Lawmakers say investors that scooped up hundreds of thousands of houses to rent out are driving up home prices
Wall Street went on a home-buying spree. Now, more lawmakers want to stop it from ever happening again.
Democrats in the U.S. Senate and House have sponsored legislation that would force large owners of single-family homes to sell houses to family buyers. A Republican’s bill in the Ohio state legislature aims to drive out institutional owners through heavy taxation.
Lawmakers in Nebraska, California, New York, Minnesota and North Carolina are among those proposing similar laws.
While homeowner associations for years have sought to stop investors from buying and renting out houses in their neighborhoods, the legislative proposals represent a new effort by elected officials to regulate Wall Street’s appetite for single-family homes.
These lawmakers say that investors that have scooped up hundreds of thousands of houses to rent out are contributing to the dearth of homes for sale and driving up home prices. They argue that investor buying has made it harder for first-time buyers to compete with Wall Street-backed investment firms and their all-cash offers.
I will NEVER live in another HOA community. To your point, it just takes a few dicks to ruin it for everyone. Sold my house to an institutional investor just to get out of one. Everyone peering out their blinds, ready to speed, dial the gastopo if a car they dont recognize appears at someone else’s residence. The 6am geriatric weed police making sure everyone’s lawns are mowed at 90’ angles. Can’t have a work truck in your own driveway, gotta repaint your house every 10 years now you wanna tell me who I can and can’t unload this paper house to? Get bent. Communities usually full of big truck, clean bed freedom lovers too.
They either speed-dial the police, OR they simply just come out and shoot at whoever they feel is “invading”. My friend had a whole list of areas he wouldn’t deliver when he was running Instacart stuff because he’d gotten shot at or threatened by neighbors (or sometimes the people who actually ordered things).