No corporation may own more than X single family or multifamily (up to 4 family per building) housing units, other than for occupation by its employees, for more than 120 days. Any housing units owned for more than 120 days are taxed at a rate of 50% of their fair market value per year.
Watch how fast companies like Zillow that tried to get rich fast by ‘playing the housing market’ dump houses on the market.
I’m invested in real estate, and I want this to happen even though it’ll hurt me economically. Real estate is horrifically overvalued, and corporations owning huge numbers of single family homes / small multifamily homes are a big part of why.
I’m all for investing to make money. Some things should be considered public resources, not vehicles for investment. Land and health are among them.
I’ve been thinking along these lines for years. Contrary to what is often said, about landlords being leeches, I believe they provide a service. Not everybody can afford or wants to buy a house, but renting should be affordable.
Land, however, is a finite resource, and should be taxed accordingly, to redistribute wealth, and normalize the market.
I find people who invest on housing as a means to enhance their retirement, for example, fine.
However, hoarding and speculation that leads to inflated markets is not.
A proggresive taxation on individual owners, say 10-15% on the first 3 properties (maybe one or two could be second residences, why not), 20% on 5-10, 50% on 10-20, for example (I’m throwing numbers around) would make hoarding a diminishing returns game.
Businesses should have much higher brackets, on residential. Commercial should be taxed, but less so.
Empty residential should be taxed punitively, and also progressively, and after a certain period, made available to municipalities for social housing.
Capitalism is good, when there are effective checks.
Social housing should be a priority.
There are tons of ways to promote a sane and socially responsible market.
I believe in capitalism, with effective checks, and redistribution of wealth, progressively.
IMHO, the answer is simple.
No corporation may own more than X single family or multifamily (up to 4 family per building) housing units, other than for occupation by its employees, for more than 120 days. Any housing units owned for more than 120 days are taxed at a rate of 50% of their fair market value per year.
Watch how fast companies like Zillow that tried to get rich fast by ‘playing the housing market’ dump houses on the market.
I’m invested in real estate, and I want this to happen even though it’ll hurt me economically. Real estate is horrifically overvalued, and corporations owning huge numbers of single family homes / small multifamily homes are a big part of why.
I’m all for investing to make money. Some things should be considered public resources, not vehicles for investment. Land and health are among them.
Why should corporations be able to own housing at all? They don’t live in them.
I’ve been thinking along these lines for years. Contrary to what is often said, about landlords being leeches, I believe they provide a service. Not everybody can afford or wants to buy a house, but renting should be affordable.
Land, however, is a finite resource, and should be taxed accordingly, to redistribute wealth, and normalize the market.
I find people who invest on housing as a means to enhance their retirement, for example, fine.
However, hoarding and speculation that leads to inflated markets is not.
A proggresive taxation on individual owners, say 10-15% on the first 3 properties (maybe one or two could be second residences, why not), 20% on 5-10, 50% on 10-20, for example (I’m throwing numbers around) would make hoarding a diminishing returns game.
Businesses should have much higher brackets, on residential. Commercial should be taxed, but less so.
Empty residential should be taxed punitively, and also progressively, and after a certain period, made available to municipalities for social housing.
Capitalism is good, when there are effective checks.
Social housing should be a priority.
There are tons of ways to promote a sane and socially responsible market.
I believe in capitalism, with effective checks, and redistribution of wealth, progressively.