Owner occupancy credit against property taxes to hold them at their current rates, or even drop them a bit. Next, we target an 85% owner-occupancy rate, increasing the property taxes every year that owner-occupancy rate is below 80%, and reducing them any time it is above 90%. We will end up with a massive increase in property tax rates, but those increased taxes will only be paid by investors.
On-site landlords, living in one unit of a duplex, triplex, or quadplex will be able to claim the credit. Off-site landlords, (or landlords living in a complex of 5 or more units) will not be able to claim the credit.
Investor-owners will be fighting tooth and nail to convert their tenants into buyers: they will be offering land contracts, private mortgages, converting apartments to condominiums, etc. They will be earning considerably greater profits selling than they would be able to renting, while charging less.
Lenders who elect to foreclose will be saddled with the property tax rate from the moment they file, so they will have one hell of a financial incentive to cooperate with the borrower.
An owner-occupancy tax credit will give renting the death it deserves.
This sounds extremely effective at shifting housing stock. My only question is what happens to people who can’t get mortgages yet? You can’t just give out a mortgage to anyone who asks. The banks did effectively that in the lead up to 2008 and we saw how that worked out (granted the specifics are far more muddy, but it is a period in recent history where many people qualified for mortgages they shouldn’t have qualified for, and a ton of people ended up foreclosing
What does that have to do with pouring grease down the drain? Whether you agree with landlords or not it’s objectively not the right thing to do and if anything will just be a pain in the ass for the next tenant
People like this are why I am hesitant to rent. I don’t need the investment, but I’m good at owning and keeping up property, and I’ve thought about renting out my spare area at below cost just so someone can have a cheaper place to live, just while I pay it off. Like hey, I have a spare suite in my house, someone could live there since I don’t need the space. It’s not the Ritz, but a young couple trying to get started or a young family could use it while they save up for a down payment.
Then someone comes along and says “yeah I’m going to trash it because fuck landlords”. Like, ok, fuck me for trying to provide a cheaper alternative to the huge corporate housing. Guess I deserve it for … Reasons
I’m renting half someone’s basement right now in a situation like you’re describing. I’m very grateful to them for the opportunity and am not surreptitiously destroying their home. I’ve actually done several repairs for them since I started living here. I’ve known them for a long time though so they knew they could trust me.
That’s who I’d love to rent to. It’s now about profit for me, but more I have property and I can rent for under value. People are freaking assholes though.
Yea, I don’t think I could ever rent something I owned to somebody I didn’t know or even a lot of people I do know. Lots of people have no care for things that don’t belong to them.
So vote for people who do that. Except you won’t find any, because it’s a fever dream. No government can afford just building houses for millions of people. Some have tried and ended up with consequences that they deal with till today
No it didn’t and that’s not how it works. Also living in the Soviet Union fucking sucked and reading about it on the internet won’t give you the full picture.
First of all that literally was how it worked. Every Soviet citizen was entitled to free housing. Second of all I made no comment on the lifestyle therein. If a relatively poor and underdeveloped nation managed to end homelessness then why can’t we. The United States is the richest nation in the history of mankind. The department of housing and urban development estimated that it would cost 20+ billion to end homelessness in the US in 2012, even if you multiply that figure by 10 it would be but a fifth of the yearly military budget. We have plenty of resources, its a matter of allocation
Fuck landlords. Housing is a human right not an investment
Owner occupancy credit against property taxes to hold them at their current rates, or even drop them a bit. Next, we target an 85% owner-occupancy rate, increasing the property taxes every year that owner-occupancy rate is below 80%, and reducing them any time it is above 90%. We will end up with a massive increase in property tax rates, but those increased taxes will only be paid by investors.
On-site landlords, living in one unit of a duplex, triplex, or quadplex will be able to claim the credit. Off-site landlords, (or landlords living in a complex of 5 or more units) will not be able to claim the credit.
Investor-owners will be fighting tooth and nail to convert their tenants into buyers: they will be offering land contracts, private mortgages, converting apartments to condominiums, etc. They will be earning considerably greater profits selling than they would be able to renting, while charging less.
Lenders who elect to foreclose will be saddled with the property tax rate from the moment they file, so they will have one hell of a financial incentive to cooperate with the borrower.
An owner-occupancy tax credit will give renting the death it deserves.
This sounds extremely effective at shifting housing stock. My only question is what happens to people who can’t get mortgages yet? You can’t just give out a mortgage to anyone who asks. The banks did effectively that in the lead up to 2008 and we saw how that worked out (granted the specifics are far more muddy, but it is a period in recent history where many people qualified for mortgages they shouldn’t have qualified for, and a ton of people ended up foreclosing
What does that have to do with pouring grease down the drain? Whether you agree with landlords or not it’s objectively not the right thing to do and if anything will just be a pain in the ass for the next tenant
It’s Boomer mentality, plain and simple. “It won’t affect me, so Not My Problem™️”
People like this are why I am hesitant to rent. I don’t need the investment, but I’m good at owning and keeping up property, and I’ve thought about renting out my spare area at below cost just so someone can have a cheaper place to live, just while I pay it off. Like hey, I have a spare suite in my house, someone could live there since I don’t need the space. It’s not the Ritz, but a young couple trying to get started or a young family could use it while they save up for a down payment.
Then someone comes along and says “yeah I’m going to trash it because fuck landlords”. Like, ok, fuck me for trying to provide a cheaper alternative to the huge corporate housing. Guess I deserve it for … Reasons
I’m renting half someone’s basement right now in a situation like you’re describing. I’m very grateful to them for the opportunity and am not surreptitiously destroying their home. I’ve actually done several repairs for them since I started living here. I’ve known them for a long time though so they knew they could trust me.
That’s who I’d love to rent to. It’s now about profit for me, but more I have property and I can rent for under value. People are freaking assholes though.
This video haunts me, I saw it originally years ago, this guy breaking down over what renters did to his property: https://www.youtube.com/watch?v=oxIgGkA5tXM
Yea, I don’t think I could ever rent something I owned to somebody I didn’t know or even a lot of people I do know. Lots of people have no care for things that don’t belong to them.
So when are you going out and building houses for free for people to use?
If only we had some sort of overarching body that could collect taxes and spend that money on housing… maybe call it a government?!?
So vote for people who do that. Except you won’t find any, because it’s a fever dream. No government can afford just building houses for millions of people. Some have tried and ended up with consequences that they deal with till today
The Soviet Union literally did exactly that
No it didn’t and that’s not how it works. Also living in the Soviet Union fucking sucked and reading about it on the internet won’t give you the full picture.
First of all that literally was how it worked. Every Soviet citizen was entitled to free housing. Second of all I made no comment on the lifestyle therein. If a relatively poor and underdeveloped nation managed to end homelessness then why can’t we. The United States is the richest nation in the history of mankind. The department of housing and urban development estimated that it would cost 20+ billion to end homelessness in the US in 2012, even if you multiply that figure by 10 it would be but a fifth of the yearly military budget. We have plenty of resources, its a matter of allocation