The shortage has its roots in the financial crisis, and was exacerbated by the pandemic.
We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.
I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?
Capping rental rates to mortgages is the best solution. Whatever the mortgage is, you can’t charge a penny more than that.
Any tax burden will be passed to the renter without a cap on rental rates.
A use it or lose it policy would also be effective. Rent or sell an unoccupied house or it is turned over to the city council at half tax assessment value.
You need to have teeth, actual losses to encourage them to move.
capping rents to the mortgage means you can only rent out a property at a loss, because you can’t recoup repairs, maintenance, utilities, vacancy, or administrative fees through rent. this effectively makes being a landlord illegal, which you’d might as well do outright if that’s the objective.
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Capping rental rates to mortgages is the best solution. Whatever the mortgage is, you can’t charge a penny more than that.
Any tax burden will be passed to the renter without a cap on rental rates.
A use it or lose it policy would also be effective. Rent or sell an unoccupied house or it is turned over to the city council at half tax assessment value.
You need to have teeth, actual losses to encourage them to move.
capping rents to the mortgage means you can only rent out a property at a loss, because you can’t recoup repairs, maintenance, utilities, vacancy, or administrative fees through rent. this effectively makes being a landlord illegal, which you’d might as well do outright if that’s the objective.