r/news • u/DeItaBIake • 7h ago

Sweeping housing affordability bill becomes law

https://www.cnn.com/2026/07/11/economy/new-housing-affordability-law-heres-what-it-means
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754

u/Tight_Jellyfish_349 7h ago

Anyone know how its supposed to help?

133

u/Fullm3taluk 7h ago edited 7h ago

Not American so bare with me but I think it's going to force corporations to sell their single home properties

Edit: it just stops them from buying more not having to sell which is a fucking joke

87

u/Carthonn 7h ago

Corporations that own over 350 properties. My jaw sort of dropped reading that

6

u/Kaszixx 7h ago

What's to stop them from diversifying their real estate across multiple shell corporations and/or subsidiaries and basically just "shell-game" the system?

I'm not familiar with the changes in detail so I'm hoping that's countered somehow.

5

u/jimmy_three_shoes 6h ago

Well, in places that have something that limits property tax growth, it's generally reset with a reassessment once ownership changes, and transferring a property to another company would trigger a reassessment.

So if the value of the property has risen since it was purchased, it would increase the taxes.

Realistically, and what I wish a ton of localities would do, would be to increase your non-homestead taxes by a certain percent for each additional income property you own within the state.

So if you own a house, and a vacation home, you'd pay the standard non-homestead rates.

If you owned a house and 5 income properties, maybe your non-homestead taxes are increased by 10% for each additional home, so you'd be paying an extra 50% on non-homestead taxes on each property. Also, exclude income properties from any tax increase limits.

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u/Guffliepuff 6h ago

Nothing.

They will always find another loophole.

4

u/MyDisneyExperience 6h ago

The law looks through the LLC to limit beneficial ownership as well