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this post was submitted on 16 Jul 2024
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I like the idea of rent to own condos from the federal government. That removes the profit incentive and allows tenants to immediately form a council for their building to manage maintenance and such rather than having a landlord (or 10 who own single units in multiple buildings) run the building council.
It's easy as pie too, federal government buys or builds, (doesn't matter), then divides the cost by the number of units. That number is the magic number at which you own the condo free and clear. Divide the magic number by 30 and you have base rent that must be paid monthly. You can pay more if you want or you can just do the base plus fees set by the building council. If you need to move before 30 years then someone can buy you out of your unit by paying the amount you've already paid or more. Otherwise the government will buy you out and start the process over with the next tenant.
Build enough of these and we can drop an anchor into the housing market that naturally prevents things from going too high. After all why would I mortgage 800k when I can pay half that over 30 years with no interest?