Ohio’s housing shortage currently sits at 250,000 homes. Data shows institutional investors bought 21% of the homes sold in Ohio in 2021 which was twice as much as the year before.
State Sen. Bill Blessing (R-Colerain Twp.) wants to levy a monthly tax on the corporations that own 50 single-family home rentals or more in one county. He said the overwhelming tax would prompt some to sell their housing stock for desired homeowners.
“There should be a justifiable limit to the number of homes any particular entity should own,” said Sen. Blessing. “By 2040, they were talking about 40%-50% of single-family homes in this country would be owned by corporate landlords. I just find that deeply disturbing”
U.S. Sen. Sherrod Brown is calling for the elimination of federal tax deductions of interest or depreciation on properties owned by corporations with 50 single-family home rentals or more in one community
The largest owner of this asset class in the U.S. is Invitation Homes Inc. (NYSE: INVH), a real estate investment trust (REIT) with a portfolio of about 83,000 single-family rental homes as of the end of the first quarter this year.
This issue is going to come to a bipartisan boil very quickly–the excess has become obscene
My opinion: foreign nationals/corporations should be limited to one property per jurisdiction. You don’t get to “buy” America. But you can own property for businesses or branches of your business.
More regulation will only increase housing costs and thus less homes will be built. The answer is just to make it easy to do more building. Not special categories of things they will let you build and people looking over your shoulder to make sure you don’t have too much stuff.
That’s the same old big govt stuff that just makes people poorer. See Cal and all it’s fixes that only increase homelessness.
Build to rent townhome communities are already oretty common.
Local zoning officials opposing them is also pretty common.
If free market capitalism were allowed there would be no housing shortage, no affordability crisis and the American dream of each generation doing at least as well as the last would be restored.
We are paying government officials to make us worse off and our kids even worse off. If they would just shut up and go home, we and our kids would be better off.
The same thing happened in the '80s and '90s. Hundreds of thousands of new homes were purchased as an investment (not necessarily foreign investors) and were never lived in because it could potentially lower the value.
First of all, we have to have comprehensive zoning reform. More medium and high density, less single family.
For single family, we need smaller setback requirements, elimination of requirements for off street parking and permitting areas in which housing is permitted to have low square footage.
Obviously, this only touches the tip of the iceberg, but implementing reform would make build to rent unsustainable.
