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I work for a building materials supplier. Among our renovation clients (not new builds), Almost all of their names end in LLC. That’s who is buying them. Companies, foreign investors, landlords.
Solution: ban companies from owning single family homes, ban foreign ownership of residential property, ban individuals from owning more than 2 homes—and heavily tax rental income at 50%.
Heavily taxing rental income raises rents. Not a good move.
The answer is, and you personally will love this, to build a shitload more homes. End single-family zoning outright, nationwide. Let people build, and they will build
It would encourage things like renter owned co-ops, and discourage things like LLCs owning a shitload of apartments.
What prevents companies from buying them all?
The problem right now is the incentives.
Banks are incentivised to buy homes. It increases the homes for sale and reduces supply.
Banks are deincentivized from building homes. It increases supply.
Increase supply, and the whole first bullet crumbles. They'll run out of money eventually, and if they don't, at least we have more homes on the market to balance out rent.
They won’t run out of money lmfao. This solves nothing.
Chinese developers did
https://www.cnn.com/2023/08/18/investing/china-evergrande-bankruptcy-explained/index.html
No they didn’t.
The same thing that prevents companies from buying. Literally every house available right now - it's not worth it
This is such a weird question. It's like asking what happens if companies buy all farmland. It's just so implausible lol
https://www.axios.com/2022/02/18/investors-homes-wealth-families
You have good points, but this issue isnt really acting like normal markets. Renting space in this desperate market is a lot more like a cartel than simple supply and demand seems to suggest, and:
https://nypost.com/2021/04/20/an-office-vacancy-crisis-is-haunting-nyc-but-owners-remain-bullish/
There is also nothing stopping banks from simply holding onto these long term assets, asking for the right price, rather than following the market and lowering the asking price.
Increasing supply removes the incentive to hold them as long term assets
Yes. Oh. I don't think I had a disagreement with you, but rather misunderstood you.
Zoning is local, you might as well invite pigs to fly
Yes I'd love to change that, but admit it is wishful thinking.
I do, though, always remind people to vote locally