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If you want to disincentive properties sitting vacant you can do something like Vancouver: http://vancouver.ca/home-property-development/empty-homes-tax.aspx ht
by XR0CSWV3h3kZWg 9y ago
If you want to disincentive properties sitting vacant you can do something like Vancouver: http://vancouver.ca/home-property-development/empty-homes-tax.aspx http://vancouver.ca/home-property-development/empty-homes-ta...
For whatever reason I like the idea of raising property tax and giving a tax credit if your property is at or near full occupancy. If you goal really is to provide enough cheap housing that no one is missing a house, then you might want to give a housing tax credit for every person you house in a legal space.
Rent control only helps people that already live in a neighborhood, housing assistance requires a good bit of regulation & has stimga attached. If you target the renter instead you can just leave it to the market.
- cimmanom 9y agoNYC does have something like that now. Both homeowners and renters are eligible for a property tax credit. But the rent credit is only available if rent is less than $450/mo, which is... impossibly low.
- XR0CSWV3h3kZWg 9y ago450. Yikes that reads as pretty out of date/touch. For those wondering here is zillow returning zero results under those conditions: https://www.zillow.com/homes/for_rent/New-York-NY/house,condo,apartment_duplex,mobile,townhouse_type/6181_rid/0-114112_price/0-450_mp/41.063045,-73.489952,40.429962,-74.379845_rect/10_zm/ https://www.zillow.com/homes/for_rent/New-York-NY/house,cond... Also making a tax credit like that without a gradient produces some pretty nasty effects.
- cimmanom 9y agoThe odd thing is that the credit is fairly new - IIRC, within just the last few years.