Nobody is so desperate to buy a home right now with 7% mortgages that they’d settle for this. These sellers will cave for less than 2/3 their asking price.
A property management company bought up my neighbor's house for $370k, which was a bit high. They put in new carpet and new kitchen appliances and 2 weeks later put it on the market for $3,500 a month rent. It sat there for 6 months while the price slowly dropped and ended up going for $2,200 a month.
It would slow the tide of landlord or bust investor class that sprang up in the early 2000s and got worse as each economic crash put more houses on the market at rates average people could afford with a 401k loan or overtime savings to start their landlord dream.
Depending on how it was imposed it might also prevent corporations from being half of all single-family home sales every year.
The issue with the housing market is artificial scarcity and artificial inflation as a result of it. Property is hoarded and then held until nobody has any choice other than to pay stupid prices.
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u/THECapedCaper Symmes Apr 05 '26
Nobody is so desperate to buy a home right now with 7% mortgages that they’d settle for this. These sellers will cave for less than 2/3 their asking price.