Solution: Limit the number of real estate or house or apartments or residence a person can own. Anything other than 1 should be discouraged with penalty or exponential recurring increasing tax.
Similar model should be worked towards all resources which are limited. Real estate or land is always limited and cannot be increased without ecological destruction. Very few are owning multiple or bigger quantity of residential area or properties, renting them or flipping them and making this as a business. Business is good but few owning limited resources like water (recyclable) or air and renting it to others is outrageous then one should know that real estate is even limited than air or water.
Advantages:
- Many will be now able to own a house than rent
- More buy and sell of properties when people move to different places for work, opportunities. If I am moving from city A to city B for better opportunities then it is in my self interest that I sell my house in city A and buy one at city B.
- Real estate prices will be more reachable and very less pressure on government for the same
- When more people buy instead of renting a house, they spend more on the house, they would add furniture, electronics, decorative items, paint, remodeling etc., since they own it. If someone owns a house in a area then they are most likely concerned about the well being of the area and thus participate in elections. If I am only renting, then I can always keep shifting whenever I want.
- Those who want to own more houses will now have to buy it in the name of their family members, The number of parents or a partner (husband or wife) is a fixed number but number of children is the only variable number in a family, this will encourage richer people to have more children which will eventually lead to wealth redistribution. When richer people start to have more children than poor the economic disparity between citizens of a society will keep going down for every new generation.