Not directly related to income tax, but I'm a bog believer in having property tax on a exponential scale. Start off quite low for your first property, a vacation home is still reasonable, but by the time you're much past that it becomes completely unreasonable to keep buying properties. Add a hefty multiplier for empty units on top of that, and you'd go a long way to fixing the issue with property hoarding.
HappycamperNZ@lemmy.world 8 months ago
I believe a person/family should be allowed up to 3
live in
rent
bach.
Anything above that gets taxed in every way we can so you can and do make a profit, but its considered similar to other financial investments including risk.
Not sure how the loopholes would work if they own part with an ex, or kids, or single to relationship, but the general idea.
Alto@kbin.social 8 months ago
That doesn't really solve anything. As long as there is profit to be made, people will horrendously abuse it. That's not something we want when were in the middle of a homeless crisis yet we have more than enough empty housing for them.
Maybe once everyone's basic housing needs are met we can talk, but until then no.
Rivalarrival@lemmy.today 8 months ago
Phase in a significant increase in property taxes, with a commensurate owner-occupant credit against it for 1-4 unit homes.
You can own as many homes as you want. Occupants of your homes will have greater value to you as co-owners or buyers than as tenants. You can make money selling your homes under land contract (“rent to own”) or by private mortgage. Traditional rental agreements on single family homes will be less feasible.
You can own a duplex, triplex, or quadplex and keep the owner-occupant credit so long as you or another owner maintains at least one of the units as a residence.
Basically, I think the property tax code should be used to motivate both landlords and tenants toward ownership rather than rental.