I agree with you about the pricing. Interest rate hikes should have provided the cooling off period to slowly bring prices down. But we don’t have the supply to allow for a buyers market to take over. I watch coworkers who are late twenties and early thirties signing $900,000 mortgages. They are desperate. So the small number of people who can actually afford homes are taking the small supply even at these interest rates. I made a post up earlier about a way to free up supply, which of course was met with more anger. This whole situation sucks.

This is simply not true. Most of the single family dwellings rentals are owned by regular people. If you think the average person can throw down on a $800,000 mortgage at 6% and pay $8000 a year in property tax plus other expenses just to hedge inflation, you are as delusional as most of the people I’ve run into on this site. Just do the simple math on how much rent you would have to charge to break even on a rental if you wanted to be a land lord tomorrow, then see if you could just sit on a $50,000 loss per year. Jesus. I’m about done with Lemmy. People here are dumb as shit

That’s because you aren’t interested in solving the problem. You just want to punish people that you think are evil. You would rather throw everyone you don’t like under a bus than actually help the people that need help now. Which is the vibe I get from many people on this site. The problem with what your want to do is it will never happen. There is no support. My solution plays into the hands of those in control but still gets the job done.

I get your angry, but your comment about housing prices crashing is going to fuck over so many good hard working people that bought houses in the last 5 years. You would subject those people to holding hundreds of thousands of dollars in debt (say if they had to move for work); just to satisfy your need for revenge?

Rental income is taxed at 100%, FYI.

I think carrot works better than stick. Instead of punishing everyone who made an investment, and spending god knows how much money to enforce it, just offer a one time capital gains exemption on any investment single family dwelling that has rental income for more than a year. But make that exemption dependent on the sale going to someone who doesn’t already own a home. (No landlords scooping up extra properties) this puts sellers in connection with buyers and since the seller is getting a big payout they can do the extra leg work. I bet many of the properties get sold to existing tenants.

The government gets an easy cost effective way to free up supply, and it doesn’t actually take money out of their pocket. (Just removes future tax income). Limit the program to no more than 3 years. Anyone who is a casual landlord will jump to get out. Boomers in retirement will jump at it as they will have owned these properties for years. This will free up supply in months, not years. Everyone I know who owns rentals that I discussed this with said they would sell if they could avoid capital gains.

That’s my $0.02. FWIW

Yeah, that one is well known. I was trying to figure out how they made that work with rentals, which don’t have that exclusive.

How exactly do they get it tax free due to principle residence exemption?

Benadryl.

Our company uses their purchasing power to buy boots cheaper. They are provided upon request, although it is a taxable benefit and the selection is curated. But generally they are all really good boots. If you can’t find a pair you love, you can request an exemption and pick a specific pair that fits you.

Farmers almanac, the astrology of meterology.