I’ve been talking to people about this for a while, and I’ve had very little disagreement but I wanted to put this out into the world outside of my social circle.
Companies are buying homes in massive numbers as investment vehicles, who then have shareholders who require increased profit year on year, allowing a tiny proportion of the profits to be paid as corporation tax.
Companies should not own homes, when a house is built it should be marketed for a maximum of 1 year at which point it must be auctioned with no reserve and must be sold to a private individual. The same when a bank takes possession of a home due to mortgage default.
Private individuals would need to have a cap on the number of homes they are allowed to own, starting at 10 homes with a view to reducing that number over time, but all rental income is taxed at the highest rate. This would allow private property investors to reduce their portfolio over time, with no more tax dodging by having a company earn the money and taking out loans to show a neutral balance sheet.
Councils can own/operate as many homes as they need to fulfil the rental needs of the area.
This should lower rental costs, and house prices while increasing tax revenue. What do the UK Leftists think? I’ve not heard anyone propose this exact restriction before.
During the Industrial revolution where manufacturing replaced artisan creators among the serfs, it was almost required that a company build, own and operate whole towns, encouraging freelance workers to live near and work in their factories.
Companies owning homes is sort of an old idea, and while history may not repeat, it often rhymes. Now we we are beholden to (Land)Lords who are also companies, at least a couple of hundred years ago it was one or the other!