You want to increase the supply. I want to tank the demand. The price will come down when the demand shifts from mcmansions to regular, affordable housing. It will be funny to see all those $1m+houses sit on the market as the correction unfolds. Nobody asked for them in most places. They were added by developers seeking to gentrify small towns like Rowley MA.
And taxes will come down too because towns will have no choice but to tax property owners more reasonably.
What data do you have to support this?
> As of 2022, investment companies own about one-fourth of all single-family homes in the US, accounting for 22% of American homes sold, down from 80% in 2020-2021
Naturally, the homes bought are all in the most densely populated areas with a relatively new construction (gentrified neighborhoods). I think it's gonna be a couple years before prices drop.
Large institutions own 5%. Most of these "investors" are house flippers and small landlords trying to "make it big in real estate". It's not the 1% strangling the working class, it's the 10%. Any solution that doesn't hit them the hardest won't be a solution. Infact, we want more density, we need more gentrification, so I don't want to discourage large institutions from investing in a new apartment. But at the very least, if you claim to care about housing prices, don't prevent the government from building more housing.
Individual home owners and business interests have a vested interest in maintaining a very tight grip on the status quo with regard to zoning, which is the primary tool for driving housing reform.
They will continue to do everything in their power to prevent the construction of affordable housing, because it will destroy their current real estate investments.
The non-landed folks have zero leverage within the political system.
Unfortunately those sorts of structures are banned by most municipalities.
It does not have to be this way.
So the other fundamental problem is that it is impossible to save money because it is constantly being debased.