International Dutch gov. looking at banning investors buying property in some cities (rent related)

[MicroBrew]

Saw this story on Reddit world news.

- Some of the largest muncipalities in the Netherlands , like Amsterdam and Utrecht, plan to bar investors from buying cheap and middle priced homes to rent out.

- The reason is to keep housing affordable. Last year 1/3rd of all houses in the 4 largest cities was bought by investors.


The large municipalities in the Netherlands plan to make wide use of a legislative amendment that will allow them to designate neighborhoods where investors won't be allowed to buy cheap and medium-priced homes and rent them out, NOS found after surveying the municipalities.

This legislative amendment is expected to take effect on January 1. The intention is to give people looking for a home a better chance of finding one on the tight Dutch housing market. Last year, a third of all homes sold in the four large cities were bought by investors.

Amsterdam told NOS that if it can, it will use this purchase protection for the entire municipality. Utrecht said the same. "Especially because we want to prevent a waterbed effect," a spokesperson said, referring to investors targeting more expensive homes if they can no longer buy those in the lower segments.

https://nltimes.nl/2021/09/02/dutch-cities-want-ban-property-investors-neighborhoods

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Seems on the surface like a good idea. Places like Vancouver B.C. and some areas of the US could benefit from such laws. But people will claim this is infringing on rights and socialism. Kinda on the fence myself. It does infringe on free enterprise to a degree, but some kind of action needs to be taken regarding the absurdly expensive cost of housing in some metropolitan areas.

 

[koquerelle]

That's a pretty interesting concept. Wonder if it will work. Certainly hope so.

 

[HockeyBjj]

Good. Housing should be bought by people living there. Housing (other than multi unit apartments) being forced to a subscription model is extremely bad for the middle class

 

[Oceanmachine]

It will never pass in the US or Canada. Maybe once collapae happens and balkanization but as of now it has zero chance

 

[Gunny]

Saw this story on Reddit world news.

- Some of the largest muncipalities in the Netherlands , like Amsterdam and Utrecht, plan to bar investors from buying cheap and middle priced homes to rent out.

- The reason is to keep housing affordable. Last year 1/3rd of all houses in the 4 largest cities was bought by investors.


The large municipalities in the Netherlands plan to make wide use of a legislative amendment that will allow them to designate neighborhoods where investors won't be allowed to buy cheap and medium-priced homes and rent them out, NOS found after surveying the municipalities.

This legislative amendment is expected to take effect on January 1. The intention is to give people looking for a home a better chance of finding one on the tight Dutch housing market. Last year, a third of all homes sold in the four large cities were bought by investors.

Amsterdam told NOS that if it can, it will use this purchase protection for the entire municipality. Utrecht said the same. "Especially because we want to prevent a waterbed effect," a spokesperson said, referring to investors targeting more expensive homes if they can no longer buy those in the lower segments.

https://nltimes.nl/2021/09/02/dutch-cities-want-ban-property-investors-neighborhoods

----

Seems on the surface like a good idea. Places like Vancouver B.C. and some areas of the US could benefit from such laws. But people will claim this is infringing on rights and socialism. Kinda on the fence myself. It does infringe on free enterprise to a degree, but some kind of action needs to be taken regarding the absurdly expensive cost of housing in some metropolitan areas.

You could call it socialism but you could also call it nationalism. Just don’t call it national socialism…

 

[WuDi]

Good. Housing should be bought by people living there. Housing (other than multi unit apartments) being forced to a subscription model is extremely bad for the middle class

It also directly influences birth rates, as the need for safe shelter is one of the basic needs that need to be satisfied before procreation.

 

[MicroBrew]

It will never pass in the US or Canada. Maybe once collapae happens and balkanization but as of now it has zero chance

Probably not here in the US, as it would be denounced as Socialist / Communist.

Chinese park a lot of money in Canadian real estate so Canada may give such measures a pass. Yet Canada is more 'socialist' than America, so who knows ??

