonable number of properties.
Hopefully this would lower the cost for single family housing, while increasing supply and variety of rentals. But somehow you'd have to prevent end stage capitalist collusion from fixing prices so competition could actually work to drive down prices.
It's so bad, I would happily accept the mega cities from judge dredd being built.
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