Ban Wall Street from buying homes. Help young families compete with a $250K tax credit.
"The small landowners are the most precious part of the state."
For too many people in Virginia, the dream of owning a home feels like it's slipping further out of reach.
Renters watch their monthly rents rise faster than their paychecks can keep up, and families who serve our community can't afford to live anywhere near the places they protect and teach. Home ownership has become a 30-year sentence to a bank where you will pay the same amount of interest to a bank as you will to purchase the home over that time.
Meanwhile, Wall Street profits as corporations like Blackstone, the multi-trillion-dollar investment company, are buying out single family homes and entire neighborhoods. It leaves thousands feeling shut out of ownership, both of their homes and their future.
We will use the tax code to structurally take back power and control from the corporations and restore it to the people.
We will ban corporate and institutional ownership of single-family homes. The deed to a house should be held by people, not corporations.
No more of Blackstone buying your block while you're barely getting by renting out a corporate-owned apartment.
This is the largest and most transformative home ownership initiative of our generation. When a senior on social security sells their primary residence to a first-time home buyer, they will receive a refundable federal tax credit up to $250,000 in high-cost areas.
This allows the senior seller to get the credit and accept a lower offer from a young family, while still coming out ahead.
A real example from Fairfax County
A Fairfax County couple on social security bought their home for $250,000 in the 1990s. It's now worth $1,000,000+.
With the $250K credit, sellers net $125,000 more than the market price.
The young family saves $125,000 and beats Wall Street. They can afford to buy a home and build generational wealth.
Wealthy individuals shouldn't get tax breaks for vacation homes while young families can't afford their first.
Hedge fund managers pay lower tax rates than teachers. We'll close this loophole and make them pay their fair share.
Companies that hoard single-family homes should pay more in taxes to fund homeownership for real families.
Together, the ban and the credit restore the dream of home ownership and becoming a nation of owners, and for once, the benefit will go to young families, not Wall Street.
The deed to your home should be in your name, not a corporation's.