People using homes as an asset (the same way they buy stocks/etc) would panic realizing that their golden goose is suddenly draining their bank account. They’d either offer rental prices dirt cheap, or give up and sell the property at whatever price people can afford (eg, 10% of what they currently charge).
There are currently MANY empty properties so this could have a larger effect than we often realize. Currently some cities try this the inverse way by giving tax credit to residents.
People using homes as an asset (the same way they buy stocks/etc) would panic realizing that their golden goose is suddenly draining their bank account. They’d either offer rental prices dirt cheap, or give up and sell the property at whatever price people can afford (eg, 10% of what they currently charge).
There are currently MANY empty properties so this could have a larger effect than we often realize. Currently some cities try this the inverse way by giving tax credit to residents.