this post was submitted on 12 Oct 2023
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Make it illegal for any corporation to own residential property.
all properties beyond your first property, you pay an additional 10% sales and property taxes per property above 1. This means you pay 110% for your second, 120% for your third, 200% for your 11th, and so on.
Housing crisis solved.
I think there's a few more parts.
Lack of housing means that you have to bid more than anyone else in your area was offering, including greedy wannabe landlords who watched an episode of Homes Under the Hammer and think it's easy money. When I bought my house, I tried haggling down. Now they're haggling up. Even if the landlords weren't an issue, you'd still be competing with all the 30-something couples in your area desperate to get their feet on the housing ladder.
Insanely low interest rates has lulled people into the idea that the crazy prices "aren't that much" when paid back over 30-40 years. Rising interest rates would fuck a lot of people over who suddenly find their wages going up by 10%, but their mortgage payments going up by 100%. Plus who wants to still be paying off their house when they're pushing 70? Fuck that noise.
Governments and local government need to step in and provide housing at reasonable rents. The glorious free markets have had housing for too long and fucked it right up.
This is why you get a fixed rate mortgage
Is that standard in some countries?
Most of the ones I see in the UK are like 5 years, max.
It is standard in the US. Adjustable rate mortgages are available as well, but they have not been popular since the 2008 crisis.
Yeah, that's understandable.
The US got the brunt of that particular crisis. The UK didn't seem quite as bad, although I did notice you needed a much larger deposit after that. Pre subprime-crisis they were cheerfully handing out 110% mortgages, which in retrospect was fucking mental.
Except that rising interest has also fucked up the market for builders who are now producing even less houses
That cost would just be passed on to the renter.
For the first few, but there is a point at which it stops being feasible. "Hi, I'm interested in your one bedroom in Bumfuck, ID, how much is rent?" "Well, I own 17 properties so it's $93,000 a month."
Still think the big corpos would just pass on the costs, and get away with it, by using financial shenanigans.
Not with rent controls passed as well.
You'd have to have those too, true, but they seem almost impossible to pass, for tax collection reasons.