Grandma is on her own
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My extended family in Michigan keeps a hunting cabin that they split costs between 5 people on and can still barely make the mortage... Is that clearly able to afford more taxes?
Or if housing costs were reigned in via this measure would the costs they are burdened with that make it barely feasible for 5 families to split the mortgage cost on a hunting cabin in a remote rural area be alleviated. Granting them more financial freedom, benefiting society all while still keeping the place thats becoming nearly untenable for them due to outrageous real estate markets?
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The added tax revenue would also make the rural places these vacation home are in more sustainable for regular residents. And probably keep local governments and even small hospitals solvent.
It might even alleviate the financial burdens that are making that situation almost untenable for them now as real estate markets are corrected and added tax revenue gets allocated into public benefits that could reduce the cost of living. They may benefit from the proposal even if tax rates get increased on subsequent properties.
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Guess what that generation bought into and voted for for decades.
Is one really real responsible or one's choices of they were not aware of their consequences? (I personally do think so)
But what if they had wrong information?
And what if they were purposefully misinformed by a third party for that third party's gain?
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You shouldn't help old ladies cross the street anyway
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No, it shouldn't hold up societal progress. But not being aware of how your policies actually affect people is just plain bad. I agree with progressive taxes on multi house ownership, but you also need to understand that will mean people who are less rich than you think losing them, it's not just people that can afford them. And it's not as far an edge case as you think, I believe
Or does the correction in housing pricing lower their actual taxes paid in total on their main properties, granting them more breathing room, allowing them to comfortably afford the hunting lodge even if the rate itself has increased? You're expecting everything else to remain the same and just increased tax rates as a whole. Something like this would readjust the market values of properties and the subsequent tax being paid while making sure those corporations hoarding properties are taxed appropriately and providing inventory into a market that would bring pricing back down to earth. The rate could be increased but total paid could be lowered in these cases of second homes so long as tax increase is exponential and not flat on additional properties. The goal of measures like this would be to make companies hoarding thousands of properties an untenable option not to hurt every person who might look into having a second or third property.
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Ngl, $950K for a house sounds like a steal. Can’t buy a tear-down starter home around here for that cheap…
The fuck is going on where you live?
My family and I bought a 250m² house for less than 50k. (2yrs ago)
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Same. We have to get private equity out of homes, but telling people on the edges that they will get caught up is going to make it a tough sell. Even if we account for the example above, another family that wasn't on the edge of affordability might be after the change.
With something like this we may need to offer buybacks or short loved exemptions of some sort.
Eh I think most people are forgetting that for the average person something like this will most likely lower taxes in total for them as the market rate for the properties readjusts due to increased supply becoming available. What might be untenable now might become completely affordable after even with a scaling tax rate on additional properties.
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Grandma is not the problem.
You can't go blaming the institutions for the high cost of living when it is very clearly this one anonymous old person who isn't giving this other anonymous young person a sweetheart deal out of misplaced nostalgia.
Fun Fact: There are 16 million vacant homes nationwide.
Okay, but a bunch of them are in the Rust Belt, where de-industrialization eviscerated the economy and caused a mass exodus to the Gulf Coast and the Mountain West in pursuit of lower wage service sector and sales employment.
I suppose you're going to claim that the wholesale restructuring of the manufacturing economy was the fault of a handful of 90s-era Wall Street bankers and Corporate Executives, rather than millions of Boomer-era suburbanites with pocket change in their retirement accounts 40 years ago?
Likely. Fucking. Story. This is just bigotry against the 1% is what it is.
Almost bit the bait lol
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The fuck is going on where you live?
My family and I bought a 250m² house for less than 50k. (2yrs ago)
I'm currently living in a slightly smaller house that's valued at 250k. The roof leaks and the porch is falling apart, but the town has doubled in size since COVID, and so has the cost of housing.
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It's hard when you work with a guy like I do. He's 65 and hates absolutely everybody, including his wife, but he's a coward so he's very polite. He requires so much coddling that he spends all day sucking up to everyone for whatever praise he can get then immediately turns around and complains about them. He'll complain about everyone else to the point where they get their breaks and other privileges taken away. Those privileges are also taken from him, giving him more to complain about.
