Rent control is a bandaid on a real problem that makes things worse long term. What California needs is build more, which means end the NIMBY and unfreeze property taxes so those seating on underutilized land are forced to develop it or sell.
Would property taxes actually do much? They’re so little even in high property-tax states that I think you’d need to do a lot more than that to FORCE rich people to utilize their other properties. High taxes would potentially push more costs on renters. Maybe we should just outlaw having more than 1 or 2 homes… including for real estate companies and banks :)
I don’t think you need to add any taxes. If the area is attractive enough to warrant a higher density redevelopment, just unlock it and it will get done.
I mean, if you are a developer and you know for certain there’s a lot of interest in a certain area and you know for certain that you could buy that big single family lot and make a 3-5 story building instead with 10-20 apartments, you’d be crazy not to offer double the market rate to get it and develop it as fast as possible.
Just need to change the law to allow redevelopment of single family areas into medium density.
Hmm build more. I’d be curious to see the stats on this. California has probably built 10 times more than the rest of the country combined over the last decade or so. People need to GO THE FUCK BACK HOME.
But worse for those looking for a rental.
Rent control is a bandaid on a real problem that makes things worse long term. What California needs is build more, which means end the NIMBY and unfreeze property taxes so those seating on underutilized land are forced to develop it or sell.
LVT, not property tax. You want to tax the value of the land, not the value of the property built on it.
Would property taxes actually do much? They’re so little even in high property-tax states that I think you’d need to do a lot more than that to FORCE rich people to utilize their other properties. High taxes would potentially push more costs on renters. Maybe we should just outlaw having more than 1 or 2 homes… including for real estate companies and banks :)
I don’t think you need to add any taxes. If the area is attractive enough to warrant a higher density redevelopment, just unlock it and it will get done.
I mean, if you are a developer and you know for certain there’s a lot of interest in a certain area and you know for certain that you could buy that big single family lot and make a 3-5 story building instead with 10-20 apartments, you’d be crazy not to offer double the market rate to get it and develop it as fast as possible.
Just need to change the law to allow redevelopment of single family areas into medium density.
Hmm build more. I’d be curious to see the stats on this. California has probably built 10 times more than the rest of the country combined over the last decade or so. People need to GO THE FUCK BACK HOME.