Why would they demolish homes? They’d have ways to make some money off them vs none - either they sell at a loss, take a tax write-off to surrender it, or they spend a significant fraction of the construction cost to tear it down to resell the land
It would definitely flip the current real estate development industry upside down, but I don’t see that as a big negative - being a landlord is still very profitable, so investors will still want to do it. But you can’t let units go empty, so they’ll be going for affordable or in demand housing rather than highest profit margin (aka McMansions)
Plus, it’s estimated that up to 1/3 of housing in the US is empty - the homes exist, they’re just sitting empty. I’m not sure if that counts stuff like air BNB or not either.
Eventually, these buildings are going to age out and need to be replaced, which my plan would throw some hiccups into - but that gives us time to fix things without forcing people to die on the streets
Why would they demolish homes? They’d have ways to make some money off them vs none - either they sell at a loss, take a tax write-off to surrender it, or they spend a significant fraction of the construction cost to tear it down to resell the land
It would definitely flip the current real estate development industry upside down, but I don’t see that as a big negative - being a landlord is still very profitable, so investors will still want to do it. But you can’t let units go empty, so they’ll be going for affordable or in demand housing rather than highest profit margin (aka McMansions)
Plus, it’s estimated that up to 1/3 of housing in the US is empty - the homes exist, they’re just sitting empty. I’m not sure if that counts stuff like air BNB or not either.
Eventually, these buildings are going to age out and need to be replaced, which my plan would throw some hiccups into - but that gives us time to fix things without forcing people to die on the streets