4 ms·
The root of this problem stems from the American ideal of the primary home as an ever-appreciating investment. If you instituted a land value tax, raised prope
by nugget 8y ago
The root of this problem stems from the American ideal of the primary home as an ever-appreciating investment. If you instituted a land value tax, raised property taxes overall, invested heavily in (reliable, clean, safe) public transportation to expand the commute radius, removed local authority over development, cut development approval timelines and costs, and slashed any zoning requirements that aren't directly related to individual safety, you'd nuke future appreciation and start to become the more livable, egalitarian city that many seem to want.
- Yizahi 8y agoSince wealth inequality is incredibly big and continuously increasing, big land/home taxes will lead to shifting home/land ownership to the 0.1% and cause 99.9% to rent it. Prices will increase sky high partially because owners can raise them (semi-monopoly of ultra rich owners) and partially to recoup ownership taxes. The whole thing will start failing even faster than now.
- JumpCrisscross 8y ago> big land/home taxes will lead to shifting home/land ownership to the 0.1% Piketty's work [1] found real estate (and its favorable tax treatment) to be the largest driver of wealth inequality in America. Land taxes would be progressive. (Particularly if the first X dollars of one's primary residence were excluded.) [1] https://en.wikipedia.org/wiki/Thomas_Piketty https://en.wikipedia.org/wiki/Thomas_Piketty
- deleted 8y ago[deleted]
- sitkack 8y agoWith a slightly different split, this is already true.
- nugget 8y agoThere are plenty of practical policy solutions you can employ to shift more market power to lower and middle income folks; e.g. proposition 13 in California but limited to one residential property per person.