Yeah. The huge price increases and then the huge interest rates means that people wanting a house and people needing loans are shit out of luck unless they want to risk being underwater if there's a crash or being unable to afford a mortgage or need to refinance.
It doesn't really hurt corporations, though. Since their intent is to rent homes forever, they can buy at above market rates and take a hit to ensure there's no other recourse for home buyers.
Corporate home sales also don't use home loans for purchasing, which anyone who has been house shopping in the last few years can tell you when asked about competing against cash offers from private buyers. Those private buyers are corporate buying agents who put the house on the rental market.
"You will own nothing and be happy"*
just ban/tax corporate landlords and landlords who don't live within 5 minutes of their rental already.
The immediate divestitures will tank home values, which will suck for boomers hoping their home will be their retirement account, but it will be a boon for new homebuyers everywhere. Rents will come down to earth, home values will realign with reality, and interest rates can do whatever they need to do to correct the decades of absurdly cheap money.
It would really hurt the older home owners but if we also had a well funded social security safety net then maybe older home owning Americans wouldn't be so desperate to keep housing prices high.
You know use the tax money to help others that aren't billionaires
Almost like all of our problems are interconnected to rich people somehow...
Eat the rich and use their bones for fertilizer.
Within 5 minutes based upon what? Walking, driving? What time of day? You'd have to use a distance instead.
walking, of course
So, when is that determined? Under optimal conditions? Rush-hour? Snowstorm? If an 80 year old is being impacted more than a 30 year old, there will be discrimination lawsuits.
It's so much easier to put it on a distance.youll never get it passed if it's stupid at face value.
Also, if I co-own my house with the mortgage company until it's paid off, does that mean my mortgage company can only write mortgages on houses within walking distance of their office? Who is walking? The CEO, the loan officer? Do they hire a speed-walker from the Olympics to increase their lending area?
Uh, good. Maybe the corporate owners will take a fucking lesson.
What the failed to mention is that home prices arent falling at all
Surely crossing my fingers this hard will help eventually
Oh no.
Anyway...
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