COLUMBUS – Columbus City Council leaders have scheduled a hearing Monday afternoon at City Hall on the topic of “wholesaling,” described as a practice of bulk-buying residential property that reduces the inventory of affordable housing in the city.
Council president Shannon Hardin says, in recent months, his office has been examining “the role of institutional investors and high-volume landlords who are acquiring a growing share of properties in our local housing market,” a practice he criticized as “predatory.”
The hearing is scheduled in city council chambers Monday at 2:30 p.m.
Wholesalers misrepresent themselves as realtors or brokers and use aggressive tactics to get homes under contract, such as “Can I buy your house?” mass marketing, Hardin said.
He and Housing Committee chair Shayla Favor will president over the hearing and invite community members and industry professionals alike to share stories and policy ideas.
The hearing will also give residents a chance to learn more about a proposal to expand tax breaks to developers who incorporate affordable housing into their projects.
The Columbus Housing Community Reinvestment Area policy proposal from the Department of Development would expand the tax incentives virtually citywide for builders who incorporate affordability into new housing units.
Housing policies aiming to address the affordable housing crisis in Columbus offer tax incentives as the primary tool to ensure long-term affordability and to encourage developers to offer below-market-rate units, but Hardin says the current policy limits tax incentives to certain neighborhoods.