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If we're talking about rent-seeking corporations also being subject to the tax, then it would also prevent them from seeing the same returns and perhaps There'

by r00fus 3y ago

If we're talking about rent-seeking corporations also being subject to the tax, then it would also prevent them from seeing the same returns and perhaps There's also a bill out there that would simply preclude hedge funds ownership of single-family homes: https://www.housingwire.com/articles/democrats-introduce-bills-to-ban-hedge-funds-from-single-family-housing-market/ https://www.housingwire.com/articles/democrats-introduce-bil... The combination of taxing rented property + reducing corporate ownership would do wonders for affordability. It would also stall or crater any retirement/dynastic wealth plan based on renting SFH properties.

gen220 3y ago
Corporate entities are an obvious scapegoat, that we should definitely preclude from SFH (and MFH) ownership, and I'm sure that bill would be really popular among the electorate. In most locales, from what I've seen, it's the retirement/dynastic wealth folks who are squeezing supply – they've been in this game for 30+ years and have a big head start on the PE firms. Crafting a bill with popular support that targets those folks is going to be a bit more challenging, because these people are not all terribly extractive, and a lot of up and coming people still actively aspire to become those people. In my observation, the younger and less gainfully employed / marketably skilled these people are, the more extractive they are. As such, I think it's a matter of time before we hit a breaking point. There's precedent for this in American history, where we've had dramatic step-changes to property law in response to varying-degrees-of-obvious injustice. I don't know if my generation will develop the political will to enact it, but it does feel inevitable that it'll happen in the next 80 years. It's either that, or we've become an effectively-feudal and urban society – which feels less likely, to me.
- r00fus 3y ago
  I stand by my point - removing the massive upward pricing pressure from corporate entities will cause the market to balance itself much more readily even with the dynastic wealth grifters. Over the past 5 years, I have gotten no shortage of "cash buyer offers" for our property, and I have no doubt the counterparty in almost all of those cases were corporations. Remove that, and the lack of upward pricing pressure will force a reversion to the mean, which makes it more costly/risky to seek rents.

by r00fus 3y ago

gen220 3y ago

Corporate entities are an obvious scapegoat, that we should definitely preclude from SFH (and MFH) ownership, and I'm sure that bill would be really popular among the electorate. In most locales, from what I've seen, it's the retirement/dynastic wealth folks who are squeezing supply – they've been in this game for 30+ years and have a big head start on the PE firms. Crafting a bill with popular support that targets those folks is going to be a bit more challenging, because these people are not all terribly extractive, and a lot of up and coming people still actively aspire to become those people. In my observation, the younger and less gainfully employed / marketably skilled these people are, the more extractive they are. As such, I think it's a matter of time before we hit a breaking point. There's precedent for this in American history, where we've had dramatic step-changes to property law in response to varying-degrees-of-obvious injustice. I don't know if my generation will develop the political will to enact it, but it does feel inevitable that it'll happen in the next 80 years. It's either that, or we've become an effectively-feudal and urban society – which feels less likely, to me.

r00fus 3y ago
I stand by my point - removing the massive upward pricing pressure from corporate entities will cause the market to balance itself much more readily even with the dynastic wealth grifters. Over the past 5 years, I have gotten no shortage of "cash buyer offers" for our property, and I have no doubt the counterparty in almost all of those cases were corporations. Remove that, and the lack of upward pricing pressure will force a reversion to the mean, which makes it more costly/risky to seek rents.