Democrats and Republicans both pushing a bill that would make the world a little better?
Okay, the Republicans will last minute vote all against this
They won't let Biden take a win, get your head out of your ass
this post was submitted on 10 May 2024
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Crack the fuck out of the bastards
How to tell they've almost bought everything they can already.
They've got quite a bit in California for sure.
Yes, just a couple thousand more and then crack away!
Crackdown. My. Ass. I won’t hold my breath.
There's usually one down there yeah
I would hope you do have a crack down your ass.
Well with all these wizards using "mend butt crack" I wouldnt bet on that. Though I would still prefer that over "Skrunch".
In some instances, extending that crack up to the shoulder blades would seem very appropriate
I hate modern journalism
here's the senate bill they're talking about https://www.congress.gov/bill/118th-congress/senate-bill/2224?s=1&r=92
It's a very weak bill, only kicks in at over 50 homes purchased, is not retroactive so existing damage to the market is unaffected, and only affects taxes on interest. Plus a lot of other restrictions to make sure this doesnt affect rental properties at all. Frankly I think this bill is meant to make more affordable property for landlords than anything.
The legislators would not propose it if it wasn't great for institutional investors
They'll just spin up shell companies to bypass that 50 limit
It's the WSJ, it's the Fox News of print. It's going to have that "mostly true, but also any regulation is bigger than life" vibe.
NYTimes reported on different forms of this bill way back in December when things were still in infancy https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html
If signed into law, the legislation, called the End Hedge Fund Control of American Homes Act of 2023, could upend a growing sector of the housing market, and potentially increase the supply of single-family homes available for individual buyers. Homeownership, long a cornerstone of generational wealth in the United States, is increasingly out of reach for Americans as home prices and interest rates soar.
In separate legislation, Representatives Jeff Jackson and Alma Adams of North Carolina, both Democrats, introduced the American Neighborhoods Protection Act on Wednesday. That bill would require corporate owners of more than 75 single-family homes to pay an annual fee of $10,000 per home into a housing trust fund to be used as down payment assistance for families.
The bills were introduced three months after The New York Times published a story examining the impact of corporate-backed investment on Charlotte, N.C., where, in 2022, investors purchased 17 percent of the city’s homes in cash, often outcompeting first-time buyers who rely heavily on mortgages.
Investors buying up 17% of a city with nearly a population of 900,000 people is just nuts. If you say 4 people per household, that's roughly 38,250 homes.
mixed with like converting a large percentage from regular rentals to short term rentals.
I'm in NY and I literally have to quit my job and start over in another state because as it is right now there is literally 0 chance I ever own a home here... I've watched prices double in less than 4 years, it's absolutely disgusting....
geez I wish I saw illinois on this list.
"The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) was set to expire at the end of 2024, it will now be extended to January 1, 2027." Between foreign investment on U.S. housing ( who almost always pay cash so are less affected by borrowing costs) and corporate investing firms, the average American Family is pretty much hosed. Allowing unchecked investment practices in housing not only significantly drives up prices, but also property taxes. It also discourages investment in neighborhoods and local culture as investors are not forced or incentivized to maintain their investments (housing) so the houses then fall into disrepair or sit empty. For example, in my neighborhood, the local elementary school is struggling to stay open due to sharply declining enrollment as there are so few families that actually live here. Its full of investment houses that are overpriced and falling apart.
The Canadian law would have more teeth if it wasn't so darn easy to set up a Canadian company to buy houses in the first place (please note: this is not from personal experience, I have not done this personally). The law we need progressively taxes corporate-owned houses to the point of making it unprofitable after they own X houses (pick your own value of X).
Laws can protect people or they protect corporations. It should be both, but it never really looks like both, does it?
The law we need progressively taxes corporate-owned houses to the point of making it unprofitable after they own X houses (pick your own value of X).
That would be awesome!
My value for X is 1.
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