KARE
State capitol Democrats want to slow the tide of corporations buying up homes and converting them to rental property.
According to a report from the Federal Reserve Bank of Minneapolis, investors own 25,000 detached single-family homes in the Twin Cities metro.
That equates to 54% of all home rentals on the market in the region, according to the report. It’s a trend legislators want to slow by placing caps on how many rental homes can be purchased by LLCs, or Limited Liability Corporations. More
Its intended housing for those from the border come to work at the meat plants! And to vote for more squad creatures. Anything to crack down on this is welcome!
A few weeks ago I read an article on MarketWatch which essentially tried to shame empty nest boomers into selling their homes and downsizing, making room for the next generation of families. A noble idea until you break down the actual costs.
Most boomers live in a house that is paid off and has a relatively low tax cost basis. Even doing a 1031 exchange to avoid capital gains, you will still quadruple your property tax obligations. This is just dumb.
I sympathize with younger families looking to buy in a crazy real estate market like where I live, but with Biden-flation making building materials more expensive and home interest rates at 7%, hopefully this will smack perspective buyers in the face and vote the current crop of incompetent’s out of office.
Are they limiting Blackrock, or just LLCs?
Kinda pointless if they are only limiting LLCs, which likely are smaller than giant Blackrock and its ilk.
“A few weeks ago I read an article on MarketWatch which essentially tried to shame empty nest boomers into selling their homes and downsizing, making room for the next generation of families.”
I read that too. If they have 3 mil come talk to me.
LCD, I’ve read Blackrock, and Blackstone (go figure, you need to do some heavy research to uncover those bastards) are about half a step away from “Receivership”
Stupid legislators. It takes about 15 minutes to form a new corporation, including with variations in shareholders if necessary.
Also unconstitutional.
How about instead just barring foreign ownership of real estate in the state.
And just like that, the American dream was stolen.
I get a card in the mail box every day it says=
Jorel, sell us your house. Cash as-is. Slum lords are active in my hood.