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Doesn't work that way in London: there's public revenue in the form of "stamp duty" for the sale of a property, but no ongoing property tax from an empty proper
by nkoren 9y ago
Doesn't work that way in London: there's public revenue in the form of "stamp duty" for the sale of a property, but no ongoing property tax from an empty property. City services are funded by "Council tax", which is levied on residents, not properties.
So, yeah, "easy" to solve if the market is structured right. It often isn't.
- Retric 9y agoLondon has direct property taxes. They are set low, but empty property does not require a much in the way of city services. Granted, increasing property taxes would put pressure to rent out empty property. However, the occupancy rate is also very high so it's not currently a meaningful issue.