America could be in the middle of a major housing crisis, especially in the key metropolitan regions of the country, and there is a need to address and resolve it at the earliest, as things could disrupt the housing market at any time. Housing crunch and rental availability are some of the key factors driving this impending crisis, claim reports.
A lot of it depends upon how much it costs to hang on to a stagnant asset. If you’re not renting out a house, you’re still paying property tax on it.
Cities can use this to a desired outcome by raising property taxes, in equal percentage points to an “Owner-Occupied” exemption. This is assuming that there aren’t tax loopholes being exploited, or that those loopholes are closed.