My preferred solutions include rent caps, banning exclusionary zoning, a massive campaign to build public housing, tightened mortgage restrictions and debt stress tests, expropriation of vacant properties and jacked up taxes on vacant houses and multiple properties.
Sure, I could get behind some of that…. I think some is a bit of fantasy though. Expropriation of someone’s private property is extreme and will have unintended consequences.
Mortgage restrictions that will make it more difficult for 1st time home buyers? Seems counter intuitive to what you are hoping for.
Jacking up taxes on a cabin out in the middle of nowhere will do exactly nothing to help with housing.
I think a significant hike in interest rates will likely be the fastest solution to lowering home prices. But then people will complain about people, who didn’t plan their finances well, not being able to pay their mortgages…. But, that will free up the same house at a cheaper price for someone else to buy.
ETA:
If you crank up taxes on 2nd homes, you are going to crank up people’s rents. Rent controls? Then those homes will get sold as the increased taxes makes it no longer profitable to own a rental property.
But, that’s a good thing, as that home will now be up for sale. Of course, you’ve just kicked a renter out of their home….
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