this post was submitted on 25 Mar 2024
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Gentrification isn't the problem. Rent is the problem.
Eliminate rent. Convert rentals to land contracts or private mortgages. Convert apartments to condominiums
When the residents of a neighborhood are owners instead of renters, they gain an unexpected windfall from gentrification.
How do we eliminate rent? How do we convince landlords to sell? How do we convince them to issue land contracts instead of rental agreements?
Massively increase property taxes, but issue owner-occupant credits to revert those increases. Only owner-occupants get the credit. Investors do not.
Eat up their profits, unless they switch to an investment strategy that puts the deed in the occupant's name, such as a land contract or a private mortgage. With the deed in their name, the occupant gains equity as property values rise.
The concept of renting needs to die in a fire.