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this post was submitted on 09 Jul 2023
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The way to do that is to tax them.
Price controls don't work--there's a long and ugly list of examples of why--but increasing marginal taxation certain does work. We just stopped doing it because..mumble..mumble..supply-side..mumble..trickle-down..mumble..job creators..mumble.
You simply tax the things that harm society until those things go away.
Corporations owning residential homes should get taxed an extra 1% on the total value of the home every year, increasing at 2x the rate of inflation every January 1st. Do that for 5 years, then apply the tax to individuals who own more than one home, same deal - 1% + 2x the rate of inflation.
Combined with actual rent controls, this solves the problem, and it won't shock the system and cause a housing crash, because various homes are at different stages of profitability.
I'm just some idiot on the internet. Why can't some idiot in government come up with a similar plan?