return2ozma'Renters Are Struggling': Economists Back Tenant-Led Push for Federal Rent Control
flossdailyMy understanding is that rent control backfired pretty spectacularly in the long term.
The better plan here would be to stop companies from buying residential properties, to incentivized the conversation of commercial properties into apartments, to penalize banks and individuals who are sitting on unused residential properties.
Oh, and wipe out all student loan debt so that younger generations have a prayer of buying a house someday.
There’s also an underlying layer to this problem with a specific type of home owner: the foreign investor. These individuals use American properties to hide their wealth from their home countries. Tax evasion, high ROI, and increased scarcity in every purchase. Homes often go months and years without occupancy, sometimes with minimal furnishings so as not to appear vacant.
I’m not saying foreigners shouldn’t buy homes in America. However, if they do buy a home they should be required to occupy each individual property for a minimum of 6-9 months every year. Otherwise, a heavy tax that exceeds the property’s/ies annual appreciation to encourage occupancy or selling would be ideal.
Which sounds nice, but how do we prove they are or are not actually living there?
StumblinbearI mean, if they lie about their primary residency, that’s a whole set of legal problems they’ve got themselves in
Even if they lie requiring X months would at least put a cap on how many they could own since there are only 12 months in the year.
Iirc primary residency is already living in a single home more than 6 months out of a year
True I guess I was reading more into the original comment on taxing more than appreciation and such. I know there are tax benefits to primary residence already, which maybe covers their original idea, but I figured it would be even higher taxes for foreigners for non-primary residence or something was what they were suggesting.