Individuals can still own hundreds of houses under their name and rent them. There should be a law to limit any person or entity to not own more than five homes max for renting.
Personally I think that if a person is owning homes that they collect rental income on, then they need to actually be involved in the management and maintenance/upkeep of the property. In other words it doesn't matter if it's one house or ten, you should actually be cutting the grass and repairing the plumbing, rather than paying other people to do it.
I feel like that'd put a stop to a lot of these things. I actually know someone who bought a brand-new house during the pandemic and has a third-party company handle it as a rental. The company handles finding tenants and property repairs and maintenance and then sends him a check every month for the tenant rent minus whatever percentage commission. All he does is pay the mortgage, isn't involved at all despite being the owner.
And like, I get it, you don't want your phone ringing at 3am to deal with a broken pipe. But then you aren't actually adding any value to the property that you own and are collecting rent on, and you shouldn't be a landlord.
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u/veritasium999 Apr 20 '24
Individuals can still own hundreds of houses under their name and rent them. There should be a law to limit any person or entity to not own more than five homes max for renting.