Lawmakers say investors that scooped up hundreds of thousands of houses to rent out are driving up home prices
Wall Street went on a home-buying spree. Now, more lawmakers want to stop it from ever happening again.
Democrats in the U.S. Senate and House have sponsored legislation that would force large owners of single-family homes to sell houses to family buyers. A Republican’s bill in the Ohio state legislature aims to drive out institutional owners through heavy taxation.
Lawmakers in Nebraska, California, New York, Minnesota and North Carolina are among those proposing similar laws.
While homeowner associations for years have sought to stop investors from buying and renting out houses in their neighborhoods, the legislative proposals represent a new effort by elected officials to regulate Wall Street’s appetite for single-family homes.
These lawmakers say that investors that have scooped up hundreds of thousands of houses to rent out are contributing to the dearth of homes for sale and driving up home prices. They argue that investor buying has made it harder for first-time buyers to compete with Wall Street-backed investment firms and their all-cash offers.
I know nothing about Ohio specifically, but some Republicans in state legislature aren’t completely brain dead or MAGA.
I am going to hop onto my soap box for a minute and say if we want high quality US politicians, we need to better compensate State legislature roles. In Ohio they make 68k, which isn’t great, but maybe liveable in Ohio. Looking up CT as a random example, they just bumped the pay from 28k to 40k two years ago and their staffers still earn 2 to 3x their pay.
That’s ridiculous. It means only rich people or people funded by rich people can afford to run for state legislature. This doesn’t even get into local politics where selectman can earn like 12k yearly… if we want more normal down to earth politicians, we need to fund this shit better.
I have not heard any Republican in a very long time (if ever) suggest heavy taxation on a corporation.
No, but they’re still conservatives, which means they will only act in their own self-interest.
All humans act in what they think is there self-interest. Nothing to do with any political leaning.
That’s bullshit. As a wise man once said, “look for the helpers.”
As much as the claim all conservetives only act in their best interest.
No, that’s the defining feature of conservativism, and the only consistent value among all conservatives throughout the history of conservativism. Define the self, benefit the self, blame the scapegoat.
Found the conservative!
If I’m the only conservetive you know then your circle has a serious lack of diversity.
I make a point of not knowing conservatives.
You’re right. I make triple my state senator and I can only just afford a house here if I wanted to beggar myself with current rates.
But if we paid them a better wage they wouldn’t be so hungry for corporate boots to lick, and the people who rule this country wont stand for that.
68k in Ohio is pretty good for one person or maybe 2, but not more than that. I live in Ohio.
Depends on where you live in Ohio. Good luck in the C-Bus area. Zanesville your probably fine on that salary
I’m in Cleveland and 68k is pretty good to be honest. Not rich, but comfortable for one or two people.
Yeah in The Land it’s affordable still in some areas based on what I have heard still. Also go Cavs!!!
Go Cavs for sure <3