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Lawmakers say investors that scooped up hundreds of thousands of houses to rent out are driving up home prices
Wall Street went on a home-buying spree. Now, more lawmakers want to stop it from ever happening again.
Democrats in the U.S. Senate and House have sponsored legislation that would force large owners of single-family homes to sell houses to family buyers. A Republican’s bill in the Ohio state legislature aims to drive out institutional owners through heavy taxation.
Lawmakers in Nebraska, California, New York, Minnesota and North Carolina are among those proposing similar laws.
While homeowner associations for years have sought to stop investors from buying and renting out houses in their neighborhoods, the legislative proposals represent a new effort by elected officials to regulate Wall Street’s appetite for single-family homes.
These lawmakers say that investors that have scooped up hundreds of thousands of houses to rent out are contributing to the dearth of homes for sale and driving up home prices. They argue that investor buying has made it harder for first-time buyers to compete with Wall Street-backed investment firms and their all-cash offers.
How much you wanna bet they’ll just demolish them all out of spite? Bonus points if they build barely-maintained, high-rent apartments on the now-vacant lots.
If they want to demolish them but they still have to sell the land, I’m okay with that. Cut up the lot to a sensible size and build a couple of affordable homes with decent yards in the McMansion’s footprint.
Yeah, article is paywalled even when googling the title, so I couldn’t get any info.
But I can’t imagine both parties are going to unite about something that hurts their donors.
It’s probably a handful trying to get brownie points with voters before an election even tho they know they won’t ever try to follow thru.
Even if you get past the paywall, it’s devoid of detailed information. Here you go.