Corporate Real Estate Investors Are Accelerating the Affordable Housing Crisis

A tax on institutional investors could dissuade corporate purchases, giving working-class households an equitable opportunity to buy a home while also generating revenue for affordable housing. To illustrate the potential revenue a 10 percent tax on investors could generate, the Institute for Policy Studies analyzed the sale records of Boston, Massachusetts in the final quarter of 2022.

Boston is just one city where investors are snatching up residential properties. If a 10 percent tax on investor purchases were in effect in Boston as well as the country’s nine other top housing markets, it could’ve generated a total of $1.4 billion just on 2022 fourth quarter sales alone. The solution is straightforward: the federal government should ramp up the production of decommodified public housing to put downward pressure on real estate prices. All newly constructed housing should serve the social needs of our communities instead of further enriching corporations and institutional landlords.

Source: Real Estate Daily Report (realestatedailyreport.net)

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