If you pay 1% for one house, someone with 2 houses should pay 2%, and a company with 2000 homes should pay 2000%
That would make it increasingly difficult for mega companies to buy up everything and torture the housing market
Why 1% each? If housing is a human right, and it is, then we need strict limits around one per person. Companies should not be allowed to have long-term ownership at all.
Just put in wealth caps
Nobody should be able to have of control over 10 million, for example
They’d just make 2,000 shell companies, each with one house.
Perfectly legal.
Companies shouldn’t be allowed to own housing
Or other companies.
They often do that already.
It reduces the liability when sued. If you do something dumb and owe someone $100,000,000. You just abandon that one property and make that company bankrupt, you don’t lose all your other properties too.
because of that reading government anti-corruption investigations can cause vertigo - just getting through the tense web of shells and shells of shells and mothershells and whatnot - there was one case in which the company had like 50 entities removed from the culprit
Every hurdle makes it more expensive to run and less profitable
But like on ALL their properties not just the excess ones
Exponential*
If it were 2% on the first, it’d be 4% on the second, 8% on the third…
I think Ken Paxton, man of the people, family matters, wears $40K watches, has 15 homes on a 150K salary.
So 32,768% sounds fair for inhuman scum like him. That’s 14 more homes on the market hopefully.
I don’t even know what it would be for Blackrock, the largest homeowner in the market. They own more homes than individuals do in the country.
Looks like Ken’s love language is bribery with real estate .
This is why wealth tax is so elegant. It doesn’t matter if you own a bunch of houses personally, or you own shares of a company that own a bunch of houses, or you use the shares as collateral to borrow a bunch of money; your total wealth is the same. There is no way get around it :3
The real wealth are the NFTs we made along the way.
There is and there always will be as long as capitalist have the political control.
Wealth taxes are necessary, but with offshoring and hiding accounts, I’d say they’re bureaucratically complicated rather than elegant.
They’re elegant in terms of limiting wealth hoarding. It’s just like estate tax that’s already implemented. Anyway, good to have more government jobs too.
Everyone dances around the fact that the government should be building low income housing themselves. We should not be begging the for profit house building industry to fix the problem they’ve made.
I’m not watching YouTube shyte.
I love youtube and use it every day.
Even I refuse to watch a YT video as a source. It takes 50x longer than reading, that’s unacceptable.
Two policies would make a huge impact on this.
An additional tax on nonresident ownership and a punitive tax on vacancies based on occupancy rates.
Those two would be enough to discourage hoarding, scalping and ghost neighborhoods .
Hear me out: we also count all the subsidiaries company as the same entity of the owner company, now we have less exploits too
If only the people that would make these laws were not the ones profiting from it.
This. Developers like to either get on city commissions or get their friends on them
Be careful who you vote for. And it ain’t always just one side screwing this up.
I firmly believe every home after your second (let retired people have their cabins) should be taxed exponentially.
The third home should be taxed so heavily that it’s prohibitive, and the fourth should be taxed so highly that it’s impossible to profit off of.
Should be the same concept with rental units. Taxes should go up exponentially for every unit you own over a certain limit. Of course if there’s is a limit to how many homes or units a person can own, they will just create thousands of small corporations to own them.
Have to ban corporate ownership of residential property as well or some other fix.
exponentially
no. at 100% mil rate. ie: its value. every year.
if you can’t afford it, then sell it to someone who needs a home. :)
We also need to outright oppress and exploit companies the way current government does with minority groups and poor people.
Otherwise they just use legal technicalities to get away with it.
“Nooooo we don’t own 2000 houses. You see, we are an investing firm, and we have 99.9% share in 2000 companies, and all of those companies own a house. It’s perfectly fine!”
It should be illegal to have dozen of houses to begin with and if you don’t like this you can go fuck yourself because we live in a society
My mayor lives off the rent of 8 houses. I don’t think he’ll do anything to fix it
Fucking disgusting parasite
Some places do this. I have heard a few Welsh areas have gone for much higher council tax (approximate equivalent to a shitty property tax) on second homes. They are allowed to charge up to 4x the normal rate.
If you are renting it out as a holiday rental you can be exempt from the normal council tax but they are now requiring you to actually rent it out. It must be available for at least 252 days of the year and actually used for at least 182 days so you can’t just set rent to unaffordable amounts.
Hearing the crying about it has been great.
Nice.
This gives me an idea.Additional tax for rooms marked as “for rent”, but going unrented for enough part of the year.
Calculation will also take into account recent evictions.I’ve had a similar idea for a while. There should be a fine/tax for unrented properties proportional to the amount being asked for rent. Any money collected from this goes to housing support for low-income renters.
This creates a market incentive to lower rents if you can’t get someone in a unit.
Vacancy tax
Ah but my company doesn’t own a home, my company manages other companies homes, each company own 5 homes each.
As a company cannot “reside”, a company cannot own any residential property or land.