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The more houses that actually sell on the market, the lower the prices due to competition. The trouble is getting this initiative out. It needs to come out election year or it's not happening of course.
This could back fire in a drastic way. If those families sell those houses to large companies; those houses will go off the market (perhaps permanently) to be part of renting farms where those big companies set the rent to whatever they like.
I think Biden has something to deal with those large companies but if they are not discussing it during an election year, "Forget about it."
That's what I would worry about also, companies are trying to buy every house on the market it seems, and this just gives them more to buy
You cannot set the rent to "whatever you like". There's a reason why my NYC apartment is $2500 a month and not $250,000 a month. If a corporation does take an owned unit into the rental market, it'll be competing with all other rentals. That will decrease supply for the ownership market, yes, but it also increases supply in the rental market, which tends to consist of people who are financially struggling more than people looking to buy a house.
Regardless, the actual solution is to just build some more god damned housing so that it stops being an attractive investment in the first place. Housing cannot be both a good investment and affordable.
I understand prices are not arbitrary numbers but prices are different in markets that have many players versus ones that have only several big ones.
Building more houses is a good long term solution. I agree with you there. Another one is too set a penalty for owning single family homes so ideally you would only want to own just one anyways.