The ownership of homes by wall st. was always a terrible idea.
this post was submitted on 15 Aug 2024
876 points (99.0% liked)
politics
19104 readers
4673 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 1 year ago
MODERATORS
yeah, fuck tax benefits, make it illegal
Property tax should be 100% for third houses (there are legit reasons to own 2 houses - especially when helping a family member finance a home or inheriting property) and for any houses not owned by an actual human.
Give developers building a house 3 months to sell after completion. If it doesn't sell in that time, it gets auctioned off to the highest bidder with no minimum price.
Also give a maximum construction time of like 2 years to keep them from leaving a door off or something and calling it unfinished until it sells for their inflated bullshit value.
Land zoned residential must be developed or sold to an individual human within X years. Empty land that's zoned residential should be platted with a maximum lot size appropriate to the area to keep them from developing 1 house on a thousand-acre tract and selling it to someone who is trying to sit on the land as an investment.
Essentially, developers need to be forced to build and sell houses at a fair market rate they're prohibited from manipulating.
also 100% rent tax for second rent and beyond.
you ask rent for one house, fine. maybe you invested in it, inherited it, whatever. maybe you have one house but don't want to live in it so you have renters in it while you rent another apartment yourself, cool, you do you. you're paid rent from one source, you pay regular rates. you put a second place for rent, sorry, all of it goes to subsidizing affordable (if not free) housing.
and because I'm a gracious and benevolent pretend lawmaker, you get to choose which single place you get to pay the regular rates for. all the rest of your places get 100%.
market rates can also be enforced with flexible tax rates:
if the market is 100 and you ask for 100, you pay X.
if you ask for 200, you pay X + 100.
if you ask for 300, you pay X + 250.
if you ask for 400, you pay X + 400. and so on.
the government can easily make sure you get not only zero benefit from inflating prices, but actually take losses. if the rich cunts can pay negative taxes, they can handle negative net gains.
My one question with this is, what do you do for multi-unit apartments and such that aren't condos? Yes, it's corporate-owned. Yes, that has its own slime that needs to be cleaned up. But it's also a reasonable way to increase housing density (meaning more housing and, if done correctly, less reliance on cars). Housing rentals do have their place in the world, especially when people only plan on living somewhere for a few years (college students, military, medium-term jobs)
How do you free up the housing market from landlords and investors while not screwing things up for people who would actually be better off renting?
load more comments
(3 replies)
150%.
100% still let's them sit on it and raise property rates.
I think this is maybe a tad extreme. There should definitely be diminishing returns for each additional single family home rented, but I propose something like an additional 20% per. So, 20% for the 2nd, 40% for the 3rd, 60% for the 4th, 80% for the 5th, etc. Nobody needs to own more than six single family properties.
My proposal, however, also includes that when we catch some asshat inevitably inventing shell corporations and LLC's attempting to evade this, as if we couldn't see that coming a mile off, we don't tax or fine them.
Instead, we put them in jail.
Can we add on the penalty being forced to hike across the Mojave buck naked with no shoes.
Tax benefits for investors buying homes?!?!?!!??!
Who the FUCK DID THAT?!?!?
"housing market is really hard to fix guys"
Gives tax breaks to landlords
You won't believe it, but they are also invested in Congress, and Congress knows how to pleasure shareholders.
Guess
Ummm. The investors I would guess.
Depreciation of assets are tax write-offs, I think.
enforce fair housing laws
Hopefully this includes not kicking out people who can still pay rent, just so the landlord can have themselves a weekend vacation cabin or higher-priced rental. And there should be a law forcing landlords to offer a rent-to-own option. Also, how about recalculating inflation to account for every expense that has gone up, so that the percentage a landlord can raise rent each year isn't so damned high. While we're being fair, of course :|
I agree with everything you said except for this:
And there should be a law forcing landlords to offer a rent-to-own option.
I generally don't think there should be laws forcing individual citizens to sell anything they own. I could however be on board with government regulated and incentivized rent-to-own programs.
Owner Occupancy credit against property taxes. Sometimes called a "homestead exemption".
Basically, if you live in a house you own, you pay a vastly lower property tax rate. If you own a house you don't live in, you pay a vastly higher property tax rate on that house, because you can't claim the exemption.
