4 ms·
Credit has little to do with convertability.
by readflaggedcomm 6y ago
Credit has little to do with convertability.
- bradleyjg 6y agoWhy not? The argument is that someone sitting on a $2 million house isn’t “really” rich and shouldn’t have to pay taxes on their house. But they are “really” rich and can easily access that wealth. They’d just prefer not to.
- readflaggedcomm 6y agoI don't remember that argument in the article. It talked about race, not what assets imply.
- OldTimeCoffee 6y ago"But they are “really” rich and can easily access that wealth. They’d just prefer not to." Banks have lending limits. You're assuming the $2mm house isn't leveraged to begin with.
- bradleyjg 6y agoIf the house was worth $2 million when the owner bought it then they are rich or they’d have never gotten a mortgage. If they are fully leveraged because they’ve already pulled all the equity out—-well where’s that money? I’m sure you can find some obscure edge case somewhere but by and large people that own things that are worth a lot of money are rich and don’t especially need our sympathy. Let’s save that for all the actual poor people out there that don’t own houses, much less multi-million dollar houses.