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Don't protect "renters". The entire concept of "renting" needs to die in a fucking fire.
Instead, we need to jack up taxes on residential properties. Send them to the moon. $2000/yr? Fuck that: $2000/month.
But nobody actually pays these exorbitant rates, because we create an "Owner Occupancy Credit". The tax rate is only high if the owner doesn't live in the home.
What happens to renters? Do landlords jack up their prices to cover the increased property taxes? Or do they offer their tenants a private mortgage or a land contract, so they don't have to pay the hiked taxes?
When they can make more money as a lender than as a landlord, they aren't going to be renting anymore. Establish an owner occupancy credit, and "landlords" will be fighting tooth and nail to convert tenants into buyers.
(The actual tax rate should target an 85% owner occupancy rate. When more than 20% of the population is renting, the non-occupant tax rate is increased 1% per year. When less than 10% is renting, the non-occupant tax rate is dropped 1% per year. )
NY has this. What you have described is the STAR tax credit. This credit only applies to school taxes (2-3k a year)
Yeah, many states have similar credits or exemptions for various purposes. From my brief research, it seems the STAR credit is not available to new homeowners. It's only available to people who are grandfathered in. But, it works much like I describe: a credit for owner occupants.
Ohio has a "Homestead Exemption" allowing disabled and elderly homeowners to deduct $25,000 of the market value of their residence.
We can do the same thing for purposes of discouraging corporate and investor ownership of residential property, and encouraging occupant ownership.
You might be looking at the enhancement STAR which has more complex requirements. Here is the PDF for new homeowners and here is the actual eligibility page.
edit: OH you are looking at the STAR exemption vs the STAR credit. Yeah it's basically the same thing. One is applied to your taxes before you receive your tax bill (and is being phased out since 2015) and the other is a direct deposit you receive. Same amount.
Ah, I see. Yes, I only did some very brief research to verify the concepts matched; I didn't delve into the specifics.