When we establish this, "landlords" stop "renting" and become private mortgage lenders. They sell their homes to their former tenants, or issue "land contracts" (rent-to-own arrangements), and enjoy the lower tax rate on the property.
If they foreclose or evict, they pay the higher tax rate until they get a new "buyer".
load more comments
(13 replies)
I understand what you're saying and I did feel weird typing that since I know there must be a better alternative.
Something has to give, though. In late June I had to leave a place I rented for 19 years and I'm still stunned. Idk how much of the house's value we paid in rent, but it was a lot. And it wasn't even a large home, just a small cabin few people would wish to live in. But there was nothing stopping the landlord from kicking us to the curb.
Idk how much of the house’s value we paid in rent, but it was a lot.
Definitely 80-100% of it.
Almost 20 years of renting, if all of that including the (almost certain) increases had been applied to the original mortgage you'd likely own it by now.
They charge you everything they're charged plus add on a profit margin. That profit margin if applied to principle on a standard 30 year mortgage would've paid it off earlier.
Yeah, and it sucks, but what can I do but move on :/
load more comments
(4 replies)
It's almost as if Harris knows how much Trump loves playing with his real estate
Her campaign so far has been a masterclass in trolling. Can't wait for the next Truth meltdown to drop.
What protections for renters? They basically have none. Let’s see some implemented!
Lol read the article for answers to your question
It’s a rhetorical question. It’s meant to underline how I think the protections are grossly insufficient.
Why won't anyone think of the tax investors on wall st?!
Vice President Kamala Harris will call for the construction of 3 million new housing units in her first four years in office, as well as a new tax incentive for builders that construct properties for first-time home buyers,” the Wall Street Journal reports.
“The housing initiatives are part of Harris’s emerging economic plan, which she is expected to address in a speech in Raleigh, N.C., on Friday. Rising prices have become a point of intense debate between Harris and former President Donald Trump.”
This is what kills me among many things about Republicans. Trump's pitch is "BiDeN RuInEd EvErYtHiNg!" and his only policy is "deport everyone and give the heritage foundation whatever they want."
Democrats actually have plans to attempt to fix the issues we have, whether self inflicted or not. Whether they can actually accomplish those plans is something else, but at least there's a plan other than bitching "the other guy sucks so vote for me!"
Magoos act like we are the same with Trump, but that's because it's all fox news tells them and their feelings get hurt when we say how horrendous Trump actually is so they get defensive and rely on BoTh SiDeS!
load more comments
(7 replies)
THANK FUCK
It's not social housing, but it's certainly a step in the right direction
Somehow it won't get done in her first term but vote her back in and she promises it will get done in her second term. How do I know? Because every single president does the same exact thing.
Because every single president does the same exact thing.
What are you talking about?
Biden got about as much as he could get through a Republican controlled House and a filibustering Senate: a major COVID relief bill, a major infrastructure bill, and a major environmental reform bill.
Trump did a shitload in his one term:
- Replaced 3 Supreme Court justices and a lot of lower court judges who went on to overturn Roe v. Wade and Chevron, deliver a shitload of conservative decisions, and block a bunch of Biden executive actions (including student loan forgiveness, all sorts of COVID policies, and a bunch of economic regulations).
- Major tax cuts in 2017 for corporations and high earners
- Withdrew from the Paris accords and rolled back a lot of Obama EPA regs
- Made shifts towards privatization of k-12 education, including towards religious private schools.
Obama signed a bunch of stuff into law his first two years:
- Obamacare
- Universal healthcare for children under S-CHIP
- Student loan reform, creating public service loan forgiveness and much better repayment plans while cutting out private lenders who took all the upside with none of the downside.
- Lily Ledbetter Fair Pay Act
- Repealed Don't Ask Don't Tell
- Passed Dodd Frank, including the creation of the Consumer Finance Protection Bureau
- School lunch reform
Bush campaigned on tax cuts and got them, and then got a bunch of other stuff in from his first term related to 9/11 and the aftermath: The Patriot Act, authorization for wars in Afghanistan and Iraq, etc.
If anything, presidents are far less effective their second term than their first term.
load more comments
(5 replies)
And yet this flawed process has still accomplished more than edgy cynicism ever has.
While you're probably right, there really isn't a better choice here. It is what it is.
load more comments
(3 replies)
load more comments
(1 replies)
Maybe that helps, in general private equity or owners need a cap on purchasing rental housing units
view more: next ›