They should never have been allowed to become gambling chips.
Noone should be allowed to purchase a home without agreeing to live in it full time for at least a year afterwards. Split it into a duplex to become a landlord? Another year. Wanna be a landlord? You must live in that building full time along with your tenants. Outrageous? Not nearly as outrageous as homelessness because of the prices.
Easiest way is to ensure the unit isn’t vacant for more than a year, else they will get taxed extra. Also rent shouldn’t be x% higher than the mortgage.
Good idea. There are plenty more conditions that could be added on to make becoming a landlord/gambler much less attractive. Like: you can’t even begin to buy another until you’ve finished your year and sold the place.
Yes, the government can actually do something about it if they want, and imo that’s the issue, because taxes from property sales is much more attractive to them.
Make the tax on properties you don’t personally inhabit a percentage of unrealized capital gains of all assets. Limit untaxed property size to an area the median person reporting for jury duty can circumnavigate on foot within one minute. Is the untaxed property size too small for your preference because the people of your county are too unhealthy? Maybe improve your local healthcare system.
Basically, tie metrics coupled with the well-being of the median citizen with taxes on the wealthy. Eventually, the metrics will be framed or rigged by a corrupt charlatan or strongman (e.g. by exiling the sick and homeless), but to the extent that the laws are updated and enforced, people will be healthier.
You shouldn’t be allowed to own residential property you don’t live on. There needs to be a way for people to move so after 3 months of owning a property that is not your primary residence taxes go through the roof and double every year.
“What about renters?”
Basement suites / duplexes exist. An apartment building will be better taken care of when the owner has to also live in the apartment building.
Another good idea would be to require every rental to include a rent-to-buy option. If the renter wishes, a substantial portion of those rental fees would count as equity, and at any time they can afford it, they can exercise that option to buy. If they decide to move out, that equity does not revert to landlord but goes into a special trust which pays for more affordable housing.
They should never have been allowed to become gambling chips.
Noone should be allowed to purchase a home without agreeing to live in it full time for at least a year afterwards. Split it into a duplex to become a landlord? Another year. Wanna be a landlord? You must live in that building full time along with your tenants. Outrageous? Not nearly as outrageous as homelessness because of the prices.
Easiest way is to ensure the unit isn’t vacant for more than a year, else they will get taxed extra. Also rent shouldn’t be x% higher than the mortgage.
The first rule seems likely to work. The second guarantees no property will ever be renovated.
Good idea. There are plenty more conditions that could be added on to make becoming a landlord/gambler much less attractive. Like: you can’t even begin to buy another until you’ve finished your year and sold the place.
Yes, the government can actually do something about it if they want, and imo that’s the issue, because taxes from property sales is much more attractive to them.
Don’t forget brib…sorry, I mean lobbying from rich people and corporations owning a lot of properties.
Some cities in Australia have a vacant property tax. It makes sense in some areas.
Make the tax on properties you don’t personally inhabit a percentage of unrealized capital gains of all assets. Limit untaxed property size to an area the median person reporting for jury duty can circumnavigate on foot within one minute. Is the untaxed property size too small for your preference because the people of your county are too unhealthy? Maybe improve your local healthcare system.
Basically, tie metrics coupled with the well-being of the median citizen with taxes on the wealthy. Eventually, the metrics will be framed or rigged by a corrupt charlatan or strongman (e.g. by exiling the sick and homeless), but to the extent that the laws are updated and enforced, people will be healthier.
it’s called a vacancy tax.
landlords already get tax discounts for living in properties they rent out in most communities.
You shouldn’t be allowed to own residential property you don’t live on. There needs to be a way for people to move so after 3 months of owning a property that is not your primary residence taxes go through the roof and double every year.
“What about renters?”
Basement suites / duplexes exist. An apartment building will be better taken care of when the owner has to also live in the apartment building.
Another good idea would be to require every rental to include a rent-to-buy option. If the renter wishes, a substantial portion of those rental fees would count as equity, and at any time they can afford it, they can exercise that option to buy. If they decide to move out, that equity does not revert to landlord but goes into a special trust which pays for more affordable housing.