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.
this post was submitted on 26 Aug 2024
1 points (100.0% liked)
News
23268 readers
3772 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
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.
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.
These tax credits need to be conditional on zoning reform in the neighborhood or we're not going to fix anything.
Agreed. We allow industrial building to infest residential areas ( usually minority areas ), we need to fix the laws. That includes local because they hold a lot of power. Incentives local governments to stop redlining and remove old racist laws on the books.
I wish we had laws that would benefit the buys like the veteran loan programs have ( buying lower API points, refinancing for free or greatly reduced, more secure loaners ). More taxes on quick flips, short term rentals, and multiple houses owned by single investor(s). Stop people from looking at houses as an investment but as a universal necessity.
Haha tax credits and incentives, anything but build social housing.
We can't abandon better for perfect.
The fun part is when you ask people like this who Americans should vote for in November and they don't answer.
At this point, if you openly support or vote for Trump, you are a dog shit person. He is not trying to hide it. A few works might be changed bit it is the same message.
Unfortunately, this proposal is not going to change anything. The market will raise its prices and more money will be siphoned away.
What's missing in the current housing market is regulations to strictly ensure only humans—not private equity firms—can purchase homes. And if you own more than one home, your property taxes increase for each extra home you own.