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Taxing is the exact thing that will help fix this. There wouldn't be any political opposition to multi-family dwellings if it wasn't so profitable to hog land.
by djrobstep 7y ago
Taxing is the exact thing that will help fix this.
There wouldn't be any political opposition to multi-family dwellings if it wasn't so profitable to hog land.
Land suitable for high rise dwellings should have a heavy ongoing land tax applied so that owners actively want to get rid of it or redevelop it with more dwellings to spread the tax burden.
- wolco 7y agoThat would stop new building construction. Many would convert existing structures if possible to another structure type. Land value will drop to a level where rent is affordable. No matter what the owner will rent out the unit for costs (including taxes) + profit.
- djrobstep 7y agoQuite the opposite, it would promote new high density building construction, because the incentive is to maximize utilization to spread the costs. For instance, owners of a single family home on a given piece of land would pay five times as much as 5 apartments on that land, because each apartment would only pay 20% each.