Uplifting News
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that should be the goal. make it pointless to rent and let people buy homes for themselves
Renting can be a good option, especially when you consider the way equity vs interest are structured in the first few years of a mortgage. It's 99% interest at first, and then it slowly inverts year-over-year, which sure feels like renting my house from the bank for the first ten years... but I can't call up the bank and make them fix my electrical, plumbing, or appliances.
It would be nice to see a ban on renters snapping up existing properties, and a limit on how long single family newly constructed homes can be kept as rental properties.
prices would go down to affordable if renting was unprofitable. and even if you have to buy in, eventually you own the equity and even now with housing prices and interest rates high, it's still cheaper to pay a mortgage than rent and A LOT of renters are scum that won't even maintain your building.
I think you mean a lot of landlords are scum, and yeah I get it. There are people who switch jobs every 2-5 years to seek out the best raises. For them I think it makes perfect sense to rent. The fees to buy a house aren't cheap and not being tied down makes a lot of sense early in your career. I suppose you can buy a property, then move out and rent it to someone else, but that feels like circular problem if we're discussing putting an end to renting out single family homes.
If prices fall enough buyers could negotiate non-amortized mortgages.
Just because something is universal doesn't make it inevitable.