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Dallas considers restricting home sales for real estate investors

By
Published  April 26, 2022 7:52am CDT
Dallas
FOX 4
article

DALLAS - The city of Dallas may consider limiting the number of homes real estate investors can buy.

The move would aim to tackle the rising home prices across the DFW area.

Median home prices in North Texas jumped 22 percent year over year in March.

Combined with higher mortgage rates, many individual buyers are getting priced out of the market.

RELATED: Texas voters to decide on 2 propositions that could impact property taxes

North Texas homeowners getting 'sticker shock' with new property tax appraisals

Homeowners across North Texas have been getting their property tax appraisals, and they are coming with some sticker shock. Experts say home prices are up 20% over last year while inventory is down 30%.

Dallas’ director of housing explained how Canada tackled the problem.

"Are we working on a bigger policy regarding the scourge of investment buyers? It is across the country, where individuals are no longer buy homes but REITs are," asked Dallas Councilwoman Jaynie Schultz.

"Canada restricts how many foreign investors can come into your market and buy up your real estate," said David Noguera, the Dallas director of housing.

Canada banned foreign investors from buying homes for two years.

Along with considering its own policy, the city may push for state legislation.