objectimpermanence t1_je1qqdc wrote on March 28, 2023 at 7:53 PM

Reply to comment by AccountantOfFraud in Tenants Fight Back As Rents Soar In Jersey City And Hoboken by mad_dog_94

That would be pointless. The vast majority of housing is owned by individuals. And 70% of rental properties are owned by people who own just one or two properties. Source.

The underlying problem is that there is simply not enough housing in the places where people want to live. When demand outpaces supply, prices go up. It’s really simple stuff.

AccountantOfFraud t1_je1u64b wrote on March 28, 2023 at 8:14 PM

How is it pointless?

> Most rental properties – about seven-in-ten – are owned by individuals, who typically own just one or two properties, according to 2018 census data.

Seems like you can get more properties on the market by going after those who own more than one.

JeromePowellAdmirer t1_je1xo8z wrote on March 28, 2023 at 8:36 PM

Rentals are still needed, people who just moved and young students need a place to stay, people getting out of domestic abuse and such need a place to stay, also there should still be an option available for those who don't want to deal with maintenance if we're talking about an ideal society. The real problem is rent growth. If there was enough supply to stop rent growth then not only does renting becomes more appealing, there is also no reason to "invest in housing" at that point driving the investors out naturally.

AccountantOfFraud t1_je1ya2o wrote on March 28, 2023 at 8:40 PM

Go ahead and tell me the group of people who lobby against increasing housing supply

JeromePowellAdmirer t1_je1zhik wrote on March 28, 2023 at 8:47 PM

No clue what you're getting at. Housing supply should be increased regardless of who lobbies against it

AccountantOfFraud t1_je1zta9 wrote on March 28, 2023 at 8:49 PM

Sure, and at the same time we can tax people who own more than one property to encourage them to sell and add to the supply.

JeromePowellAdmirer t1_je25hfe wrote on March 28, 2023 at 9:26 PM

I'd agree, though I'd rather rich homeowners downtown don't get to escape. I would make the tax on "everyone" but add a 500k deduction for primary residence