How to Make Owning A Home In Minneapolis More Affordable
Home prices have gone up faster then home owners incomes in Minneapolis. As a result, property taxes are a lot higher then they were 5-10 years ago, but most home owners income did not grow at the same pace. Therefore, most home owners have less positive cash flow on their property now then they did in the past. If they are renting their property they probably have tried to pass that increase on to renters and rents increase in price as a result. In addition, there is a shortage of low priced, quality housing for rent in Minneapolis.
Why would people want to rent out their homes? It costs a lot to get a license and you have to do work to get it ready and pass inspections. Also, how do you know if it will be worth all the trouble? The only way to try is to find out. The city can encourage home owners to rent their property. If I was in charge I would give every property owner in Minneapolis a 10% property tax credit. I would also give any landlord a 10% property tax credit. We need to encourage people to be landlords. I would also give a $500 rebate on the application fee for getting your license and a 50% rebate on permits for property owners.