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Unless you're selling your house to downsize or leave the country, raising home prices isn't a good thing. You have to live somewhere. Higher home values mean
by notch656a 5y ago
Unless you're selling your house to downsize or leave the country, raising home prices isn't a good thing. You have to live somewhere. Higher home values means higher property taxes (in many cases, almost paying for your whole house again, and now at inflated rates).
Raising home prices have much worse effect of kicking away the ladders for the new generation to own their own home, while doing nothing for those who already have a home to live in and desire to keep doing so (other than possibly raising their property taxes).
- keyboardCowBoy 5y agoFiend of mine bought a luxury home for 500K a few years ago in Phoenix he was paying 7,000 in property taxes annually Now that these 4 bedroom shacks go for 500,000 I can't wait to see what happens when their their property taxes double.
- yks 5y agoWhat is likely to happen in America is that all states adopt some form of California's Prop 13, capping taxes for existing homeowners and crippling future generations