ALAB because “renting” residential property is abhorrent behavior.
Owner Occupancy Credit against property taxes. If you live in a house you own, you get a credit. If you own the house and don’t live in it, you pay the full rate. Enact an owner-occupancy credit against property taxes, then increase both the tax rate and the credit until these corporate bagmunchers are no longer a problem.
“But landlords will just raise their rent to cover the increase”. They could try. But, if we raise it high enough, they will be able to make far more money issuing a private mortgage, or offering a land contract, or converting to condominiums, or otherwise getting their tenant’s names on the deed and becoming eligible for the credit.
“But these landlords will be forced to take a risk on these sub prime borrowers.”. They are already taking that risk by renting to them, and the remedy is basically the same: if they can’t make their payments, evict them, take back the house, and offer it to someone else.
ALAB because “renting” residential property is abhorrent behavior.
Owner Occupancy Credit against property taxes. If you live in a house you own, you get a credit. If you own the house and don’t live in it, you pay the full rate. Enact an owner-occupancy credit against property taxes, then increase both the tax rate and the credit until these corporate bagmunchers are no longer a problem.
“But landlords will just raise their rent to cover the increase”. They could try. But, if we raise it high enough, they will be able to make far more money issuing a private mortgage, or offering a land contract, or converting to condominiums, or otherwise getting their tenant’s names on the deed and becoming eligible for the credit.
“But these landlords will be forced to take a risk on these sub prime borrowers.”. They are already taking that risk by renting to them, and the remedy is basically the same: if they can’t make their payments, evict them, take back the house, and offer it to someone else.