The Housing Crisis Isn’t Going Anywhere Until We Tackle Property Wealth Inequality
The Housing Crisis Isn’t Going Anywhere Until We Tackle Property Wealth Inequality
There are so many great ideas that could have been implemented by now, and have been implemented in other countries. But the Liberals have only instituted policies to make it worse. Only now that the youth vote is leaving them they may at least pay lip service to it. It's honestly disgusting.
Preach. I voted Green. Mike shows promise and he's consistent with messaging. Next election I'll more than happily stump for them.
Triple property taxes for units not occupied by owners. Quick fix.
Forbid corporate ownership of anything under 4 units/12 bedrooms, and require them own 100% of any contiguous building over 4 units. Added taxes will just be passed on to residents. Corporations are used to aggregate money (both public corps and family/friend groups) and avoid taxes.
Then make a financial law that forbids making property loans with collateral which includes any real property that is not the property being purchased. No condo bros buying units and then re-fi-ing out to buy more.
The issue is owners just fake the documents when your property tax or vacancy tax mail arrives. Friend of mine rents basement suite, landlord has not lived in main house for over two years, it has been empty the entire time. somebody comes every few weeks to collect mail.
Then why not check on it occasionally and put a hefty fine on it when they fake the documents? If you cannot make a new and important law because rich people will try to bypass it than the state is useless.
Whistleblower law that lets people who finger this kind of landlord take ownership of the property at a nominal fee for processing the paperwork. Call it $25.
We still don't physically have enough houses. It's quick, but not a fix.
how about prevent cooperate take over of nin commercial property, especially foreign takeover. Look at how they're swooping in on the victims in Hawaii after the fires.
Land value tax would fix this.
Georgism making a comeback baby!
I hope so. Subscribe to !georgism@kbin.social if you haven't already.
this would work. It would make things like the 2009 banking crisis more of a crisis but maybe thats not a bad thing.
the other thing is downward pressure needs to be applied to the market: new units sold at below market value to people that don't already own homes
The solution is to build more housing.
So BlackRock can buy it and rent it out to people for $3,000 a month? What use is more housing if rich people who own 1,000 houses are just going to buy it? The solution is more complicated.
The solution is complicated because people can't agree on the problem.
As with your comment and subject of the article there is plenty of people that are perfectly happy with the housing crisis as long as the remain to the favourable side of it.
If there is too much inventory the price for rent will go down.
I don't think that will happen. The empty houses problem is probably much exaggerated, since it gives less returns then renting them out.
That would require making more land and increasing the capacity of existing high-use, aging infrastructure for water, sewage, power, and trash. I can find you a cheap place to live out in the sticks. Hell, the town down the road from me has brand new, 3BR 2.5BA 1900SF homes with garage for $270k (USD). You only need 2BR/1BA and 1100SF? $150k. Thing is, it's a 30-40 minute drive to the center of my 200,000 person MSA. But this isn't a fun, entertaining city with excellent walkability, public transit, a major airport, and multiple concert venues and public spaces so people aren't flocking to move out here.
They could, but that's still going to take a lot to balance the scales. It should be part of an overall plan for housing affordability
We must always punish to the poor. /s
So Basically, there's always going to be a crisis. Cool thanks.
There's a few interesting bits to this article, but I like this one the most. Property taxes on the cumulative amount of property a person or company owns is huge. It provides a punishment for buying up large amounts of property.
People already pay taxes on cumulative properties. You need this plus the progressive tax idea.
Because the corporations will never allow it
I think the concern is that:
Now, the solution is to a) couple this with rent control, b) exempt purpose-built rentals from this endeavour, and c) punish serial transgressions with confiscation.
Frankly, I think the idea of punishing malfeasance by landlords with confiscation to be just awesome: if you're a predatory slumlord, we take the house and repurpose it as RGI public housing. Do I worry about the government becoming predatory? Yes, yes I do, but in this case it's a lesser-of-two-evils thin.
Corporations shouldn't be allowed to own residential property in the first place. Make it illegal.
Slumlords and overpriced rentals can be storage issues though. It can be a nice place, but if you're paying $2k+/mo for a 1b1b that's way too fucking much even if it's in good condition