What is wrong with this idea to solve the expensive rents worldwide?

As far as I know many people now in very different countries are going through a very hard time affording a place. California from what I’ve seen on the news has countless homeless people living in tents by the sidewalk, more now than ever.

Buying a house is crazy expensive, I’m making close to six digits in a third world county considered cheap and I still can’t afford a good house. About half of the city here is owned by a dozen Chinese “investors” that haven’t set foot in this area for years.

There are some many EMPTY properties around, with unrealistic rents and prices that don’t make sense and remain empty for many years.

I’m not against people having loads of money, BUT when their properties are doing nothing but inflating the market for people who actually need a place to live, I support a more drastic measure: tax the hell out of empty properties.

Feel free to criticize, I’d like to see the flaws on this plan: properties that have been empty for a certain time (let’s say 6 months) will have to pay 10-20% of their value in tax every year. Meanwhile each person is allowed ONE tax-free home as long it’s the one they provenly live in.

This would push owners of multiple homes to get their places rented or sold for as cheap as the market would pay for it, allowing a lot more people that actually LIVE in that area to afford housing.

At the same time, if you chose to only have one place (the one you live at) then you wouldn’t pay property tax on that.

TL;DR: Tax the hell out of empty properties, so it would be worth it for owners to rent/sell their places at whatever price they can to avoid that.

submitted by /u/fkid123
[link] [comments]

As far as I know many people now in very different countries are going through a very hard time affording a place. California from what I’ve seen on the news has countless homeless people living in tents by the sidewalk, more now than ever. Buying a house is crazy expensive, I’m making close to six digits in a third world county considered cheap and I still can’t afford a good house. About half of the city here is owned by a dozen Chinese “investors” that haven’t set foot in this area for years. There are some many EMPTY properties around, with unrealistic rents and prices that don’t make sense and remain empty for many years. I’m not against people having loads of money, BUT when their properties are doing nothing but inflating the market for people who actually need a place to live, I support a more drastic measure: tax the hell out of empty properties. Feel free to criticize, I’d like to see the flaws on this plan: properties that have been empty for a certain time (let’s say 6 months) will have to pay 10-20% of their value in tax every year. Meanwhile each person is allowed ONE tax-free home as long it’s the one they provenly live in. This would push owners of multiple homes to get their places rented or sold for as cheap as the market would pay for it, allowing a lot more people that actually LIVE in that area to afford housing. At the same time, if you chose to only have one place (the one you live at) then you wouldn’t pay property tax on that. TL;DR: Tax the hell out of empty properties, so it would be worth it for owners to rent/sell their places at whatever price they can to avoid that. submitted by /u/fkid123 [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!