Hmm. I like the concept but think there are practical issues: Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters. Mass homelessness affecting disproportionately those worst off. Perhaps the cost of Buying a home would drop due to all that property for sale - especially if the apartments can be sold as condos, but I'm not sure if it would compensate enough, and would be a huge mess for some time.
Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters.
Why? Paying for demo would be costing them more money. Same with sitting on it without tenants.
The minimum wage shall be the lowest hundredth dollar in a month which is still greater than three times the state's median rent for a single bedroom apartment.
That'll actually stoke class division between landlords and bosses since driving up rent will bump wages just as much.
I think an interesting side effect would be the massive reduction of houses being bought as rental properties. If you had no real way to cover a mortgage or even some of the absurd property taxes with the rent you could get, your wouldn't invest unless you really believe in the area or are buying to fix and sell.
It would basically tank the housing market and put everyone who owns a house with a mortgage under water. Would suck for me, and I'm not a landlord.
Not all people who'd lose out by going balls to the walls on affordable housing is a landlord, in fact most of them are working class people who have no investment vehicle but their home.
The process of decomodifying housing is necessarily going to be a long and bitterly unpopular one in its time.
Oh noes! We're so worried for the lords of land and property owners. If you have owned your property for more than 3 years please step out of the conversation.
The unfortunate risk you take owning a property. Likewise, is there really any way for the next generation to be ok with the current one not taking a hit?
