I think the most novel proposal we put forward in the report is taxing the total real estate holdings of large landowners, as opposed to individually taxing each property using the aforementioned brackets. This could entail situations where large landowners own a portfolio of properties, each falling below that $3 million threshold, but that cumulatively add up to tens of millions of dollars. In this scenario, by taxing the total holdings instead of each property separately, these owners would no longer be able to avoid paying those progressive property tax rates.
There’s a few interesting bits to this article, but I like this one the most. Property taxes on the cumulative amount of property a person or company owns is huge. It provides a punishment for buying up large amounts of property.
I’m 100% on board with this. Hell, why not both?
We could also do a residence + 1 option where your house and 1 other property are taxed reasonably. The any property beyond that is taxed as escalating rates that ramp up significantly for each additional property.
I think the concern is that:
- The rich would try to skirt this with numbered or shell companies, or family or other relations.
- The rich would pass this onto tenants.
Now, the solution is to a) couple this with rent control, b) exempt purpose-built rentals from this endeavour, and c) punish serial transgressions with confiscation.
Frankly, I think the idea of punishing malfeasance by landlords with confiscation to be just awesome: if you’re a predatory slumlord, we take the house and repurpose it as RGI public housing. Do I worry about the government becoming predatory? Yes, yes I do, but in this case it’s a lesser-of-two-evils thin.
Corporations shouldn’t be allowed to own residential property in the first place. Make it illegal.
Housing cooperatives are non-profit corporations that own property so that they can provide residential services to the members and owners of that corporation.
You know, I’m actually not 100% sure what the difference between a condominium and a cooperative is, but condos are also corporations.
I agree but then one of two things has to happen.
- No one is allowed to own property
- Corporations need to stop being classified as people
Guess which one would come first? Be honest.
There are so many great ideas that could have been implemented by now, and have been implemented in other countries. But the Liberals have only instituted policies to make it worse. Only now that the youth vote is leaving them they may at least pay lip service to it. It’s honestly disgusting.
Triple property taxes for units not occupied by owners. Quick fix.
Forbid corporate ownership of anything under 4 units/12 bedrooms, and require them own 100% of any contiguous building over 4 units. Added taxes will just be passed on to residents. Corporations are used to aggregate money (both public corps and family/friend groups) and avoid taxes.
Then make a financial law that forbids making property loans with collateral which includes any real property that is not the property being purchased. No condo bros buying units and then re-fi-ing out to buy more.
The issue is owners just fake the documents when your property tax or vacancy tax mail arrives. Friend of mine rents basement suite, landlord has not lived in main house for over two years, it has been empty the entire time. somebody comes every few weeks to collect mail.
Then why not check on it occasionally and put a hefty fine on it when they fake the documents? If you cannot make a new and important law because rich people will try to bypass it than the state is useless.
Property taxes of 100% for units not occupied by owners. Income taxes on rental of 110%.
Problem solved.
I don’t think you have put any thought in to this. How would that solve anything exactly? If you taxed rental income at 110% then nobody would ever be a landlord, and all existing landlords would evict their tenants immediately, leaving millions homeless. Do you just want a system where you can only live in owned properties and renting is forbidden?
well as long as you are admitting you are ok with state sponsored theft. Very Putin of you
how about prevent cooperate take over of nin commercial property, especially foreign takeover. Look at how they’re swooping in on the victims in Hawaii after the fires.
Land value tax would fix this.
I hope so. Subscribe to !georgism@kbin.social if you haven’t already.
