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this post was submitted on 10 May 2024
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I hate modern journalism
here's the senate bill they're talking about https://www.congress.gov/bill/118th-congress/senate-bill/2224?s=1&r=92
It's a very weak bill, only kicks in at over 50 homes purchased, is not retroactive so existing damage to the market is unaffected, and only affects taxes on interest. Plus a lot of other restrictions to make sure this doesnt affect rental properties at all. Frankly I think this bill is meant to make more affordable property for landlords than anything.
They'll just spin up shell companies to bypass that 50 limit
It's the WSJ, it's the Fox News of print. It's going to have that "mostly true, but also any regulation is bigger than life" vibe.
NYTimes reported on different forms of this bill way back in December when things were still in infancy https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html
Investors buying up 17% of a city with nearly a population of 900,000 people is just nuts. If you say 4 people per household, that's roughly 38,250 homes.
mixed with like converting a large percentage from regular rentals to short term rentals.
The legislators would not propose it if it wasn't great for institutional investors