One of the side effects of our misguided monetary policy in recent decades is the spike in home ‘values’. Housing is one of the most common inflation hedges this side of gold. It gives investors a relatively safe place to park their resources, and put them to work.
But it’s not just big institutional investors who act as landlords. Almost 9 in 10 such homes are owned by those who can count their entire portfolio on one hand.
So while federal lawmakers bemoan the ‘affordability’ crisis that they arguably created, state and local lawmakers are left to deal with it. Too often though, they make things worse.
Last week the San Antonio City Council banned landlords who own five or more rental homes from declining to rent to veterans for the express reason that they use a federal housing voucher as partial payment.
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