skews13
Diamond Member
- Mar 18, 2017
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Because every time you buy a house, you are bidding against multi billion dollar capital investment groups.
And these groups can buy houses with problems, because they don't need financing.
We are going to need more laws/incentives regarding purchasing homes as one's primary residence.
This is correct, and something i've been advocating for years.
A home is a place to live. It's not an investment.
There needs to be not only more laws, but very strict laws regarding the purchasing of homes. Specifically, when you purchase a home, you must commit to take possession of it as a primary residence, in which you physically reside during the term of the mortgage. Your personal property taxes, and insurance rates should be regulated to reflect that purchase.
If you buy as an investment for the sole purpose as a rental property, or for resale for profit. Your property taxes should and insurance rates should be higher to reflect that purchase.
If you're a multibillion invsetment company, the purchases should have an added wealth tax added to the purchase, and if purchased for rental homes, have rent caps imposed reflecting the median rentla rates for that area.
Those are just a few examples of the many different restrictions that could be imposed to curb housing costs, and insurance rates. The goal is to take the profit motive out of home buying.
With insurance rates alone, if you live in a high risk area, such as coastal communities, or flood plains. There should be laws that allow for discounted insurance rates, and prohibitions on raising rates, if homeowners take steps to improve their homes that make them meet higher wind and flood damage building codes. Of course if a homeowner makes no claims in the event of storm damage, the insurance carrier should be completely prohibited from making any adjustments to the policy.