Should 10x property taxes on non-primary-residences, and split the proceeds between subsidizing construction of new housing and being distributed as a UBI. Would be better than trying to ban speculative investment in housing outright, because it would be attacking the underlying market factors instead of telling investors they can’t try to make a profit.
Comment on Investors are making up the highest share of homebuyers in 5 years
JoMiran@lemmy.ml 3 weeks agoThis isn’t the rich, that’s what makes it so sad. These funds are managed by vultures, yes, but these portfolios are quickly bundled and turned into financial instruments, which in turn portions of them are rolled into other funds, which in turn are sold to groups like teachers pension funds, or fractions sold on Robinhood using fancy names that disguise what is in them. These funds are sold not to the rich but to those trying to stay ahead of the meat grinder that is the American capitalist economy. The rich get fees that are completely divorced from how well the funds perform, meanwhile working folk are inadvertently investing in the same machine that is making it impossible for them to afford to buy a home.
chicken@lemmy.dbzer0.com 3 weeks ago
Tollana1234567@lemmy.today 3 weeks ago
not only that, place limits on how many properties they can own as well, plus also close loopholes like using LLC / some kind of other shady company to buy more houses.
chicken@lemmy.dbzer0.com 3 weeks ago
That’s closer to trying to ban speculative investment. I guess my opinion on this is just that this type of approach won’t work as well, because keeping people from participating in the market isn’t a direct way to move the market. And what needs to happen is, lower housing prices and regular people having greater proportional purchasing power, so the best focus would be to give investors strong incentives to sell, increase supply, and redistribute wealth.
stringere@sh.itjust.works 3 weeks ago
Houses should be for living in, not financial vehicles.
damnedfurry@lemmy.world 2 weeks ago
place limits on how many properties they can own as well, plus also close loopholes like using LLC / some kind of other shady company to buy more houses.
This is a cat and mouse game that the law, glacially paced as it is, can never win. The tax strategy suggested would be much more effective.
mriormro@lemmy.zip 3 weeks ago
I don’t think you understand.
EAT.
THE
RICH.
JoMiran@lemmy.ml 3 weeks ago
Yeah, that too, but my complaint is about the system that makes the rich while simultaneously convincing us to inadvertently participate in and strengthen our own economic slavery.
llama@lemmy.zip 3 weeks ago
That’s by design though. They get rich off selling us the promise of something being the next frontier of personal sovereignty.
JoMiran@lemmy.ml 3 weeks ago
💯
damnedfurry@lemmy.world 2 weeks ago
If repeating your meaningless slogan is the only response you can muster to someone actually trying to offer substantive explanation, you’re the one that lacks understanding, whether willfully or not.
Writing it in all caps only further emphasizes this.