In the 1910s, US cities began enacting policies that would shape neighborhoods and, unintentionally, lay the roots for the severe housing shortage today: single-family zoning laws.
Been saying for years the easy way out of this mess is that residential property may only be owned by individuals, and to prevent hoarding, add an additional 10% to the property and sales tax of each property above one. So your 2nd property costs a mere 110%, but your 11th property will be assessed at 200% of the taxes.
We would also need some enforced rent controls, so that expense isn’t passed on to the renters.
Honestly, the taxation proposal would have the same effect as simply outlawing corporate ownership of residential property, with the added benefit of temporarily pulling in tax revenue until the hoarders can unload their properties.
Not sure how this would apply to multifamily residential properties or things like hotels or campgrounds, though.
Hotels are already in a different class than residential properties. They’re taxed differently and have regulations on thing like cleanliness. Campgrounds are also different, they’re not intended for permanent residence.
Been saying for years the easy way out of this mess is that residential property may only be owned by individuals, and to prevent hoarding, add an additional 10% to the property and sales tax of each property above one. So your 2nd property costs a mere 110%, but your 11th property will be assessed at 200% of the taxes.
We would also need some enforced rent controls, so that expense isn’t passed on to the renters.
Honestly, the taxation proposal would have the same effect as simply outlawing corporate ownership of residential property, with the added benefit of temporarily pulling in tax revenue until the hoarders can unload their properties.
Not sure how this would apply to multifamily residential properties or things like hotels or campgrounds, though.
Hotels are already in a different class than residential properties. They’re taxed differently and have regulations on thing like cleanliness. Campgrounds are also different, they’re not intended for permanent residence.
One of the reasons Airbnb and its clones are bad is that they don’t have the regulations hotels do, so renters who expect safe conditions are sometimes fatally disappointed: https://medium.com/matter/living-and-dying-on-airbnb-6bff8d600c04