4 ms·

These penalties are never high enough to actually discourage the behavior. It's better to just ban accumulating more than X homes, where X could be as low as 1.

trident5000 5y ago
Im good with that idea on investment properties. Though I have no issue with people having vacation homes. Theres a natural limit to how many vacation homes someone can have without a revenue source on the asset.
- vetinari 5y ago
  And that limit is enforced by upkeep costs. Owning homes isn't free, you know. It is a physically depreciating asset, that you have to take care of, whether you use it actively or not. Doing so costs money, so depth of your wallet puts a firm limit on the amount of properties you are capable to take care of.
  - trident5000 5y ago
    Yep thats what I was getting at. Taxes and insurance alone put in a nice dent every year.
    - vetinari 5y ago
      > Taxes and insurance alone put in a nice dent every year. Just make sure you know what are you doing. For rental properties, these things will be paid by the tenant in the rent, and for those wanting to get their own property, it will push it even further out of reach.
  - tehjoker 5y ago
    Many landlords own tens, hundreds, or more properties. There is not a level distribution.
    - vetinari 5y ago
      So what? It is business as any other. If someone owns many hundreds properties, there is probably investor money behind that. There is not a human right to get assigned a dream house. You have to purchase, build or otherwise procure it. People make different choices with their money, some people save/get mortgage and then get a house, other people will spend their money in other ways.
disabled 5y ago
The penalties can be effective if you are a citizen of the country that you are purchasing the home in. Also, for American citizens, they almost always have US annual income taxes, which are taxed on worldwide income. The taxation situation becomes tremendously more complicated if you own a home (or homes) abroad. So, interestingly, Americans may hoard homes stateside but rarely so abroad.

trident5000 5y ago

Im good with that idea on investment properties. Though I have no issue with people having vacation homes. Theres a natural limit to how many vacation homes someone can have without a revenue source on the asset.

vetinari 5y ago
And that limit is enforced by upkeep costs. Owning homes isn't free, you know. It is a physically depreciating asset, that you have to take care of, whether you use it actively or not. Doing so costs money, so depth of your wallet puts a firm limit on the amount of properties you are capable to take care of.
- trident5000 5y ago
  Yep thats what I was getting at. Taxes and insurance alone put in a nice dent every year.
  - vetinari 5y ago
    > Taxes and insurance alone put in a nice dent every year. Just make sure you know what are you doing. For rental properties, these things will be paid by the tenant in the rent, and for those wanting to get their own property, it will push it even further out of reach.
- tehjoker 5y ago
  Many landlords own tens, hundreds, or more properties. There is not a level distribution.
  - vetinari 5y ago
    So what? It is business as any other. If someone owns many hundreds properties, there is probably investor money behind that. There is not a human right to get assigned a dream house. You have to purchase, build or otherwise procure it. People make different choices with their money, some people save/get mortgage and then get a house, other people will spend their money in other ways.

disabled 5y ago

The penalties can be effective if you are a citizen of the country that you are purchasing the home in. Also, for American citizens, they almost always have US annual income taxes, which are taxed on worldwide income. The taxation situation becomes tremendously more complicated if you own a home (or homes) abroad. So, interestingly, Americans may hoard homes stateside but rarely so abroad.