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Maybe they should consider doing an early cap on property taxes and property values before it becomes like the Bay Area where even if you work at Google you can
by dheera 6y ago
Maybe they should consider doing an early cap on property taxes and property values before it becomes like the Bay Area where even if you work at Google you can't afford a house.
There is rent control where I live, but no buy-house control, and there's almost nothing available below $2M USD.
- DC1350 6y agoGoogle doesn't have an office in Toronto but Amazon employees don't make enough to buy houses. It doesn't matter though because most people in Toronto now make more money on real estate appreciation than they make from their jobs. Real estate gains are tax free so a modest 10% home price increase (it was 30% last year) is like earning at least an extra 150k pre tax
- dheera 6y agoThat's kind of sad though. It seems people own houses to sell them, instead of owning houses to own them. I feel like the whole point of owning a house is to customize it into a fairytale home of your dreams and never want to sell it. Otherwise I'd just rent.
- fakedang 6y agoIn the current environment, it's cheaper to borrow and buy to sell.
- bobthepanda 6y agoProp 13 is arguably one of the reasons why Bay Area housing spun out of control, I don’t think this would help much.
- astrange 6y agoYou should read Henry George because you have the effect of LVT/property taxes exactly backwards. LVT is better than property taxes though, which have bad effects like sometimes motivating people to destroy their buildings to save on taxes.