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That’s great!!!
Need to stop corporations buying houses next, and tamper foreigners buying up houses too (almost every country I’ve traveled to won’t let me buy so why not do the same?)
I feel like banning corporations from owning housing isn’t the panacea people expect it to be. It’s pretty impractical when you start talking about larger buildings and mixed use housing, and I’m not convinced it’s really a big driver of the problem.
I think a steep land value tax is a more workable solution. It incentivizes anyone who holds non-productive property (vacant homes in this case) to either make better use of the land or sell it. This also has the benefit of impacting individuals who own second homes or have mostly empty airbnbs.
Property taxes are insufficient for this purpose because they are generally based on the value of the home rather than just the land, so not only are they easier to game, but it disincentivizes improving the property.
The biggest issue with corporations owning low income multifamily housing is that they act like slumlords. When you have nowhere else to go and the landlord won't fix major issues then it takes a toll on you. When a kid sees this growing up, then it leads to antisocial behavior. Investors think that "passive investment" means no input at all when it requires a great deal of active management if contracts are being followed. They just know that the residents have no reasonable way to enforce the contract.