668
Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you
(lemmy.world)
this post was submitted on 06 Mar 2025
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Yes, we can cover the resulting tax shortfall by increasing the tax on single mothers, first-generation low-income homebuyers, and renters.
Look at the result of California's tax policy (which was designed with aims similar to yours): an entire generation of young people will never be able to afford a home in the place they grew up in, while millionaire retirees get a huge tax break while making thousands renting out spare rooms in their massive houses on AirBnB.
These kinds of special tax carve outs sound nice in theory, because it seems like you are just "not taking money from old and disabled people", but that tax burden falls on everyone else, as does the massive distortion of the market. You are in fact taking more money from other people, who may be hurting even more.
And don't tell me, "We'll fund it by a tax on the rich". If that's your proposal, get that tax on the rich passed, and dole out the proceeds to elderly at risk of homelessness. Have it officially be budgeted, so that we can decide if keeping an elderly person in their $2.1m 5 bedroom home is worth cuts elsewhere. As of now, such policies are mostly robbing middle class young people blind.
Solution build excess housing at a loss, intentionally until real estate prices go down.
I like that idea, but it'd have to come with some mechanism to prevent parasites from buying a bunch of them up and renting them out.
fuck if I know what such a mechanism would look like though..
Severely impede sale of all houses purchased by people who cannot strongly demonstrate they intend to live in them.