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Laughable.
Fantastic ! We need this in Noblesville too.
For local people who want to buy and hold a couple rental properties for investment, this isn’t good. It restricts where someone can buy and potentially takes away a qualified buyer.
The good part about it is controlling out of state investment pools that don’t do a good job of maintaining properties and controlling the actions of the people they have rented to. I’ve seen neighborhoods that were once good and now are trash because of the amount of rentals. This drags down properties values for the people who live in those neighborhoods.
There are plenty of qualified buyers out there. Removing homes from the ownership pool is probably more of a bad thing than good regardless of who the buyer is. The one exception is someone investing in a rental in the same neighborhood where they live…then they have eyes on and a double incentive to keep the property and renters in line with community standards.
As you point out, starter home neighborhoods full of rentals go to trash quickly once the tipping point is reached.
I feel there needs to be some nuance to this rather than some kind of blanket 10% rule. The local resident who wants to buy a couple of properties in the neighborhood, or is moving on to another home but wants to keep their current home as a rental shouldn’t be penalized. Capping ownership by large corporations or out of state entities to something like 5% would make more sense to me. I realize there would be a lot of details needed to be fleshed out to prevent one large corporation from creating 1000 smaller entities of 5 homes a piece for instance, but I feel that residents investing in their own cities, towns and neighborhoods is something that shouldn’t be hindered.
I wonder if there will be an attempt at pre-emption by the State Legislature. The out-state “freedom from regulation” caucus and the new governor may object.
If Republicans actually cared about lowering the costs of home ownership for the people who voted for them, they’d be on the leading edge of this.
But big corporations write really sweet campaign contribution checks.
Agreed, Trump and Braun will side with wall street. I think it makes sense to get corporations out of owning large pools of housing nationwide. Homeownership is one of the best ways for an average person to create wealth. Competition for houses from Wall street has helped to drive up prices.
Agree Phil!
This is very smart. Good for them.
Please take a look at this article to see what is happening in Indiana.
https://www.wrtv.com/news/local-news/report-nearly-half-of-rental-homes-in-5-indiana-counties-are-owned-by-investors#:~:text=INDIANAPOLIS%20%E2%80%94%20The%20Fair%20Housing%20Center,a%20decrease%20in%20home%20ownership.
If Marion County proposed this, the state legislature would trip over themselves banning it.