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I feel the problem will only get solved if we eliminate housing as an investment. The housing market has obviously been gamed and is a false indicator of wealth. There is no way a 1200 sf POS house is worth $300,000.
Agree. We have politicians ballooning the market and most are share holders, landlords, or developers. We also need to reevaluate school funding using property taxes. Different beast but still attached at the hip.
1200sq ft only worth $300,000? 🤣 My 820 SQ ft home on 1600 SQ ft of land cost nearly $880,000 a few years ago, and is currently valued at 1.2 million on redfin, though that's ridiculous. And it's pretty average quality, just in a relatively nice neighborhood in a major city on the US West Coast. It's insane.
Yea but it has no septic and isn’t actually livable.
You're entirely right but the reality of it is that people's houses are effectively one of their biggest investments. That's a tough hill to climb back down from.
Not terribly difficult at all actually. You don't get to own more than one residence. Legally. Anyone who does has two years to sell it. Anyone whose company exists to profit off of renting out residential housing has to liquidate all assets and use the funds to reimburse those they stole from.
Oh, you meant a difficult idea to sell to the owner class. Well yeah anything mildly progressive will be fiercely opposed by those who stand to be slightly less rich because of it.
I mean...a lot of normal people is what I'm talking about. A lot of people truly only have an "investment" in their house. If you suddenly decrease the value to where they're underwater on their mortgage, that is not good (for them nor politically or economically, etc.)
I agree that we need to start putting things in place to rectify that but by its very nature it will basically just have to let inflation eat away the value of houses.
Otherwise, I agree we basically need to stop companies owning housing, etc. etc.
No just.... no. This would be ripped to shreds in any court on Earth. What we need are regulations to encourage affordable housing, rent control, and higher taxes on multiple home owners and rental corporations.
Of course it would, because the courts are run by the owner class. That doesn't mean it isn't the right thing to do.