this post was submitted on 05 Apr 2025
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Then this is my take:
Obviously offices and factories are not habitable space and therefore not counted in this system.
Housing shouldn't be an investment asset, especially in a for profit system, or you'll just make BlackRock again.
I think that’s what s/he was trying to resolve with the doubling of tax on each additional property. It would become cost prohibitive very quickly to have multiple properties.
You would have to close the endless amounts of tax deductions on real estate to make it matter. If they can write off the loss as a business cost than the portfolio will just eat the tax and pass it on to the renters.
Yes. No single change will solve the problem. It would have to be comprehensive.
It shouldn't be an investment asset.
Homebuilding is still a business though. You still need someone to risk their money, assemble the materials and crew, complete the project and find a buyer for it.
If there's no demand for a product no one will build it. There's always going to be demand for a mythical product that can't be built. Like cheap housing.
I just spent $2,000 on a handful of wood, shingles, and siding to patch my house up. like 1/10th of a single wide trailer. That's just the materials i'll be providing the labor which would normally cost $30-$60 hour.
So it shouldn't be an investment asset, someone still has to invest in it being built, so that a homeowner may live there.
Property taxes can also be used in this manner, you don't need national legislation to use your city/town council. You have a lot of power at a local level to solve your local problems, its hard to get peopel organized for it. You tax undesirable housing to subsidize housing your desire. I know my problems here in Maine are different than those in California as far as real estate.
A national plan and blueprint would be nice, but i still think this is a problem with local governments that can't be solved as each location has its own needs and problems.
There's no market incentive for building small homes or efficent towns. Think about how much money we spent to get people to use EV's same needs to happen for housing, you need incentives for buyers and producers to take the great leap.
They need to offer low interest rates for construction loans, for first time home buyers only. That would solve the housing crisis. Anything else would make inflation worse, or wouldn't address the housing supply issues.
Problem: universities and other entities which require many buildings. How does this play into it? Do you count the entire campus as a single property?