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White House opens $45 billion in federal funds to developers to convert offices to homes
(www.marketwatch.com)
this post was submitted on 27 Oct 2023
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politics
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I said it elsewhere and I will say it here.
We simply need an exponential multi home tax that has no loopholes, like turning every home into its own business entity. Any home that is owned in any part by someone that already has a home should double in tax rates for both homes. If they own 3 homes all three should double again. There should not be any cap to this figure. Taxes should eventually cost more than the home itself. If you have the money to burn, good, you should be putting it back into the community you underpaid and abused when you collected it from them in the first place.
One home for everyone before anyone gets a second one.
Unproduction is an even bigger deal, that's exasperated by corporations buying up homes. We've been behind on home production (due to lack of federal support in home production, as well as zoning) before Covid. During covid, materials prices increased and home production dropped considerably. Does that mean we shouldn't tackle the fact that in the US buying multiple homes is a good investment? no. But making an effort to deal with the housing supply issue is very helpful. https://www.businessinsider.com/us-underbuilding-housing-over-the-past-decade-2020-9?op=1 https://www.npr.org/2022/03/29/1089174630/housing-shortage-new-home-construction-supply-chain
Yes and no. The problem isn't just these corps buying up houses and renting them out. Everything, even corporate greed must follow the supply and demand model. It DOES NOT MATTER how much landlords own the building if there is no demand.
Case in point, China overbuilt homes. There is literally 4+ homes available PER PERSON in China(calculating average sq/ft per home). The homes are literally pennies and the homes are all empty.
So while I agree that there is a problems with corporate greed, the majority of the problem is the supply. You increase supply, pricing comes down.