4 ms·

I'd say the tax advantages have a lot to do with it to. A portfolio of several thousand Prop 13 jackpots is a pretty good situation to be in.

• BizarroLand 5y ago
  Makes me wish that they would increase property taxes for multiple residence owners & make sure to include residential conglomerates. It should be that each additional house after the first has a tax penalty that increases on a logarithmic scale to make it financially unsavory for people to own more than one house. In an ideal world, owning multiple homes would be an ostentatious display of wealth and not a common investment vehicle.
  • kevin_thibedeau 5y ago
    The wealthy will just create a bunch of LLCs that own one house each.
    • mikepurvis 5y ago
      Indeed— like a lot of these things, it would punish upper-middle class families who inherit a cottage, but not affect anyone with >5 residences since at scale the work needed to evade becomes worthwhile.
    • jnosCo 5y ago
      There's already multiple rules for "primary residency", you could structure a progressive property tax off of that.
    • jbigelow76 5y ago
      Then single family homes owned by LLCs should be taxed out the ass. I know it's a cat and mouse game, but if a corporation is the owner of a home that should be a dead give away that it should be taxed at a higher rate than for one owned by an individual.
  • rcpt 5y ago
    That's a lot more complicated than a land value tax. I know Californians are sickened by the idea that taxes could go up when the house you live in is worth more but this happens all over the world and it's honestly just fine.