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L.A. County wants to cap rent hikes at 3%. Landlords say that would push them to sell
(www.latimes.com)
this post was submitted on 09 Jun 2024
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I think there is quite an easy solution to the housing issue we're facing: exponential tax increase per property.
There is no reason for someone to own more than one property in a city. No reason at all. But even if you could find one - let's say the first 2-3 properties (defined as houses/apartments of less than X area each) have regular taxes. But then? Then it gets retarded. 500k more per year for the fourth one. 4 mil extra a year for the fifth. 50 mil extra for the sixth. One billion for the seventh. You're a property developer? You have until 2 years after the property was finisbed to make sure someone has bought every little bit of it, otherwise that 40 apartment building will end up costing you twice the foreign debt.
Can't pay the taxes? You can always sell the place, at a fair market value. Let's say your two uncles died in a short timespan and they both left you their houses, but you had some property already and now you're up to 5 residential properties but you're not prepared to pay the extra few million. You can always list their houses. Every month they are listed and don't get bought, you reduce the price by 5%. Overvaluing the property gets it confiscated - you surrender your property to the state, which then distributes it to those in need in a lottery. You can also opt to just give away some of your less desirable properties directly instead of trying to sell them.
But no, that'd be sudden death for all the retards who keep building, all the fuck heads who keep buying and holding, and all the politicians whose pockets get padded for listening to whichever lobby.