It will force them to sell, which will perhaps make buying a home more affordable, so less people have to pay rent and more people pay a mortgage on a home they bought.
It generally doesn’t though. People who rent aren’t suddenly going to be able to afford to buy. If you look at cities that do these policies, homeownership rates do go up, but the entire lower income community is basically evicted from the city. It’s basically accelerated gentrification.
It will force them to sell, which will perhaps make buying a home more affordable, so less people have to pay rent and more people pay a mortgage on a home they bought.
It generally doesn’t though. People who rent aren’t suddenly going to be able to afford to buy. If you look at cities that do these policies, homeownership rates do go up, but the entire lower income community is basically evicted from the city. It’s basically accelerated gentrification.