Microblog Memes

Some people want to rent (e.g., young people, people with mobile jobs, or people who just aren’t ready to be tied down to one place).

And I don’t have a problem with a small-time property owner renting out a house at a fair rate. In theory it’s a win-win: the renter gets a place to stay, the landlord builds equity in their property.

The issue we have is two-fold:

1. Companies buying up massive amounts of property (not just a house or two, but thousands) and turning entire neighborhoods into rent zones, driving out any competition and availability of housing to buy, thereby driving up prices.

2. Price collusion amongst these companies, driving up rent far above fair rates, using these software services that share going rates across markets. That reduces consumer choice.

Barring a really interesting solution, like a Land Value Tax or something, my proposal to remediate this housing problem is rather straight-forward and simple:

1. Prohibit these software companies from sharing rental rates info to customers. Landlords just need to figure it out in their own markets the old fashioned way.

2. Prohibit corporations from buying housing with the intention to rent it. Force these corporations to sell their housing and get out of the landlord business.

3. Allow individuals to hold property for renting out, but cap number of properties a person or household can own for the express intention of renting out to five at any given time. That allows a person to build up a nice little savings nest, and provide a rental property to someone who wants to rent, but doesn’t allow anyone to dominate a housing market. Look for those massive profits elsewhere - start a business that creates and provides value.

Anyway, one can dream, I guess.

I mean, 0 new apartments would be built

Home values themselves would tank.

I imagine there would be far fewer people willing to pay thousands of dollars for a mortgage when rent is only $100 and maintenance is someone else's problem. Hell, home maintenance and repairs alone are well more than that.

Surely not one that would cause the US to drop 10% of its stock market value in 4 months.

While I like the thought, still terribly bad in my opinion. Presidents should never have a say in any of that. That's where we have fooled most of America. Legislation can make such a law and then the president can execute it by arresting those who do not follow the law that was made.

The president is a local cop and international diplomat. Locally they should do nothing that is not previously written by Congress and Passed the Senate and then signed (or not signed) by them or previous office holders.

International diplomat means they also cannot declare war and cannot make trade rules. They are a spokesperson.

If I were President I would follow the constitution and the amendments made thereafter. I would never want to be president, but if I ran I would focus my campaign on educating the populous on what the job is supposed to be, and who the members in their communities/cities/county/state are that they should be pushing for to do great things for them.

I would cheer for them to elect legislatives who will write thorough adaptable bills that can help their constituents and keep a platform along the lines of "Presidents don't make laws, Vote for good people who will write good legislation for your community, and please don't make me have to perform a job that hurts our people. America's governing is decided by your representatives"

That's basically China with extra steps. How are you going to deal with your companies siphoning money out of your economy by buying foreign real estate?

The money that exits the economy through large landlords (not small landlords) is essentially wasted, I bet the economy would actually grow if we had proper gov. Housing that allowed people to actually spend their monthly wages on literally anything else

Government housing tied to the cost of 1 weeks minimum wage. So simple, so elegant.

That was a scam they put in place after 2008 when they were being punished for scamming us. (while scamming us for bailouts for the previous scam) It takes a lot of government regulation to keep the banks from stealing, good thing thats gone now!

Housing shouldn't be an investment asset, especially in a for profit system, or you'll just make BlackRock again.

If housing was truly abundant, we would still have landlords. The key difference is they would actually have to compete as a service provider instead of as mere land hoarders. "Landlord" would be an honest job for once.

Landlords like to say that many people prefer to rent because then they don't have to worry about maintenance, doing home repairs, etc. But most people rent simply because they can't afford to purchase a home themselves. Instead of helping people avoid maintenance, landlords in practice do everything possible to avoid spending a penny on any kind of maintenance. They're able to be so stingy because people need somewhere to live. With most rentals, you're simply paying for access to housing, the quality of the service is an afterthought. Very few people have the luxury of rejecting a potential apartment or rental home simply because the landlord has a reputation of poor responsiveness to maintenance requests.

With abundant housing, landlords would be more like hotels operators in vacation destinations. No one would stay at a resort hotel if the rooms were falling apart and full of mold. It's a luxury purchase that people can go without, so they can afford to demand quality. With abundant housing, rental housing becomes a luxury good.

For example, let's say anyone who wanted could buy a home with an affordable mortgage. Maybe the government subsidizes the mass production of housing units. Just flood the market with new homes and condos. Make it so there are 1.5 housing units for every 1 household. Or imagine some federal program to double the number of housing units in the US. And then offer low down payment and subsidized mortgages so basically anyone can get one.

In order to compete with that, landlords would have to offer a high quality of customer service. They would have to appeal to those who actually would prefer to rent. They would have to attract those who honestly just hate doing maintenance and don't want to futz around with it. Those who wanted to not have to do home maintenance could rent, and they would seek out landlords who actually properly maintained their units. With dirt cheap housing available, any landlord that didn't provide excellent customer service would quickly be driven out of business. Instead of being in the land speculation business, they would be in the customer service business. "Landlord" would actually be a real job for a change.

Ah yes, the MISSINGNO amendment. (Or at least that's how your comment loaded for me)

Eh, I'd go for it. This whole country thing isn't about my personal gain, but making life better for everyone.

I get why they would lose money, but in my head it's still like you still have a home still so why should they care.

Housing should not be an investment. They didn't lose anything except speculated value which comes at the cost of locking others out from the ability to own their own home. In fact, those morons who care so much about "muh investment" are also costing themselves through higher property taxes and ridiculous house prices they'd have to face if they ever have to move.

There are quite a few people who say they wouldn't be able to afford the house they have now if they had to finance it at today's prices and interest rates. How can they realize the capital gains on such an "investment" if they don't own more than one home? They still have to live somewhere.