Banks should not be landlords of single family homes. Businesses that are not in real estate shouldn’t be buying up homes to rent back to the community. More homes on the market will bring prices down. There’s loads that would have to be worked out but I feel it’s a good talking point.
Cheap money from the Fed has made it easy for companies like Blackrock to take over the real estate market forcing prices and rents up. If a corporation owns real estate for rental, then they should be taxed at a commercial rate on that real estate. They have ruined the liquidity in housing and cause prices on things like home insurance and taxes to rise out of the reach of many home owners.
3 Likes
I would suggest an amendment to only cover single family and multi family under a specific amount of units like 10. I’m okay with them holding apartment complexes, and providing proper staffs as they always have, it’s the single family buy up that has put us in a housing crisis and drove up prices. This alone would open up inventory.
It should be a phased sell off requirement tho not to disrupt current renters and perhaps offer an incentive tax break if they sell to a current tenant.
1 Like
I would recommend simplifying the title of your proposal so it catches people’s attention more easily. This is a huge issue I absolutely would love to see voted up. One suggestion: Cap Corporation/Company Purchases of Single Family Homes