Tax empty properties owned by corporations.
Ban foreign investors from buying up properties.
Increase taxes on non-primary, non-secondary properties dramatically (so if you own a home and a vacation house, you're fine, but you'll pay way more in taxes if you own more than that).
Release federal funds earmarked for subsidizing the mass construction of low and middle income properties that must be sold at below market rate in order to qualify for the subsidy.
Re-evaluate zoning laws nationwide to make it easier for residential housing to be built into areas that it currently makes sense but is forbidden due to draconian zoning laws propped up by NIMBYs.
Sorry if any of the above hurt your bottom line in the end, but it's more important to ensure that everyone has a place to live than it is to protect the "ownership as a means of passively generating wealth" model we are currently living under. The line cannot go up forever.
Don't tax anything remotely to do with building and owning property. Tax the fuck out of owning empty property
Doesn't address some issue of how every time a house goes up for sale in my neighborhood, it's immediately sold to some company, usually hundreds of miles away. Property isn't empty, but there's no chance of an average person to manage to own a house, and rental rates are largely at the discretion of a handful of companies.
If property keeps getting built faster and faster it's just a matter of time until the bubble pops. Taxing empty property will accelerate that popping or at least deflate it.
There's no need for competition in the rental market because there isn't enough housing. The problem is multifaceted, people should look not only to taxes but also liberalizing zoning laws.
And outlaw Air bnb, why build an apartment when you can just build condos and make the place into an overpriced pseudo hotel with no cleaning service
Wouldn't that just drive rents up? Landlords would instantly pass the cost onto renters.
Not every tenant in every market can raise rents unless landlords collude which is supposed to be illegal.
*per unit
I don’t know about the US but Canada’s population has been skyrocketing at about 12-15% increase per decade. Yet we’re building houses at an unbelievably glacial rate. This is totally unsustainable.
Here’s the real problem: the household wealth of most Canadians is tied up in the real estate values of their homes. Governments are afraid to unleash a building spree because that bubble will burst and destroy the wealth of the middle class. Instead, the current government is deeply committed to growing the population and the economy through immigration. But this will only put more and more upward pressure on the housing market. The middle class gets richer, housing gets less and less affordable, and immigration resentment grows.
Why not crop off the reddit advertisement
Get rid of California's capital gains tax on house sales so that properties can be sold instead of rented out.
Or just ban Landlording of housing and problem solved. The homelessness crisis immediately ends and houses become so cheap that everyone can afford them.
There is a need for renting, so there has to be some balance to avoid all that capital being driven toward forcing renting to be the only option while still allowing some housing stock be available for renting (eg people who know they won't be there more than two years)
So you wish to and can afford to buy a home right now? Are there even enough homes? If not, where will you live? How will such housing be provided for you and what will you offer in exchange?
Personally I'd like to see housing provided as a basic human right along with health care, income and a few other things but I'm guessing that's not happening any time soon. Interested to hear what you think of how this will work.
I’m not sure if this comment is facetious or not but the world financial system also collapses pretty much instantly… The global economy is hooked on to real estate like a crackhead. Any sudden bans like the one suggested is likely to end in a greater and more immediate catastrophe.
