2020 Election - Thread #5

[LynnInDenver]

I had a thought about that.

What if - as a local City or County ordinance - you place a mandatory moratorium on selling your home for ten years after purchase?

Some considerations:

1) Only applies to houses bought AFTER the law goes into effect, this way no one can cry about being stuck with something they didn't want because of the law.

2) Only applies to single-family houses and properties with a single-family house and any number of in-law units.  Multifamily units like apartments and duplexes are not applicable.

2) Exception: if such an event occurs that causes that the insurance company declares the house a total loss, then the owner is released of any moratoriums.

3) Exception: Condemned houses.  These may be flipped as a condemned property is doing no one any favors at all.

Thoughts?

Generally speaking, they do apply some of these - specifically the "must live in it, and for ten years" to first time home buying programs. I also wonder about the impact on people who buy houses that, while not condemned, are also badly in need of updating or cleaning and then being put back on the market (admittedly, the latter can feed into the problem). There's also the issue of "I lost my job due to a major industrial downturn, and the only way I can get a comparable job is to move out of state where my skills are still viable."