4 ms·
We need to tax foreign-owned, non-owner-occupied properties in the San Francisco Bay Area. Some sort of scale: Foreign Owned, Non-Owner Occupied - 10% Per Year
by crushcrashcrush 8y ago
We need to tax foreign-owned, non-owner-occupied properties in the San Francisco Bay Area. Some sort of scale:
Foreign Owned, Non-Owner Occupied - 10% Per Year of Assessed Value
Foreign Owned, Non-Occupied - 25% Per Year
Foreign Owned, Owner Occupied - 0% Per year
- sintaxi 8y agoOr we can just start companies in places other than the Bay Area.
- koolba 8y agoOr how about levying State income tax on them?
- crushcrashcrush 8y agoThat would be a great start as well.
- paxys 8y agoOr, you know, start taxing all properties based on fair market value.
- ericd 8y agoTrue, phasing out prop 13 would help a lot.
- crushcrashcrush 8y agoAgreed! Prop 13 needs to die.
- ericd 8y agoYour percentages are a bit extreme, but in general, I think this policy would do a world of good toward moving housing back from an investment vehicle to primarily being treated as functional places to live. I think the percentages should apply to domestic non-occupied as well.
- knight17 8y agoHow can governments identify which properties are foreign owned when companies incorporated abroad can buy real estate via local arms and byzntine holding structures?
- rasz 8y agoWhy should it? Owner proves to be US citizen (and not a legal "person" aka fictional entity incorporated in Delaware), or pays the tax, simple.
- toby 8y agoA vacancy tax is so obvious that there must be some political reason that it's not being discussed in SF. I'm not sure I'd restrict it to foreign owners, holding empty property is a negative externality no matter where the owner lives.