I think an interesting side effect would be the massive reduction of houses being bought as rental properties. If you had no real way to cover a mortgage or even some of the absurd property taxes with the rent you could get, your wouldn't invest unless you really believe in the area or are buying to fix and sell.
It would basically tank the housing market and put everyone who owns a house with a mortgage under water. Would suck for me, and I'm not a landlord.
See that's the odd balance
Not all people who'd lose out by going balls to the walls on affordable housing is a landlord, in fact most of them are working class people who have no investment vehicle but their home.
The process of decomodifying housing is necessarily going to be a long and bitterly unpopular one in its time.
The unfortunate risk you take owning a property. Likewise, is there really any way for the next generation to be ok with the current one not taking a hit?
Yes, if it's the after next generation that is taking a hit /s
Oh noes! We're so worried for the lords of land and property owners. If you have owned your property for more than 3 years please step out of the conversation.
I think an interesting side effect would be the massive reduction of houses being bought as rental properties. If you had no real way to cover a mortgage or even some of the absurd property taxes with the rent you could get, your wouldn't invest unless you really believe in the area or are buying to fix and sell.
It would basically tank the housing market and put everyone who owns a house with a mortgage under water. Would suck for me, and I'm not a landlord.
See that's the odd balance
Not all people who'd lose out by going balls to the walls on affordable housing is a landlord, in fact most of them are working class people who have no investment vehicle but their home.
The process of decomodifying housing is necessarily going to be a long and bitterly unpopular one in its time.
The unfortunate risk you take owning a property. Likewise, is there really any way for the next generation to be ok with the current one not taking a hit?
Yes, if it's the after next generation that is taking a hit /s
Oh noes! We're so worried for the lords of land and property owners. If you have owned your property for more than 3 years please step out of the conversation.