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The US needs to build 2 million houses to revive the American dream of homeownership
(www.businessinsider.com)
this post was submitted on 19 Jun 2024
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Never before have I seen such a confluence of right comment and wrong username
OsamaBinLaden is right. Yup. That was weird to type.
We need legislation to prevent REITs and holding companies from purchasing small and medium residential dwellings and properties. The problem that will create when it passes and they relinquish their sizable holdings, is that adjacent properties devalue causing mortgagers to go upside-down. It’s a simple problem to identify, but not an easy one to solve.
Read the username again, it's much worse than that
Be that as it may, Britain in the 1970s and before actually had a really good answer to this: The government just buys enough property and rents it out to people at reasonable rates, to puncture the bubble and make it unprofitable to be a landlord in the first place as a "job." People have affordable places to live, we don't have to have a fight about declaring it "illegal" to own or rent out property, and people with spare cash are motivated to invest it in businesses instead of in properties. Literally everyone wins. Which of course, means America will see it as communism and fight to the death to stop it from happening.
Not saying you're wrong in your solution either, just saying one other way which has a proven track record.
Oof. That is worse.
My solution isn’t a solution. It’s just a new problem. Your suggestion has merit. Since Republicans would shoot that “anti-free market communist trash” down before it hit paper, we’d first need a Democratic majority in Congress to make it happen.