4 ms·

Seattle should immediately enact a 25% foreign buyer tax and an extra annual property tax assessment for vacant foreign owned homes. Likewise, Midwest cities t

Seattle should immediately enact a 25% foreign buyer tax and an extra annual property tax assessment for vacant foreign owned homes. Likewise, Midwest cities that are economically in the dumps could offer incentives to attract foreign buyers.

ajmurmann 10y ago
Why not just tax for vacant homes, regardless if foreign or not?
- solatic 10y ago
  Because that would ultimately discourage new construction. If you're an investor and you want to invest in a house to hopefully rent out (not keep empty just-in-case for yourself), then you have to factor in the risk of not being able to rent out the property. Having a tax if you fail to rent the house only increases the risk of failing to rent, and thus, makes investing in real estate more risky. Pro-development policies need investment to be less risky, not more risky.
  - oakwhiz 10y ago
    The investment risk does not increase very much if the price is decreased accordingly.
tomcam 10y ago
On top of Seattle's already high property taxes? Should owners of vacant properties get a rebate because they aren't using the infrastructure they are paying for? Should I be able to tax you for not using your car at least 16 hours a day?
- hactually 10y ago
  Seattle is a city built by it's people, they have created ideal conditions for home ownership by participating in building a peaceful, prosperous economy which respects individual rights. By having foreigners coming in and buying this 'society' up - beyond the first generation of land owners - they are penalised for having built their own country up, as they end up unable to afford to live in it, burning up valuable income into paying high rents and house prices. A tax is one of the best way to correct this imbalance, by charging the cost of enforcing individual rights to those who benefit from it.
  - tomcam 10y ago
    I have no idea what that meant.

ajmurmann 10y ago

Why not just tax for vacant homes, regardless if foreign or not?

solatic 10y ago
Because that would ultimately discourage new construction. If you're an investor and you want to invest in a house to hopefully rent out (not keep empty just-in-case for yourself), then you have to factor in the risk of not being able to rent out the property. Having a tax if you fail to rent the house only increases the risk of failing to rent, and thus, makes investing in real estate more risky. Pro-development policies need investment to be less risky, not more risky.
- oakwhiz 10y ago
  The investment risk does not increase very much if the price is decreased accordingly.

tomcam 10y ago

On top of Seattle's already high property taxes? Should owners of vacant properties get a rebate because they aren't using the infrastructure they are paying for? Should I be able to tax you for not using your car at least 16 hours a day?

hactually 10y ago
Seattle is a city built by it's people, they have created ideal conditions for home ownership by participating in building a peaceful, prosperous economy which respects individual rights. By having foreigners coming in and buying this 'society' up - beyond the first generation of land owners - they are penalised for having built their own country up, as they end up unable to afford to live in it, burning up valuable income into paying high rents and house prices. A tax is one of the best way to correct this imbalance, by charging the cost of enforcing individual rights to those who benefit from it.
- tomcam 10y ago
  I have no idea what that meant.