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If your property value doubles and you lose your job, why wouldn't you sell your property for a massive gain, take that money and buy a new house somewhere chea
by mdorazio 6y ago
If your property value doubles and you lose your job, why wouldn't you sell your property for a massive gain, take that money and buy a new house somewhere cheaper, thereby avoiding the tax issue entirely? Seems like a situation where you want to have your cake and eat it, too.
- yifanl 6y agoA property's value doubling isn't a one-off event, it'd be widespread and continuous. That cheaper place's value will rise proportionally, and now they've the same problem, except with an overall lower quality of life now that they're living in a worse property.
- mdorazio 6y agoThis is demonstrably false if you look at property price trends across the US rather than just at the top cities.
- mikewarot 6y agoMy property has doubled due to an incoming commuter rail line... which means my taxes will go up. I used to have the cheapest house in town, which means if I have to move, I have to find a smaller house in a less desirable neighborhood, or end up renting, then homeless as the rents rise. The rich will get richer, and the rest of us will get poorer.