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this post was submitted on 31 Aug 2023
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despite my socialist views I'm also a realist: no elected government in Canada or US would socialize real estate. None. Within current economic and political system it's a surefire recipefor country implosion. The only feasible solution is taxing "luxury" properties and diverting that money towards subsidized/public housing. Demand outpaces supply and supply is being choked by corporations and individuals scooping up properties and not releasing them back either as rentals or for resale. Make it passable for them to sell and impossible to hold and we can bring market to some shaky equilibrium. Build more affordable housing and you may stabilize the market. There are no other options on the table as far as I know.
That's my take as well here in Australia.
No person should own more than one house, and no corporations can own a house ever.
If you must move, that's ok, there is a central no reserve auction system that you must place your property into.
You can also buy your new property from said no reserve auction system.
Making housing a wealth vehicle is immoral