I think it’s fine to use it as a speculation tool if you are living there. If not, then it should be a massive tax liability. Pressure people buying empty homes to either rent them to someone for cheap, live in them, or sell them.
this is precisely what NIMBYism is. People living in their own homes, who want to force up the value by preventing new homes from being constructed.
it’s also the reason for the crisis. without that attitude and all the zoning restrictions, our housing market would be much more cheap and flexible. but when you have towns that only permit like 50 new houses a a year, and the population is growing at 3x that, you have a serious problem
The flip side is when your state mandates allowing 4-6 homes on regular SFH plots and then your property value goes up because you can now build more housing
Hell, just requiring HAVING a tenant would be great for starters because of how many empty homes there are. If you’ve got the empty homes, and a tax penalty for them being empty, suddenly they’d have to compete for tenants. Wouldn’t that be wonderful?
What we need is a mandated and enforced vacancy tax nationwide. Make it high enough to fix the housing crisis.
*Edited to add: according to the Wikipedia article I linked, Canada and the USA have cities that have implemented vacancy taxes. We need to do like France and Ireland and make it nationwide.
Exactly this. Any sort of “is the tenant not being overcharged” check would be extra complexity that’s not strictly necessary anyway. Once more properties become available on the market (because their owners want to pay less property tax), rents naturally start going down. Just need the vacancy tax to be high enough. If it’s a tiny tax, it doesn’t make a change.
I think it’s fine to use it as a speculation tool if you are living there. If not, then it should be a massive tax liability. Pressure people buying empty homes to either rent them to someone for cheap, live in them, or sell them.
this is precisely what NIMBYism is. People living in their own homes, who want to force up the value by preventing new homes from being constructed.
it’s also the reason for the crisis. without that attitude and all the zoning restrictions, our housing market would be much more cheap and flexible. but when you have towns that only permit like 50 new houses a a year, and the population is growing at 3x that, you have a serious problem
The flip side is when your state mandates allowing 4-6 homes on regular SFH plots and then your property value goes up because you can now build more housing
I think the concept of a tax penalty with some relief for having a tenant that isn’t being gouged sounds nice.
Hell, just requiring HAVING a tenant would be great for starters because of how many empty homes there are. If you’ve got the empty homes, and a tax penalty for them being empty, suddenly they’d have to compete for tenants. Wouldn’t that be wonderful?
What we need is a mandated and enforced vacancy tax nationwide. Make it high enough to fix the housing crisis.
*Edited to add: according to the Wikipedia article I linked, Canada and the USA have cities that have implemented vacancy taxes. We need to do like France and Ireland and make it nationwide.
Exactly this. Any sort of “is the tenant not being overcharged” check would be extra complexity that’s not strictly necessary anyway. Once more properties become available on the market (because their owners want to pay less property tax), rents naturally start going down. Just need the vacancy tax to be high enough. If it’s a tiny tax, it doesn’t make a change.