And you can’t just tax them on it, because they’ll just push that as increased rents on their tenants.
They must divest, and release the housing unit, and sell it to someone that will actually live in it. And they cannot be allowed to do some other shenanigans to circumvent the spirit of this law.
Imagine if entire neighborhoods could create such ordinances. Prices would surely begin to trend downward, providing access to home ownership in desirable areas, allowing those with normal incomes to purchase starter property and begin families.
I wonder why this isn't ever discussed.
How do you even purchase a starter home, when the starting price is $700,000?
And in the meanwhile, you have to continue to pay your $3,000/month rent.
The only sustainable way to deflate housing cost is to increase supply.