Personally I am not opposed to this type of bottom-up bailout, however I think this move should not end up being profit-generating for landlords. Not sure how you'd determine that, etc.
It’s in vogue to harp on landlords, but it’s one of the more common small business models; owning a rental property is probably the most realistic way you or I could earn some income on the side. They’re not all Scrooge McDucks.
'in the future you will not own anything' #WEF https://awealthofcommonsense.com/2021/06/is-blackrock-buying...
Plenty of housing available before blackrock snatches it all up
https://www.zillow.com/homedetails/3723-Bridlewood-Dr-Montgo...
- more traffic since buying and selling a new home takes a lot more effort.
- barrier to moving to a different city with better opportunities / QoL
- lots of capital (most of one's net worth) tied up in a very emotional and personal investment
- incentives that pit their housing investment against things that they might otherwise support, like more housing being built, homeless services, etc
In my experience, landlords are often a pretty toxic element in local politics (opposing upzoning, opposing progressive policies in general.) IME as a renter corporate landlords were not really better or worse than small-time landlords. At least with the corporate landlords, I can buy shares in the company and reap some of the rewards back. Even better, the government could buy shares through a social wealth fund, and return some of the profits to the whole of society.
Why is enforcing legal contracts so important?
Besides being one of the very primal functions of a working government.
It also probably pulls wealth out of the local area, depending on where the owners of those larger corporations are.
I would rather give ~$500 a month in profit to a member of my community, than a national chain. I think it's odd to be against "the rich staying rich" while shrugging your shoulders at corporations throwing their weight around in the rental market.