Housing prices have gotten out of control, causing young people to wonder if they’ll ever be able to afford a home. Supply for properties has been decreased by large companies purchasing single-family homes to use for profit by renting or re-selling them to consumers. This is unacceptable to working-class American citizens who want a home to live, not use as a revenue stream. Stop corporations from purchasing single-family homes, and give home purchasing power back to the people!
445 Likes
I advocate for MEGA-TAXING multi-home ‘investors,’ including private individuals and corps, who own more than one home, i.e., vacation/rental/resale homes. One primary residence per and then MEGA-TAX any further homes on an increasing exponential basis. That will release those homes in a big hurry to the market so 1st-time and lower-income buyers have a fighting chance.
43 Likes
Working Americans buy fixer upper homes and then rent those out to individuals who don’t have the credit etc to purchase a home. Your idea steps on our working class and our most financially unstable families.
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I don’t agree with individuals getting heavily taxed after one home . My sis and BIL inherited his parents home that his father built by hand. They now own two houses. Why should they be heavily taxed on the 2nd home?
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This should be a “no brainer”! The reason home prices have skyrocketed is because of companies like Black Rock removing available inventory in order to rent them back to us, while abridging our First and Second Amendment rights through the Lease Agreement… I am all for a codified ban.
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Nothing is more infuriating than when you buy a house, and then some company buys out a few of your neighbors, and rents the homes out. Not only dropping your, most often, largest investments value, but also you now dont know who your neighbors will be next. And knowing your neighbors is key to a good life.
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I agree with blocking mega corporations from owning single family homes but not at the blocking of mom and pop landlords.
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I agree, we can curb corporate acquisitions of single-family homes without imposing
additional taxes by focusing on other regulatory and market-driven strategies.
Example:
Encourage Community Land Trusts (CLTs): Support the development of CLTs,
which allow communities to collectively own land and ensure it remains affordable for housing.
This can help maintain long-term affordability and keep homes in the hands of
individuals rather than being absorbed by corporations.
Enhance Transparency and Data Sharing: Mandate reporting and transparency in real estate
transactions to monitor the extent of corporate acquisitions.
This data can inform policy decisions aimed at protecting the interests of local buyers.
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If a Corporation or Company is buying up the homes for profit they should fall under a higher tax burden than a individual that is just buying homes for rental income, or someone who has inherited a family property.
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Mega Corps should not be able to buy single family homes. There needs to be a definition of what a mega corp is included and the current list of mega corps. The mega corps can build apartments and townhomes and leave the single family homes alone. They are overpaying for properties which raises the housing bubble. This in turn raises the costs for single families which creates unnecessary hardships in property taxes and the upfront cost of buying a home.
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The problem with taxing them more is they’ll just increase rent
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Homestead (own and occupy) can protect the private owner from any regulation while the home is occupied. It’s the corporate firms and professional management companies that should not purchase or (collectively) own a monopoly in any neighborhood or school district. A cap on the volume of SFR homes owned an operated for income production may be an option to protect the current residents who do not wish their neighbors to remain transient. I would propose less than 25% of the total volume of homes in a community (or precinct?) be available to transfer a deed that isn’t a homestead on a rolling 60-90 day basis. This allows freedom to sell a residence for any reason, but may remove selling to corporate investors. Separately, a sole proprietor LLC could be limited to hold only 10 investment homes per zip code. (Allows small business ownership but no monopoly). The data is already available in county records and can be verified (filed) during any closing/settlement process by a title officer.
Any income producing site should be susceptible to LOCAL infrastructure taxation which forces monetary investment in that specific community. I’d like to see a set % of profit and not a property tax, but that’s a separate topic.
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I agree
A second issue not being considered is the fact they buy up in bulk and then intentionally leave homes empty. Though the fear is they will pass on the increases to renters we must address the bigger issue.
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It would be American way to have a vacation home or second home. Mega tax is just theft. I do think it is a problem of big corporations taking all the supply like a monopoly, especially if its a foreign company. Not only is this pricing and eliminating Americans out of the market it also becomes a security risk.
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I don’t see a problem with an individual owning a second home or a couple of rental properties. I do see a problem with large corporations owning multiple single family home residential properties for longer than one year. There is a difference between the corporation buying an employees house to facilitate a transfer and the corporation being in the rental business. A tax penalty or restriction not allowing more than 5 single family home type rental properties could discourage that practice. Foreign owned or controlled corporations should be limited to renting, not owning property .
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Add in banks have to mark to market value in their books every quarter. If its a lose they have to show it. Right now they hold these properties. This might encourage them to sell, adding properties to supply side.
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I’d rather just outlaw government entities, foreign or domestic, from owning property. Corporations are created by law, therefore they should not be allowed to own property.
Only People (not persons) should be allowed to own property.
I agree with your premise, but no to mega-taxation. For those not in the industry, mega corporations like Zillow, Realtor, etc…, need to be removed as well as the hedge investors. Zillow opened the door to what is going on.
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Fixer uppers? Haven’t existed in over 10 years. Investors buy them, fix them up and sell them.
Private citizens don’t have a chance to find a “fixer upper” in 2024.
Source: Phoenix, no fixer uppers in at least 2017- current.
2 Likes