>Democrats in Congress have introduced a bill in both houses of Congress on Tuesday to ban hedge funds from buying and owning single-family homes in the United States.
>
>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. During the decade-long phaseout period, the bill would impose stiff tax penalties, with the proceeds reserved for down-payment assistance for individuals looking to buy homes from corporate owners.
Good
Everyone who has entered the housing market knows this is a major problem, but none of the major candidates are talking about it. Why?
A large step in the right direction. A detail is very important: How do they define “home”?
Many homes are condominiums, not traditional houses. The legislation should cover condos, not just houses.
The grey area is, rental apartments. Without corporate funding, it is hard to build apartments. With corporate funding, it is hard to keep the vultures out.
All of us who support this should let our representatives know. They are going to be under tremendous pressure from Wall Street to not vote for this.
This is highly beneficial to the American people. Have faith, but don’t be surprised at the outcome.
Call or write your representatives.
Yes, please. Long overdue.
good god, if ONLY this would pass
something like 25-40% of all homes are being bought up by real estate investment funds.
as a mellenial i want to grab a pitchfork over how fucked up housing and rent prices are in this (and most western) countries. its fucking rediculous
IN GENERAL.—In the case of an applicable tax-
11 payer, there is hereby imposed a tax on the acquisition
12 of any newly acquired single-family residence equal to 50
13 percent of the fair market value of such residence.
50% tax! Love it! Price gouge the fuckers like they’ve been doing to us!
This is great worthy legislation.
Corporations shouldn’t be allowed to own residential property. That’s one of the major reasons there is a housing crisis in so many places around the world.
They weren’t properly punished for 08’ and this is why it’s happening all over again
10 years late but better than never.
About freakin time
Well this is needed and useful, so you know it isn’t going to happen.
It’s crazy that in some parts of the world, housing isn’t a valuable asset at all. They have built so much that they just demolish and rebuild constantly.
Pass this and also pass a law preventing foreign entities from buying up US real estate
This is great
What I don’t get is why is it only about single family homes. Whatever issues exist for corporations owning single family homes would also exist with corporations owning apartments/townhomes.
This legislation makes a lot of sense and will help American people, especially families, and thus, every single GOP in Congress will vote against it.
I love this. So I’m 100% sure Republicans will fight like hell against it.
I’ll take bills that should pass but won’t for $500 alex.
i’m sure hedge funds will find a
loophole
Aaaannnndddd it’s dead in committee.
Not gonna happen, dead on arrival
This is absolutely necessary for the security of Americans’ future.
26 comments
From the article:
>Democrats in Congress have introduced a bill in both houses of Congress on Tuesday to ban hedge funds from buying and owning single-family homes in the United States.
>
>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. During the decade-long phaseout period, the bill would impose stiff tax penalties, with the proceeds reserved for down-payment assistance for individuals looking to buy homes from corporate owners.
Good
Everyone who has entered the housing market knows this is a major problem, but none of the major candidates are talking about it. Why?
A large step in the right direction. A detail is very important: How do they define “home”?
Many homes are condominiums, not traditional houses. The legislation should cover condos, not just houses.
The grey area is, rental apartments. Without corporate funding, it is hard to build apartments. With corporate funding, it is hard to keep the vultures out.
All of us who support this should let our representatives know. They are going to be under tremendous pressure from Wall Street to not vote for this.
This is highly beneficial to the American people. Have faith, but don’t be surprised at the outcome.
Call or write your representatives.
Yes, please. Long overdue.
good god, if ONLY this would pass
something like 25-40% of all homes are being bought up by real estate investment funds.
as a mellenial i want to grab a pitchfork over how fucked up housing and rent prices are in this (and most western) countries. its fucking rediculous
IN GENERAL.—In the case of an applicable tax-
11 payer, there is hereby imposed a tax on the acquisition
12 of any newly acquired single-family residence equal to 50
13 percent of the fair market value of such residence.
50% tax! Love it! Price gouge the fuckers like they’ve been doing to us!
This is great worthy legislation.
Corporations shouldn’t be allowed to own residential property. That’s one of the major reasons there is a housing crisis in so many places around the world.
They weren’t properly punished for 08’ and this is why it’s happening all over again
10 years late but better than never.
About freakin time
Well this is needed and useful, so you know it isn’t going to happen.
It’s crazy that in some parts of the world, housing isn’t a valuable asset at all. They have built so much that they just demolish and rebuild constantly.
Pass this and also pass a law preventing foreign entities from buying up US real estate
This is great
What I don’t get is why is it only about single family homes. Whatever issues exist for corporations owning single family homes would also exist with corporations owning apartments/townhomes.
This legislation makes a lot of sense and will help American people, especially families, and thus, every single GOP in Congress will vote against it.
I love this. So I’m 100% sure Republicans will fight like hell against it.
I’ll take bills that should pass but won’t for $500 alex.
i’m sure hedge funds will find a
loophole
Aaaannnndddd it’s dead in committee.
Not gonna happen, dead on arrival
This is absolutely necessary for the security of Americans’ future.
So, naturally, republicans will oppose it 100%