Fucking do it you cowards.
this post was submitted on 07 Dec 2023
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I think you're forgetting about Republicans.
Or more than half of the democrats that do Wall Street's bidding too.
Or the courts that would throw the law out as soon as it gets challenged the first time
Or wallstreet for just switching to hiring people to hold the land for them as third party agents.
Impossible before the age of computers, but now it’s just a spreadsheet.
And this is the sort of legislation that should be passed by direct referendum, will of the people, and not by representatives who have been bought out by special interest groups. Desperately needed but unlikely to happen.
the country would function so much better if we just sent out ballots to everyone to vote on every bill if they want to
That's how Brexit happened in the UK.
I agree about not trusting the politicians, but not sure I trust the general public much more unfortunately.
The founding fathers didn't either that's why they put a buffer in in case there was a nuance not under stood by the general public. The only problem is I don't think they envisioned a party hell bent on the country's destruction.
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I non-sarcastically love your optimism. But part of me really believes that 50% of the country votes however their church tells them to. So I'm not sure it'd be better.
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I would be very careful with that. US should try having a more representative government first.
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This will pass at the same time as the healthcare, world peace, and word hunger bills.
From the article:
With a divided Congress, the bills are unlikely to pass into law this session. But Mr. Smith said legislators needed to start a conversation.
Solid odds this will be a campaign issue, which is a great thing.
It will be a campaign issue and then nothing will be done about it. Fingers will be pointed.
This 1000%. A bunch of bullshit from all sides, all these "ought to's" and a bunch of malarkey will get tossed around. The election will get won by Biden or Trump, and all this will just turn into the same thing it always does.....empty promises and a shit ton of money getting made at the top while we're all fucked.
Real change won't happen by voting for it, it's when billionaires find their heads in baskets staring up at the axe/guillotine/whatever that just cut their fucking heads off. Eat the rich.
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Looking at companies like Blackstone, who buy up houses at auction, lightly flip them and put them back on the market as high-priced rentals. THEY'RE the big reason for the lack of affordable housing.
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How does this limit a corporation from doing the same thing?
So a hedge fund doesn't do it, but a specific company does the same thing and that's fine. What am I missing?
The bill would require hedge funds, defined as corporations, partnerships or real estate investment trusts that manage funds pooled from investors, to sell off all the single-family homes they own over a 10-year period, and eventually prohibit such companies from owning any single-family homes at all.
It does include corporations. For instance the Bezos thing we've been hearing about the past couple days would be covered:
Arrived, a young real estate company backed by Amazon.com Inc. founder Jeff Bezos, has just announced its entry into the single-family rental fund space. Arrived currently operates a fractional real estate investing platform that has attracted nearly half a million retail investors since its launch in 2021. The platform allows these investors to purchase shares of single-family rental properties with as little as $100.
https://finance.yahoo.com/news/jeff-bezos-backed-real-estate-151102586.html
Just so it's clear, they want to turn our homes into a mini stock market.
This bill won't pass.
We already live in a completely fucked up dystopia, most people just haven't realized it.
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If we actually had a democracy, there would be a total of 0 people against this. It's so incredibly unfavorable to want corporations to buy houses for profit.
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Inb4 the Republicans vote it down
Please do. I'd love to see more supply.
Home Ownership and protecting the middle class used to be phrases so often uttered by the Republicans 40 years ago that I yawned.
I'm glad to see someone pick up the gauntlet. Boggles the mind that this hasn't become a huge political issue yet.
Now what’s the chance of this actually passing?
Via referendum? I say 80% chance of a majority.
Congress? 5% is generous
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With a divided Congress, the bills are unlikely to pass into law this session. But Mr. Smith said legislators needed to start a conversation.
:|
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why were they ever allowed to do this? why should the system allow you to gamble on houses?
Please make it happen, it's an important first step
it’s cool they had the idea. hopefully they act on it
Wall Street is not the problem, a lack of new housing is, according to David Howard, the chief executive of the National Rental Home Council, a trade association. The country needs anywhere from 2 million to 6.5 million units of new housing, according to various estimates.
“Policies really need to be shaped and crafted so that they support the production, investment and development of new housing,” Mr. Howard said. “I think bills that work against that ultimately are just going to perpetuate the challenges we’re already facing.”
While I certainly disagree with this person on some of their specifics, and don't necessarily agree with the "teeth" of this bill (10k per home owned isn't that much in the grand scheme of things, and can just be priced in to an already out-of-control market), seeing a trade organization argue for the actual long-term solution bodes really well for the future of solving the housing crisis.
That's crazy that they say we need more housing when there are so many empty houses sitting on the market from corporate real estate investing and other house flippers. "Wall Street is not the problem, a lack of new housing is" really sounds like the guy with gasoline and matches in hand saying "it wasn't me" at the scene of an arson fire.
A lack of housing is very explicitly our problem. Houses that are empty are not unowned.
Until housing is no longer seen as an investment, which can only happen if we are allowed to build sufficient housing, housing will continue to go up in value, and thus more people will invest
Anyone who sees their home as their "nest egg" is part of the problem.
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The head of an organization that represents landlords is advocating for building more houses. Now why do you think that is?
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The trade organization is arguing for investment into their market rather than regulations that would improve the efficiency of their market. The bill is likely a negative for them, and they want something that would be a positive.
The situation is not caused by a lack of number of houses. It's caused by the lack of efficiency in housing. It's more beneficial to leave units empty than to fill them because there's little penelty (and sometime incentives) to do so. There should be something like a land value tax that pushes for more efficient use of land, not investments that push for less efficient use.
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Step in the right direction, hope some version of it gets passed.
What about private equity?
In case you want to learn about the bill:
NYT article (archive link):
Press releases:
https://adamsmith.house.gov/press-releases?ID=637A8E58-8F0D-4CB0-AECC-1D4690A00725
Text of the bill:
https://www.merkley.senate.gov/wp-content/uploads/2023/12/MCG23660.pdf
DNC really driving it home what their platform is with actions instead of words, lately.
I do like this.
Can we expand this to multi-family houses? I don't think we need it for apartment buildings too, but triple-deckers, for example, are not that different.
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