Reply to Canada now bans foreigners from buying houses- should we do the same?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What we need to ban are Air BnBs, short term rentals, home flipping, and corporations from owning homes.[/quote]

Yes.  And in addition, ban foreigners from buying homes.  Green card holders should be allowed.  There should also be a provision in low down payment FHA loans that when sold, the sellers must accept FHA financing.  Something like 83% of homeowners got their first mortgage through FHA.  We need a new emphasis on home ownership.  It provides stability and helps Americans build wealth.  By the time I bought my second home I had enough equity to go conventional with 20% down.  I hope it works that way for most.  I keep an eye out for starter homes in my area since I have three young adult children.  There are definitely investment corporations that snap up the good deals and pay cash.  The homes disappear from the MLS within a week. [/quote]

Banning foreigners won’t solve the housing crisis but I like the FHA financing proposal.

We also need 
Much more affordable housing in general 
Limits on all cash purchases and investment corporations buying houses 
More tax assistance to first home buyers who live in the homes 
Rental protections for long term low income renters [/quote]

Let’s hope this hill passes but doubtful the chaotic House will get it done …

https://www.merkley.senate.gov/news/press-releases/senator-merkley-introduces-legislation-to-ban-hedge-fund-ownership-of-residential-housing

Oregon’s U.S. Senator Jeff Merkley introduced the End Hedge Fund Control of American Homes Act, a piece of legislation aimed at ending Wall Street ownership of residential housing.

Wall Street control of large portions of housing markets across America drives up rents, limits homeownership opportunities

A 2018 study of foreclosed homes in Atlanta found that hedge funds and investors were 68 percent more likely than small landlords to file for evictions, even after controlling for property, tenant, and neighborhood characteristics.

recent House Financial Services Committee report found that predatory hedge fund investors targeted homes in neighborhoods with significantly larger Black populations and approximately 30% more single mothers than the national average, with 12.9% of households headed by single women with children under 18.
In order to meet Americans’ housing needs and root out systemic inequities in the housing market, the End Hedge Fund Control of American Homes Act bans hedge funds and private equity investors from owning large numbers of homes by establishing a $20,000 federal tax penalty for each single family home owned by a single company and its affiliates over 100 homes. The bill allows companies with large portfolios to sell homes over several years to come into compliance so there’s an orderly exit, and includes incentives to make sure buyers of divested homes are ordinary people who will live in the home. The tax penalties collected will be used to provide down payment assistance to homebuyers.[/quote]

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