Right To Rent

[marmar]

from the WorkingLife blog:



Right To Rent
by Jonathan Tasini

Friday 16 of April, 2010


I've always like the Right to Rent idea, proposed by Dean Baker at the Center for Economic and Policy Research, because it would help homeowners--not banks--who are facing the foreclosure crisis. Now, there is a bill to make it law:

"The Right to Rent Act of 2010" was introduced by Rep. Raúl M. Grijalva (D-AZ) and Rep. Marcy Kaptur (D-OH), which would allow homeowners whose homes have been foreclosed to stay in their homes at a fair market rent for up to five years. "The latest statistics on foreclosures and mortgage delinquency rates are an indication of the profound, historic crisis we face and the need for creative solutions like Right to Rent," said Rep. Grijalva.

Make it happen.


http://www.workinglife.org/blogs/view_post.php?content_id=14809

[proudohioan]

1. Marcy Kaptur; one of my heroes! You go, Marcy!!!!!

[dmallind]

2. Hmm... not sure this would do much

Maybe other areas are different but I've lived in five different states in the last ten years including major cities and small towns and in every case rent has been more expensive than mortgage payments on a similar house. If you are foreclosed because you can't pay the latter what chance do you have of paying the former.

More than willing to accept other areas may be different - especially either super high priced areas like SF or super low like Detroit. But not at all willing to accept that renting is universally more affordable than mortgages - a quick search of Realtor.com will show that.

[notesdev]

3. Won't help

1) People were given mortgages at below-rent rates thanks to tricks like option-payments and teaser rates.
2) A lot of people have stopped paying mortgages because they are unemployed and just don't have the money; allowing them to rent just gives them a different bill they can't afford to pay.
3) And of course, without having an actual market, there is no way to determine just what is the market rate for any given piece of property.

[1776Forever]

4. Wish this had come sooner but great news for those that need it now. We average 60 foreclosures

a week in our small Ohio County and this is one of the better off ones! Something has to be done soon!

[ProgressiveProfessor]

5. I could see that but only unitl the property is sold

If the new owner wants to occupy it, the prior owner/tenant would have to leave