The Rent Is Too Damn Algorithmic - Washington City Paper
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Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations.

The rent is too damn algorithmic — DC Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations::Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations.

  • Yewb@lemmy.worldEnglish
    16·
    9 months ago

    10% additional tax on any second or more property you own, boom housing crisis solved

    • CmdrShepard@lemmy.oneEnglish
      31·
      9 months ago

      Totally agree with this or at the very least penalize anything over a single rental property (in addition to their residence) so that middle class people can still benefit from this while rental corporations get penalized heavily.

      • KevonLooney@lemm.eeEnglish
        8·
        9 months ago

        Economics doesn’t work like that. Prices are already as high as the market will bear. Few people intentionally leave money on the table.

        More likely:

        1. Some owners will eat the tax increase
        2. Others try to raise prices
        3. They can’t get higher prices immediately because supply and demand are the same as before the tax increase
        4. They consider eating the cost or selling the property
        5. Property prices decrease due to greater supply
        6. Former renters and investors who are ok paying the tax buy the properties

        End result: more owner-occupied property, some of the tax is paid by the remaining investors and renters.

        • vector_zero@lemmy.worldEnglish
          2·
          9 months ago

          Maybe I misinterpreted your original comment. Are you suggesting a that the taxes increase by 10% of the going rate (e.g. 5% -> 5.5%?), or the taxes increase by 10% of the property value (e.g. 5% -> 15%)?

          If it’s the latter, then that makes more sense. That would be unsustainable for a landlord, because no way in hell can someone pull an extra 50k out of their ass each year on a 500k home.