this post was submitted on 23 Sep 2024
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I agree. I don't see much point in raising the federal minimum wage beyond $15/hr until we make landlords extinct. As long as there are leeches who have free reign to charge whatever they want for a basic human necessity, any raises will just flow right into their already overstuffed pockets.
Genuine question, what is one supposed to do if they need a place to live but can't afford to buy an entire house, if not rent?
Seems like that 'middle option' needs to exist.
My previous comment did advocate for going all scorched earth on landlords, but I do see a space for them to exist in a heavily reduced capacity. And they'd actually have to work for a living. Apartment buildings would still exist, so individuals (NOT corporations) would be allowed to own a building of units and rent them out, with the stipulations that they personally live on site, they personally do the leasing and/or maintenance work themselves, and they pay themselves no greater income than 3x the median cost of the rent for their units. Any profit that isn't refunded to their tenants or used to improve the property is taxed at 100% with zero deductions.
That way rental properties are still available, people can still make a living doing the actual work that goes into renting (leasing and maintenance), and there is no incentive or even ability for someone or a group of someones to use residential property to steal passive income.