Some proposals for the 2020 election affecting real estate

[Gretchen P.]

https://ocasio-cortez.house.go...

Applies to landlords with 5+ units or 2 RV parks

- Proposals for national maximum 3% annual increase rent control

- Makes it illegal to discriminate based on source of income (section 8)

- Don't allow evictions to start until 2 months unpaid rent, substantial damage to the property or violated an explicit lease term

- Cannot have a lease provision that blocks a civil action against landlords

- Additional provisions for "big landlords" who own more than 100 units in an area, 1000 units nationwide or units in 3 or more states

- There is some additional language in Section 7 about FHA mortgages,

Proposal to tax house flipping at 25% (This could also affect someone from selling rentals at a profit within 5 years in a rising market)

https://berniesanders.com/issu...

- Place a 25 percent House Flipping tax on speculators who sell a non-owner-occupied property, if sold for more than it was purchased within 5 years of purchase.

• - Impose a 2 percent Empty Homes tax on the property value of vacant, owned homes to bring more units into the market and curb the use of housing as speculative investment.