One of the major contributors to housing prices exploding is the massive influx of single family home ownership by major corporations. The result is that those houses end up permanently removed from the supply side, forcing prices higher, resulting in families needing to rent from these corporations.
Home ownership is a staple in this country, I believe individuals should be able to own multiple homes, but corporate entities should not be allowed to own hundreds or thousands of single family homes.
By forcing these corporations to liquidate their thousands of properties, we will reduce buyer demand and increase supply all at once, forcing prices back into a reasonable range.
The banks and the corporations need to be severely limited in how far they can stick their hands into housing anymore. It’s way too risky to let financial institutions hold power over a foundational aspect of American life. It should be easier to own a home in America and the only ones profiting from it should be the buyer and the seller and anyone else they both want to involve and are not coerced into including.
I don’t want to hijack your suggestion but another idea may be banning or restricting home mortgages for single family homes. Insitutions cannot be involved in transactions for basic middle class and lower homes. Perhaps they can only profit a limited amount for escrow services but the buyer and seller will work out reasonable payments they both agree on. All value goes to the ones actually providing value, not gatekeepers!
Over here in SoCal, it’s the Chinese buying everything in cash. Our landlord lives in China… I thought it was just us but we’ve noticed this is a HUGE issue. The realtor that is the “middle man” laughed when my husband told her what we can afford as a down. She told us “good luck! We paid 440k cash for this.” Disgusting… we can’t purchase in China, but they can here? It’s not the big corps like they keep saying.