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this post was submitted on 25 Oct 2024
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FFS. How about just deny the purchase of single family homes by all businesses altogether?
As much as I'd like to see that done, I'm sure businesses would just use shell-people to buy the homes.
Sounds perfect, do it. I wanna see your income statement when you own 20 apartments.
Don't remember what the business was but there have been cases of businesses using individuals names on paperwork, saying they own the business, but that person has zero responsibility and gets no pay for it. Probably it was on an episode of Last Week Tonight.
Not only would it make sense for each of the shell people to have the income on their own tax statements when running that sort of subsidizing loan operation, but its actually got fiscal incentive to be done that way because it puts them in lower brackets.
Plus, given the number of foreign owners invested in US properties, it would be difficult or possibly even impossible to charge and expedite them for tax evasion given the tightly constrained budget of the IRS and therefor their inability to go after people without a gaurantee they can earn more back than they spend on the court proceedings.
I can't follow your reasoning. If companies cannot own houses, how do you propose this shell-ownership would work? Wouldn't the owner just be free to sell the house at any time and pocket the cash for themselves?
As for tax evasion by foreigners that own real estate, I mean how is that even a problem? There's millions of foreigners that do business in the US everyday, plus, these ones have actual immovable assets that can be seized...
Financing.
The shell-owners would get paid to be a shell, and the properties would get financed under their names, thus circumventing the law.
Because what I described above could be considered tax evasion, that is why it becomes another new problem when dealing with foreign investors.
The US Government sells seized real estate dirt cheap, but that negatively impacts the shell owners who could fight it in court.
Right. And tax fraud is a crime, so then could be massively fined or locked up for it.
If the only penalty for a crime is a fine, then the crime is legal for a fee.
That's not actually what those words mean, although I understand what you're saying. Also, if you're trying to imply that fines cannot be used to greatly dissuade various undesirable behaviors, the real world would disagree with you.
Passing tax law is firmly in Congress' remit. Telling corporations what they can and cannot buy is a whole lot stickier. The former is far easier.
Passing any law is within the purview of congress per the necessary and proper clause.
You can't deny the purchase of a single family home from a person and businesses are people in this upside down country
California is doing it.
https://a24.asmdc.org/press-releases/20240529-bill-ban-corporations-buying-single-family-homes-use-rentals-passes
Just because California's cool doesn't mean the entire country gets to benefit. And until Citizens United at least gets weekend, then we've got fucking corporations with an equal or stronger voice than humans dying on the streets from heat stroke
ETA: I was obviously really tired and not thinking when I wrote this. I'd edit it, but I like to own up to my mistakes. Have a great weakened, everyone!
I didn't downvote you for your response, but also didn't feel the need to explain it further.
To add to it however, a proposed bill in Minnesota's Senate would ban the conversion of single-family ownership housing into rental housing.
In the US Congress, legislation has also been introduced to prohibit hedge funds from owning single-family homes.
Progress is slow, but it's happening.
You're making very valid points and I appreciate your optimism. I'm just being a sarcastic, salty little baby about shit cuz I'm in a mood about all this.