The federal government’s antitrust investigation into price fixing in the rental market appears to have found a fulcrum in Atlanta after a surprise FBI raid of multifamily property developer Cortland Management.
Maybe a maximum number of units or progressive federal tax rates on property values? It seems like there are a lot more options for legislation than the nothing we’ve tried so far.
Incentivizing absent landlord venture capitalists to gobble up all the property has been pretty disastrous.
Except we’ve not tried nothing. Tax benefits for owner occupied units (primary residences) and not for units they don’t occupy exist in some jurisdictions (I’m tired, not gonna look them up). Sometimes they’re in income tax, sometimes they’re in property tax. They just aren’t all that effective. Some jurisdictions, if your property is valued over a million, you can’t take the interest on your income tax. There’s a lot in there.
Mostly the efforts are aimed at providing tax breaks to first time homeowners only. There’s not a lot of legislative thought put toward breaking up a corporate monopoly/oligopoly of rentals, likely because (and I hate the cynical and conspiratorial thought, but really?) the aristocracy owning the REITs are the ones paying off, owning, and running for congress. Us poors can’t afford it. A token legislative effort goes toward it now and then, but it has no real effect.
Maybe a maximum number of units or progressive federal tax rates on property values? It seems like there are a lot more options for legislation than the nothing we’ve tried so far.
Incentivizing absent landlord venture capitalists to gobble up all the property has been pretty disastrous.
Except we’ve not tried nothing. Tax benefits for owner occupied units (primary residences) and not for units they don’t occupy exist in some jurisdictions (I’m tired, not gonna look them up). Sometimes they’re in income tax, sometimes they’re in property tax. They just aren’t all that effective. Some jurisdictions, if your property is valued over a million, you can’t take the interest on your income tax. There’s a lot in there.
Good point. I shouldn’t be so bleak. There are some legislative efforts.
Mostly the efforts are aimed at providing tax breaks to first time homeowners only. There’s not a lot of legislative thought put toward breaking up a corporate monopoly/oligopoly of rentals, likely because (and I hate the cynical and conspiratorial thought, but really?) the aristocracy owning the REITs are the ones paying off, owning, and running for congress. Us poors can’t afford it. A token legislative effort goes toward it now and then, but it has no real effect.