It would only be an economic crisis for land owners who seek rent. Really housing shouldn’t be something that people profit from.
this post was submitted on 05 Apr 2025
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Some people want to rent (e.g., young people, people with mobile jobs, or people who just aren’t ready to be tied down to one place).
And I don’t have a problem with a small-time property owner renting out a house at a fair rate. In theory it’s a win-win: the renter gets a place to stay, the landlord builds equity in their property.
The issue we have is two-fold:
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Companies buying up massive amounts of property (not just a house or two, but thousands) and turning entire neighborhoods into rent zones, driving out any competition and availability of housing to buy, thereby driving up prices.
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Price collusion amongst these companies, driving up rent far above fair rates, using these software services that share going rates across markets. That reduces consumer choice.
Barring a really interesting solution, like a Land Value Tax or something, my proposal to remediate this housing problem is rather straight-forward and simple:
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Prohibit these software companies from sharing rental rates info to customers. Landlords just need to figure it out in their own markets the old fashioned way.
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Prohibit corporations from buying housing with the intention to rent it. Force these corporations to sell their housing and get out of the landlord business.
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Allow individuals to hold property for renting out, but cap number of properties a person or household can own for the express intention of renting out to five at any given time. That allows a person to build up a nice little savings nest, and provide a rental property to someone who wants to rent, but doesn’t allow anyone to dominate a housing market. Look for those massive profits elsewhere - start a business that creates and provides value.
Anyway, one can dream, I guess.
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It would be a crisis for renters. Land owners by definition already have a place to stay, but the second you implement price controls you're going to see the rental market go into convulsions. The correct solution is to Just Tax Land.
Well sure, people would stop renting in protest, and you’d have to tax unoccupied spaces at high rates to compensate.
It would crash the real estate market, which arguably needs to die since availability is artificially scarce due to wealthy hoarders.
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pretty sure this would lead to some sort of economic crisis
And? We’ve already tried it the other way around, and we’ve really got nothing to lose at this point by trying OOP’s idea out.
If you can't beat 'em, DEPORT 'EM TO HELL!
Always a winner's first move! Disqualify, Deport, Dismiss. /s
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