It gets worse, but I'm about to go to bed and don't want to think about that.
That piece of fucking shit. Sorry about the rant. But guys like that ruin everything for everybody.
When you think about these problems, you have to separate your personal experience from what you observe happening to the whole system.
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Or if housing costs were reigned in via this measure would the costs they are burdened with that make it barely feasible for 5 families to split the mortgage cost on a hunting cabin in a remote rural area be alleviated. Granting them more financial freedom, benefiting society all while still keeping the place thats becoming nearly untenable for them due to outrageous real estate markets?
They can barely split it because they're all broke af not because the house is expensive. The house and land are pretty cheap
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The fuck is going on where you live?
My family and I bought a 250m² house for less than 50k. (2yrs ago)
Sounds like the SF Bay Area, SoCal, NY, GTA, VAN, or London.
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Sounds like the SF Bay Area, SoCal, NY, GTA, VAN, or London.
And I'm living in a metropolis of 750 souls in buttfuck France.
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I'm currently living in a slightly smaller house that's valued at 250k. The roof leaks and the porch is falling apart, but the town has doubled in size since COVID, and so has the cost of housing.
Where are you?
Seeing the prices I'd guess some 3rd tier city in the usa?
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Where are you?
Seeing the prices I'd guess some 3rd tier city in the usa?
wrote on last edited by [email protected]Rural west coast. It is more expensive here than the midwest states, but the state insurance is fantastic, so the access to medical care is worth it.
Edit: Population of 2k, for the record
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Surprise surprise, you only inherit a bunch of debt because that generation lived by "you can't take it with you".
wrote on last edited by [email protected]As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt. It’s paid out of the estate and nobody else is responsible for those debts.
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The fuck is going on where you live?
My family and I bought a 250m² house for less than 50k. (2yrs ago)
Meanwhile, in the suburbs of DC/Baltimore you have 96m² for $414k: Local Listing
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Or does the correction in housing pricing lower their actual taxes paid in total on their main properties, granting them more breathing room, allowing them to comfortably afford the hunting lodge even if the rate itself has increased? You're expecting everything else to remain the same and just increased tax rates as a whole. Something like this would readjust the market values of properties and the subsequent tax being paid while making sure those corporations hoarding properties are taxed appropriately and providing inventory into a market that would bring pricing back down to earth. The rate could be increased but total paid could be lowered in these cases of second homes so long as tax increase is exponential and not flat on additional properties. The goal of measures like this would be to make companies hoarding thousands of properties an untenable option not to hurt every person who might look into having a second or third property.
Here's a thought, maybe instead of blindly following the original commenters idea and repeatedly posting the same thing, refine the idea to account for people the "fringe" case mentioned?
Maybe, in addition to the multiple house ownership and residence status conditions add one that factors in income/earnings (including any capital gains) and if you exceed a threshold then additional home taxes apply?
Maybe scale the additional taxes based on income/earnings so everyone is taxed but done so appropriately for their situation?
Or maybe adopt a system like some other countries have where the first house you own isn't taxed but additional homes are, then adjust other taxes in accordance? Under this system 5 families sharing a hunting cabin is not only easier for them but more economic and efficient than five families owning five separate cabins.
You'll never please everybody but laws and regulations should take into account all those they effect and serve the greatest number reasonably possible.
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As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt. It’s paid out of the estate and nobody else is responsible for those debts.
I was under the impression that was not the case. If the estate has no money to pay out, the collectors are gonna come knocking, no?
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They can barely split it because they're all broke af not because the house is expensive. The house and land are pretty cheap
Yes and housing costs still take the largest chunk of low income people's income. This wouldnt only effect the costs associated with the cabin but also their main residence's taxes as well. Collected taxes might be used to improve public infrastructure and benefit programs which could also alleviate some of their expenses, giving them more ability to afford the cabin and have spending potential in other areas of their life. It's not a zero sum game.
