3 ms·

Yeah, speculators/investors are winning for sure: > In 2018, 396 homes were sold [in Silver Lake, Los Angeles], with 60% not intended to be primary residences.

• blackrock 7y ago
  I think it’s now time to outlaw non-primary residences. And you can’t just tax them on it, because they’ll just push that as increased rents on their tenants. They must divest, and release the housing unit, and sell it to someone that will actually live in it. And they cannot be allowed to do some other shenanigans to circumvent the spirit of this law.
  • pandeiro 7y ago
    In my condo, there's a bylaw that new owners must occupy the unit for one year, in order to discourage speculators and try to maintain a high percentage of owner occupation. While there are definitely efforts to skirt it, it does seem to mostly work. Imagine if entire neighborhoods could create such ordinances. Prices would surely begin to trend downward, providing access to home ownership in desirable areas, allowing those with normal incomes to purchase starter property and begin families. I wonder why this isn't ever discussed.
    • blackrock 7y ago
      This might be a start. But they can still easily circumvent the spirit of the law. How do you even purchase a starter home, when the starting price is $700,000? And in the meanwhile, you have to continue to pay your $3,000/month rent.
  • xorfish 7y ago
    So only home owners are allowed to life there? The only sustainable way to deflate housing cost is to increase supply.
    • blackrock 7y ago
      I totally agree with you. The problem is that they are not increasing supply.