“Multiple properties” is SIX or more?! That is so many properties. In a housing shortage, rich fucks should have to sweat to keep even a single residence unoccupied, but consequences don’t start until six. It’s the right direction, but that is still so bad.
Every city should just pass big ol’ pied-a-terre taxes. Property taxes for a property operated as a primary residence by the owner should be a low coefficient on the millage rate. Property taxes for places with long-term tenants who call it their primary residence should get a medium coefficient on their millage rate. Properties that are not a primary residence should get a huge multiplier on property taxes. And unoccupied homes should be so expensive as to force a nearly-immediate sale.
Rent payments up to some reasonable threshold based on prevailing rates should be tax deductible, ensuring most rents show up on the city ledge.
This helps make up for the fact that renting costs more than owning in a way that targets relief to renters instead of owners without creating crazy incentive structures where rich fucks start selling their own homes to an LLC they rent it back from or other nonsense. Individuals can declare their rent payments absent any action by the landlord; totally under-the-table rent should be very rare.
All real estate transactions that aren’t resulting in a property becoming a primary residence should have a HUGE sales tax.
Properties operated as a primary residence should have significant leniency on permitting for infill development – owners living in their own property should have development-by-rights permission to do things like build an ADU. Development led by members of the community infilling in their own community should have a SUBSTANTIALLY lower bar for permitting than development by outsiders.
it’s even worse than that
“a 6% transaction tax will be imposed on those buying a sixth or subsequent property that is within the same building or in more than one building on the same plot.”
so you can buy as many properties as you want with no tax penalty, provided you buy from different plots.
this is just an insult, like giving a food shelter empty food wrappers and saying you gave to a food shelter.
Boy I sure wish I didn’t live in America where we only care about the welfare of the super rich 😒
Oh, don’t worry, the tax cut only applies to second-hand market and it’s so small it doesn’t change anything for people that couldn’t afford to buy in the first place.
And the multiple properties tax is so low it won’t really hurt people with enough money to buy multiple properties.
Still, a small step in the right direction, I suppose…
Nah, we give primary homeowners a ton of benefits. Like, if you go to sell your primary home, a married couple gets up to half a million in profits that can go untaxed. If you have a second property that’s not your primary, it’s taxed as capital gains.
There’s a reason primary homes are seen as an intergenerational wealth generating vehicle in the US.
You also don’t get to claim the deductions on a second home unless you are renting it out, so property squatting is disincentivized in tax law.
Then get educated about how the system is set up to benefit them. There’s systems that could be useful like taxing the underlying assets that underwrite a loan if they reach a certain amount since the wealthy right now are collateralizing financial instruments like stocks to take out loans (Like Elon Musk did with his Tesla stock to buy Twitter, simply bypassing what should have been a taxable event). This one is tricky as HELOCs are used by a ton of lower on the totem pole folks to maintain their homes and cutting that off would come with some fairly disastrous consequences, like poor folks being simply unable to acquire the funds to fix a home issue before it becomes something that causes a complete loss of habitability of the property.
it’s honestly just painful hearing about civilized countries these days. take me into the cave, strap me in
This is just for the show. What we need is a 20% tax on the transaction AND 50% on rental revenue.
I guess it should start at the 3rd property.
Wow, go fuckin’ gettem, Poland! Yay Poland!
