this post was submitted on 26 Mar 2025
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How would this help house homeless people?
Prices are artificially inflated due to reduced supply. Increased supply should lower cost * making homes more affordable.
People using homes as an asset (the same way they buy stocks/etc) would panic realizing that their golden goose is suddenly draining their bank account. They’d either offer rental prices dirt cheap, or give up and sell the property at whatever price people can afford (eg, 10% of what they currently charge).
There are currently MANY empty properties so this could have a larger effect than we often realize. Currently some cities try this the inverse way by giving tax credit to residents.
I'd hope that it would encourage renting the unit even at a discount to avoid the fine.
Which would in turn lower rents by the surge of units on the market for rent.
It's a compromise, from the before times when one could assume people elected to their public positions where attempting to do those jobs in good faith.
The idea would be to give everyone something they want so that everyone could agree and actually get something done.
In this case, the house hoarders don't immediately lose the resources they've hoarded, and instead get charged for the damage they're doing to the economy. Ideally that money goes towards housing the poor, but that's a side effect.
The point would be to make house hoarding non-viable as an income source, incentivising the hoarders to un-hoard.
Sadly, it wouldn't do either without a much higher tax, which would never get agreed to
Nowadays it's just a pipe dream that the money'd power wants to compromise on anything.
The Welsh (or some Welsh councils?) have already done it. Although the problem there is more with holiday homes people buy and leave empty most of the year. It's fun to read people complaining that they have to sell it. Yes, that is the point.