Hmm. I like the concept but think there are practical issues: Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters. Mass homelessness affecting disproportionately those worst off. Perhaps the cost of Buying a home would drop due to all that property for sale - especially if the apartments can be sold as condos, but I’m not sure if it would compensate enough, and would be a huge mess for some time.
Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters.
Why? Paying for demo would be costing them more money. Same with sitting on it without tenants.
Hmm. I like the concept but think there are practical issues: Suddenly everyone who owns apartments or other rental property in a major city immediately sells it (even if just to be demolished) and kicks out the current renters. Mass homelessness affecting disproportionately those worst off. Perhaps the cost of Buying a home would drop due to all that property for sale - especially if the apartments can be sold as condos, but I’m not sure if it would compensate enough, and would be a huge mess for some time.
Why? Paying for demo would be costing them more money. Same with sitting on it without tenants.
What I mean is that they couldn’t afford to keep it in any way and may end up selling it at just the land value (if that)