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this post was submitted on 05 Dec 2023
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Can we finally focus on real estate reform now?
This latest housing crisis has made it abundantly clear that allowing wealthy individuals and corporations to own single family homes is destructive to society as a whole.
The priority should be owner occupied homes. People need housing security. If even the middle class with career jobs can't afford a modest house in their peak working years, the system is broken.
We can attack this runaway housing inflation by doing the following:
Ban companies (including hedge funds, etc) from owning condos and houses. Apartment complexes are still fair game, because society needs high occupancy buildings which require more capital to build and run.
Limit individual ownership to 3 (as an example, number doesn't matter) dwellings. This will curb the rampant "buy for short term rental, parlay into next purchase for short term rental" scheme. We still need rental properties, and small local landowners should be the priority.
Heavy penalties for selling in under 2 (as an example) years. This will also curb the short term rentals due to added risk, as well as curbing the flippers relisting at 30%+ (and I've seen 100%) markups after 3 months.
Each of these wouldn't be outright bans which would potentially too big of a disruption. But in phases, using increasing tax penalties as the stick.
We need to stop treating homes as a commodity. They are a basic essential.
I would add a progressively higher tax rate for each property beyond 2-3.
Most definitely. When I said limit to 3, I meant exceeding the limit would incur progressively higher taxes.
We need to eliminate large holdings. They help no one but the investors, at the cost of everyone else.