One way to solve the problem of companies and rich people buying up all the housing is to make renting them out not profitable. Tax the fuck out of the landlords until they cry.
You also have the issue of real estate owners just not renting places at all. Setting rents so high that they will never rent/lease on purpose because their sole reason for having it is for asset holding.
Tax the hell out of housing that isn't rented within a period of time. Then increase that tax the longer it stays unrented, so the longer it sits, the more it costs them. This would force housing to actually be used, and prices to be lowered to affordable levels since keeping the rate artificially high would also mean additional taxes anyway. Something they hate.
Apartment hasn't been sold in a year? Tax increases by say 25%. Increases an additional 10% every 6 months it hasn't been sold. No upper limit. As soon as it's rented out, that tax rate starts decreasing back to standard level, with changes every 6 months as well. This incentivizes keeping housing full so landlords aren't paying taxes for "nothing". And ensures that the cost of housing is actually reasonable to what people can and will pay.
This isn't just a New York thing either, this is a nationwide thing. New York City just makes the housing issues in the US extremely apparent because everything is so exaggerated.
Another big part is to limit corporations owning single family homes, since that's a major problem as well. Make it so no corporation (including all subsidiaries) can own more than say 2 single family homes. Penalties being with increased taxes, or I'm personally a fan if an inability to apply any tax incentives. So they can own more, but the company and subsidiaries can't take advantage of any sort of tax incentive they may qualify for or have negotiated if they choose to go that route. And that goes up and down their entire corporate structure, every company related to the business.
New York City has already heavily restricted Airbnb, removing the ability to make an income off of short term rentals. Combine this with a tax on non-primary residence housing and you'll probably see the selling off of a lot of real estate.
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Zohran Mamdani’s Rent Guidelines Board has voted to freeze the rent for all 1-2 year leases, the first time in history | Spyke
Inject this brand of socialism right into my fucking veins.
Already 2 for 3 just six months since he was sworn in.
Going for the sweep (again).
One way to solve the problem of companies and rich people buying up all the housing is to make renting them out not profitable. Tax the fuck out of the landlords until they cry.
You also have the issue of real estate owners just not renting places at all. Setting rents so high that they will never rent/lease on purpose because their sole reason for having it is for asset holding.
Tax the hell out of housing that isn't rented within a period of time. Then increase that tax the longer it stays unrented, so the longer it sits, the more it costs them. This would force housing to actually be used, and prices to be lowered to affordable levels since keeping the rate artificially high would also mean additional taxes anyway. Something they hate.
Apartment hasn't been sold in a year? Tax increases by say 25%. Increases an additional 10% every 6 months it hasn't been sold. No upper limit. As soon as it's rented out, that tax rate starts decreasing back to standard level, with changes every 6 months as well. This incentivizes keeping housing full so landlords aren't paying taxes for "nothing". And ensures that the cost of housing is actually reasonable to what people can and will pay.
This isn't just a New York thing either, this is a nationwide thing. New York City just makes the housing issues in the US extremely apparent because everything is so exaggerated.
Another big part is to limit corporations owning single family homes, since that's a major problem as well. Make it so no corporation (including all subsidiaries) can own more than say 2 single family homes. Penalties being with increased taxes, or I'm personally a fan if an inability to apply any tax incentives. So they can own more, but the company and subsidiaries can't take advantage of any sort of tax incentive they may qualify for or have negotiated if they choose to go that route. And that goes up and down their entire corporate structure, every company related to the business.
New York City has already heavily restricted Airbnb, removing the ability to make an income off of short term rentals. Combine this with a tax on non-primary residence housing and you'll probably see the selling off of a lot of real estate.