The housing shortage is a complex interchange of issues. Unable to do much about the Federal Reserve fiscal policy. However, I tried to summarize other specific steps that can be taken to help address housing scarcity in the both the near and long term. I intend to send some version of these to my various government representatives.
Corporate Money: No limits on commercial real estate or new residential construction. No limit on buying existing residential apartments. All other residential real estate limited to only being able to buy after 1 year unsold. Penalties for any empty residence not on market set to same standard as vacation homes.
Foreign Investor: Banned from everything except commercial real estate or new residential construction. Penalties for any empty residence not on market set to same standard as vacation homes.
Private Money Non Primary Residence: No limits commercial real estate or new residential construction. No limit on buying existing residential apartment buildings. All other residential real estate other than primary residence is limited to 5 units and only being able to buy after 6 months unsold. Penalties for empty units not on market or units above 5 that were not new builds are set to same standard as vacation homes.
Primary Residence: First time home buyers are only ones able to submit an offer for first month. All others seeking it as a primary residence will then have up to month 6 before competing with investment money.
Federal Zoning Efforts: Federal government encourage higher zoning density via federal funds. Those could entail direct payments to local governments that raise or have existing high density, expedite permitting, or waive fees. Tax credits to individuals that install accessory dwelling units on primary residence property for rent.
State Zoning Efforts: Similar actions as Federal plus emphasizing state resources towards higher density areas.
Local Zoning Efforts: Ban or severely limit ability to transfer existing housing stock that is not a primary residence into a hotel stock via things like AirBNB.
Federal Regulations: Simplify a national building code that would be enforced by central government. Added complexity of many different state and local codes is delaying construction and raising costs. Universal standard would also encourage factory automation of a form of plug and play integrated materials for homes that could be adapted to local lot conditions. The more work that can be done by robots elsewhere the less that would need done on site.
Vacation Homes: Penalize ownership of additional homes that are not being offered for sale or rented out for use through a scaled increase of property taxes. Second home x2. Third home x3. And so forth. Possibly even higher penalties for vacation homes in areas zoned for higher density.
HOA: Change associated Covenants, Codes, and Restrictions to allow installation of ADU.
Immigration: Specific New Construction Visas helping allow skilled immigrant workers address a critical manpower shortage.
Homeless or Working Poor: Adopt International Residential Code standard of a minimum habitable square footage of 120 with minimum lot size 320 to facilitate housing options such as single bedroom motels being turned into apartments or condos.
Occupancy: Increase maximum occupancy for larger square footage places to be in line with the minimum square footage requirements to facilitate intergenerational living.
Materials: Incentivize via tax credits greener or sustainable new building materials such as precast concrete slabs, recycled plastics, reclaimed wood, recycled steel frames, hempcrete, ferrock, timbercrete, and so forth.
Vacant Land: Increased property tax rates for vacant land scaled to zone density for where it is located. Lower property tax rates back to normal if vacant land is turned towards a public use benefit such as community or beautification garden, play space, green space, or public art installation.
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source https://www.reddit.com/r/RealEstate/comments/sfli6p/specific_housing_proposals_for_shortage/
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