They should never have been allowed to become gambling chips.
Noone should be allowed to purchase a home without agreeing to live in it full time for at least a year afterwards. Split it into a duplex to become a landlord? Another year. Wanna be a landlord? You must live in that building full time along with your tenants. Outrageous? Not nearly as outrageous as homelessness because of the prices.
You shouldn’t be allowed to own residential property you don’t live on. There needs to be a way for people to move so after 3 months of owning a property that is not your primary residence taxes go through the roof and double every year.
“What about renters?”
Basement suites / duplexes exist. An apartment building will be better taken care of when the owner has to also live in the apartment building.
Another good idea would be to require every rental to include a rent-to-buy option. If the renter wishes, a substantial portion of those rental fees would count as equity, and at any time they can afford it, they can exercise that option to buy. If they decide to move out, that equity does not revert to landlord but goes into a special trust which pays for more affordable housing.
They should never have been allowed to become gambling chips.
Noone should be allowed to purchase a home without agreeing to live in it full time for at least a year afterwards. Split it into a duplex to become a landlord? Another year. Wanna be a landlord? You must live in that building full time along with your tenants. Outrageous? Not nearly as outrageous as homelessness because of the prices.
You shouldn’t be allowed to own residential property you don’t live on. There needs to be a way for people to move so after 3 months of owning a property that is not your primary residence taxes go through the roof and double every year.
“What about renters?”
Basement suites / duplexes exist. An apartment building will be better taken care of when the owner has to also live in the apartment building.
Another good idea would be to require every rental to include a rent-to-buy option. If the renter wishes, a substantial portion of those rental fees would count as equity, and at any time they can afford it, they can exercise that option to buy. If they decide to move out, that equity does not revert to landlord but goes into a special trust which pays for more affordable housing.
it’s called a vacancy tax.
landlords already get tax discounts for living in properties they rent out in most communities.