4 ms·
Yes that's the idea? They get to live out the rest of their years, and then their heirs pay the deferred taxes, selling the house if needed.
by librish 4y ago
Yes that's the idea? They get to live out the rest of their years, and then their heirs pay the deferred taxes, selling the house if needed.
- eropple 4y agoThis is a bad situation if you want long-term neighborhood and cultural cohesion, though, because it encourages turnover (particularly among less affluent groups).
- refurb 4y agoI mean if people can defer taxes until they die you’re not increasing turnover at all.
- eropple 4y agoThere's value to generational continuity, though--again, particularly for marginalized communities. One of the ways gentrification makes its way in is during these kinds of estate liquidations. I think it's reasonable to assert that there's value in not fracturing those communities any more than is necessary.
- refurb 4y agoMarginalized communities that have seen home values skyrocket? Honestly I have trouble summoning up much pity for people whose face a property tax burden because their homes have doubled or tripled in value.
- eropple 4y ago> Marginalized communities that have seen home values skyrocket? Illiquid property value isn't the same thing as having money, so...yes? I mean, if you want every neighborhood in every urban area to be tech and finance bros, maybe this is a good idea, but most people would disagree with the premise you're pushing.
- refurb 4y agoProperty value isn’t illiquid.
- eropple 4y agoIt absolutely is illiquid if you do not want to destroy the composition of an area. It cannot be converted without doing damage to the community in which it exists. When the market is tech and finance bros, all neighborhoods and all stock will become tech and finance bro'd. That's a bad thing for that community and--uh--society at large.