4 ms·
I like the idea of a vacancy tax that is proportional to the value of the property so that any year-over-year gains in equity are eaten up by such tax. I think
by cpascal 6y ago
I like the idea of a vacancy tax that is proportional to the value of the property so that any year-over-year gains in equity are eaten up by such tax. I think turning a vacant property into a liability instead of an asset would do a lot to keep housing accessible.
- webmobdev 6y agoThe Tamil Nadu state government (and a few other states), in India, did something like that - when the real estate market fell a bit, the government noticed that the developers were still holding on to many ready-to-occupy flats (condos) in the hopes of getting a higher price later. The government immediately issued a notice that once a residence is constructed by such developers and is ready-to-occupy, property tax and utility bills (for water) has to be paid for it whether it is occupied or not. Thus builders stopped building in excess or holding on to it to cut supply and artifically raise demand (and thus prices).