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There's more to it than taxes. Fear of the other (racism), tradition (farming cosplay), and abundant land are also big factors. Without the tax incentives peop
by paulryanrogers 1y ago
There's more to it than taxes. Fear of the other (racism), tradition (farming cosplay), and abundant land are also big factors.
Without the tax incentives people would still have left the biggest cities.
- Spooky23 1y agoCommercial real estate is all about financial shenanigans. For housing, the Feds both directly subsidized construction and indirectly by changing capital gains rules and having a plethora of goodies for developers. My parents bought their first home in NYC for $19,000 in 1977. They sold it in 1993 for $500,000, and that owner sold it in 2024 for $2.8M. Nobody paid capital gains.
- paulryanrogers 1y agoI don't dispute taxes are a big factor, just not the only or even most significant one in residential real-estate. Thanks for calling out commercial. That's something I'll have to study more.