Central NJ Yimby: Apparently the feds are considering a bill to prevent hedge funds and large corporations from buying homes. Jersey City might ban it even sooner... www.nj.com/hudson/2024/...

Apparently the feds are considering a bill to prevent hedge funds and large corporations from buying homes. Jersey City might ban it even sooner... www.nj.com/hudson/2024/...

Get private investors out and families into Jersey City homes, councilmen say as federal lawmakers eye banwww.nj.com “I am open to any and all tools to encourage local homeownership for human beings versus faceless nameless entities," Heights Councilman Yousef Saleh said.

I'm a bit skeptical about this "get hedge funds out of housing and families into housing" idea. I mean, what do hedge funds and corporations do with all the housing that they own? Surely they...rent it to families? On further inspection, the Jersey City bill appears to just be anti-renter:

If big corporations think that housing is a great investment with no downside, that is usually a sign that there is an artificial scarcity problem. We should build lots more housing so there is enough housing for everybody and rentier corporations can't make easy money by investing in it.

I will forever remember the only HOA meeting I showed up to when I was renting a condo as an apartmrnt. “Renters are trash” is indeed what made it the only HOA meeting I went to!

The degree to which homeowners are willing to say that to your face is genuinely astounding to me.

You know where trash is mitigated? my neighborhood that's dense enough to have a local Business Improvement District to hire lots of cleaners.

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