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Govt should adopt a policy of gradually increased property tax based on the number of housing units (or total assessed value of all housing property) one person
by dba7dba 9y ago
Govt should adopt a policy of gradually increased property tax based on the number of housing units (or total assessed value of all housing property) one person/business owns.
It should be to the point where one cannot use buying/selling/holding housing property as a way to amass wealth infinitely. Maybe to a certain point, but not to the extent allowed now.
To me, holding a vast number of rental units and amassing a huge income (not for one's living expense but for increasing wealth) is not much different from extracting oil from the ground. Maybe even worse, because high rent/housing is negatively affecting a regular citizen even more directly than dirty oil.
- WillPostForFood 9y agoSo where does the incentive to build new housing come from once policies are in place to make sure it isn't profitable?
- beager 9y agoI'm under the impression that New York City does this. Effective property tax rates in the 5 boroughs are strikingly low contrasted with surrounding counties, but only for a certain number of units. After a certain number, your property tax notches up to a rate I believe is comparable to surrounding areas. Not saying this particular policy ameliorates the issues you're talking about, just that a precedent for it exists in taxation policy in the US.