How Utah is ensuring homes go to owners, not renters
SALT LAKE— Lawmakers are working to make sure newly built homes are being sold to owners and not renters. As homeownership is a large part of Utah’s housing crisis.
Cons of too many rental properties
Once homes become rental properties, it is nearly impossible to return them to the market for homeownership.
“Small individual homebuyers can’t compete with large financial institutions that are paying cash for these homes,” said Senior Advisor for Utah Housing Strategy and Innovation, Steve Waldrip. “It prevents homes that would be available for purchase from being able to be purchased by Utahns to build equity.”
Once homes are taken out of the ownership arena and placed into a rental arena, it becomes very difficult to pull them back into ownership because the income stream for an investor must also be paid.