 

[CaptHANDSUP]

This is good. Housing should go back to being a commodity like it always was, it should not be an investment vehicle.

 

[MicroBrew]

What do our Canadian posters think ? I have read the occassional article about Canadians complaining that rich Chinese have priced out the locals in Vancouver. Don't recall reading something similar in the US , i.e. rich foreigners pricing out Americans.

 

[Literally Bricked]

What do our Canadian posters think ? I have read the occassional article about Canadians complaining that rich Chinese have priced out the locals in Vancouver. Don't recall reading something similar in the US , i.e. rich foreigners pricing out Americans.

You guys can enjoy staying poor if you weren’t already part of the corporate squeeze on poor people. I’ll keep buying up homes.

 

[nostradumbass]

Great, so now all you have to do is never take another job unless you want to buy a new house every time you do, or pay higher rent when there are fewer rentals available so now they can charge whatever they want and you have no options.

 

[Hellowhosthat]

Superb idea. I'm very much in favour of this.

 

[Hellowhosthat]

Great, so now all you have to do is never take another job unless you want to buy a new house every time you do, or pay higher rent when there are fewer rentals available so now they can charge whatever they want and you have no options.

Pretty sure people have expenses other than rent dude.

 

[ElKarlo]

Good. Housing should be bought by people living there. Housing (other than multi unit apartments) being forced to a subscription model is extremely bad for the middle class

This. Outside of places that badly need development, I don’t like people owning other people's homes. Maybe build it and guarantee a profit or something and have them sell it to the renters after a few years?

 

[ElKarlo]

Great, so now all you have to do is never take another job unless you want to buy a new house every time you do, or pay higher rent when there are fewer rentals available so now they can charge whatever they want and you have no options.

Problem is NIMBY types slow down development and don’t allow new houses and apartments to be made

Also mass immigration creates an artificial demand that wouldn’t be exist without it.
My house in Japan we laid 320k for it. You can probably buy the same house in a similar situation for the same years from now. Due to a declining population you don’t have to worry about cresting new housing all the time

 

[Paradigm]

Problem is NIMBY types slow down development and don’t allow new houses and apartments to be made

Also mass immigration creates an artificial demand that wouldn’t be exist without it.
My house in Japan we laid 320k for it. You can probably buy the same house in a similar situation for the same years from now. Due to a declining population you don’t have to worry about cresting new housing all the time

Don't many houses in Japan get destroyed at the 30 year mark or something? Or are only designed to last 30 years?

https://www.theguardian.com/cities/2017/nov/16/japan-reusable-housing-revolution

 

[ElKarlo]

Don't many houses in Japan get destroyed at the 30 year mark or something? Or are only designed to last 30 years?

https://www.theguardian.com/cities/2017/nov/16/japan-reusable-housing-revolution

Mostly. But that’s kinda an obsolete idea. Houses were built badly until recently as a Keynesian idea. Now houses are built to last much longer.

 

[Beechwood]

From time to time I've seen articles that are similar here. I guess in particular Chinese investors, in order to get their money out of China, buy homes in America. The goal isn't to live there, but as a way to get their money out of China. It's apparently why some home prices are so high in some cities.

The real-estate industry likes the practice for obvious reasons. It isn't so good for American home buyers though.

 

[Jkillah]

I now own my own home, but back when I was renting, I preferred renting a house over an apartment. Houses tend to just be nicer. If you aren't sure how long you will be in an area, it's easier to rent than to buy. This will hurt people that want to rent a house rather than an apartment.

I can understand barring foreign investment, but there shouldn't be a total ban.

Also, people shit on land lords, but good land lords are providing a service and hating on someone wanting to make an investment is childish.

 

[Badger67]

What do our Canadian posters think ? I have read the occassional article about Canadians complaining that rich Chinese have priced out the locals in Vancouver. Don't recall reading something similar in the US , i.e. rich foreigners pricing out Americans.

I hooe we can do this and more. Its bullshit the cost of housing, our homeless population in toronto, vancouver and ottawa is rising a lot and so are other cities as a result.