Draft legislation to implement progressive property tax rates: Create a legal framework for higher tax rates on corporations owning multiple properties, which would incentivize them to sell some of their holdings.
Develop and pass a vacant property tax bill: Establish a tax on vacant residential properties, pressuring corporations to either rent them at reasonable rates or sell them to individual buyers.
Strengthen existing anti-speculation regulations or create new ones: Propose and enact regulations that specifically target short-term property flipping and speculative investment in the real estate market.
Introduce foreign investment restrictions: Draft and pass legislation that imposes restrictions on foreign investment in residential real estate to curb speculative buying and reduce upward pressure on housing prices.
Create a cap on corporate property ownership: Establish legal limits on the number of residential properties a corporation can own within a specific area to prevent market domination and encourage sales to individual buyers.
Mandate affordable housing units in new developments: Propose legislation that requires corporations to include a certain percentage of affordable housing units in their developments, ensuring a diverse mix of housing options in new projects.
Offer tax incentives for selling to owner-occupiers: Develop tax incentives or other benefits for corporations that sell their properties to individuals who intend to occupy the home as their primary residence.
Support the expansion of rent-to-own programs: Encourage corporations to offer rent-to-own options through incentives or regulatory measures, allowing renters to gradually build equity in the property and eventually become homeowners.
Pass legislation to increase transparency in property ownership: Implement measures that make property ownership more transparent, making it easier to identify and regulate corporate ownership of residential properties.
Provide financial support and guidance for community land trusts: Allocate government funding and resources to promote the creation of community land trusts, where land is held collectively and used for affordable housing, reducing the influence of corporate speculation on housing prices.
These action items can be executed by policymakers through drafting and passing legislation, providing financial support, and implementing regulatory measures to create a more equitable housing market.