Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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The Stop Wall Street Landlords Act has been introduced in Congress by Rep. Ro Khanna. The bill would raise taxes on the purchase of single family homes by private equity and corporations. (www.notus.org)

submitted 1 month ago* (last edited 1 month ago) by SeattleRain to c/housing_bubble_2

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[–] leadore 8 points 1 month ago* (last edited 1 month ago)

It's about time! But this is not enough. It needs to be a large tax if it's going to deter them at all, by impacting their cost/benefit ratio, and not just be a token "cost of doing business" fee. More importantly, it shouldn't just be on the purchase of the house -- it should be an annual extra property tax for as long as they hold the property, large enough that charging higher rent wouldn't cover it or be competitive in the rental market.

The idea is to disincentivize corporations from buying up and owning up all the housing. Another idea is that the more single family properties they own, the higher the tax is.