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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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But worse for those looking for a rental.
Rent control is a bandaid on a real problem that makes things worse long term. What California needs is build more, which means end the NIMBY and unfreeze property taxes so those seating on underutilized land are forced to develop it or sell.
Would property taxes actually do much? They're so little even in high property-tax states that I think you'd need to do a lot more than that to FORCE rich people to utilize their other properties. High taxes would potentially push more costs on renters. Maybe we should just outlaw having more than 1 or 2 homes... including for real estate companies and banks :)
I keep wondering how to make the law do that. Making a company is like $100, that's nothing compared to the house price. They would just have shell companies all over each owning a single location. 123 Fake St., LLC; 124 Fake St., LLC; etc.
You'd limit Ultimate Beneficial Ownership of the properties, not direct ownership.
I'd probably do something like: No individual or private entity may have Direct, Indirect or Ultimate Beneficial Ownership exceeding or of multiple of any of X(2-5?) Single Family properties, Y(2-3?) low density Multi-tenant properties, or Z(1-2?) high density Multi-tenant properties. Excluding the first wholely and solely owner occupied property. Excluding Ultimate Beneficial Ownership of less than A(.01-5?)% of a property. Excluding Ownership less than B(30-180?) days. Failure to comply results in forfeiture of newer ownership to REGULATOR-TBD until compliance is met. Multi-tenant properties have C (5-10?) residences
IANAL, probably some other loopholes that need closing. But the intent would be to limit consolidated ownership of many properties. But not impact several of the more reasonable ownership structures, nor impact churn of properties. The regulator would sell whatever extra it gets to fund housing programs.
You forgot the part about where the individual in question goes to jail when caught. That part is important.
How will that work for individuals who own .00001% of hundreds of homes (by owning shares of several real estate holding companies)?
Also, mega rich people don't to legally own anything. It is owned by a trust with undisclosed beneficiaries. It is also routed via multiple offshore dummy corporations. It is set up this way so that tax agencies can never figure out incomes and inheritances.