Two House Democrats have introduced a bill to create a "right to rent" for homeowners facing foreclosure. The bill, would allow a family receiving a foreclosure notice to petition a judge to stay in their home as renters under a 5-year lease. The judge would appoint an independent appraiser to set fair market rental value, which would be allowed to rise with inflation.
Please don't get me wrong, foreclosures are tragic, but, "Are you kidding me?"
Are we going to ask bankers to become landlords?
Do we really mean a 5-year lease? What if the family wants to or needs to move?
If a family gets a 5-year lease, wouldn't either the bank be stuck holding the property or else the only buyer would be an investor - someone who doesn't need a home to move into?
Appraisers identify fair market value - they are not trained to estimate fair market rent. There is only one place that I know that calculates fair market rent for homes, http://FinestExpert.com If you wanted fair market for apartments, you could go to rentometer.
Is it really the objective to put another nail into the coffin of a free-market?
This is just wrong on so many levels.
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