this post was submitted on 16 Jan 2024
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We have those problems here (the US) too but the greater problem is that corporations buying up homes is driving increases in housing prices. Greater housing prices leads to higher rent and higher mortgage payments, fucking over regular people every which way, unless of course you happened to buy your home 30 years ago, in which case everything's peachy and you can reverse mortgage yourself into a vacation home in Boca.
Then with all that cash they drop some of it on buying the lawmakers, preventing or removing renter protections. Once that's done, remove things from the lease that cost $$, up the rent. Profit even more.
There are some better ways to address this than what this post is advocating.
For example, why should a corporation buying a residential property be getting the same (or better) interest rate than an individual who intends to buy it and live in it?
Why should that corporation be able to deduct expenses that an individual could not if they were living there?
There are ways to give the individuals a leg up over the corporations in the market without something drastic like this that has no chance of happening.
We have a self inflicted real estate speculation problem. Housing can be a good investment or it can be affordable, but not both.