In many ways yes, but then I see what happens in China where there is no property tax*. In large cities it's cheaper to rent than own in places now because the housing bubble is so big.
Investors appear to just be sitting on properties for the equity and renting them out at an otherwise loss.
It's not dissimilar to some of the issues in California, but at least the Chinese are building new housing crazy fast and don't give a crap if it blocks "muh scenic view".
I of course still hate property tax and at most it should only apply to investment or maybe second properties unless there are better ideas to prevent property bubbles.
If any tax, it should be purely sales tax, you can't have a fair society where only some contribute, everyone that can vote should have to feel the pain or benefit of their decision.
Theirs always the liberal argument "muh sales tax is regressive because poor people spend a higher percentage of income". As if wealthy people don't spend money on more frivolous things, then drive off in an expensive car, to eat expensive food. There also exist progressive sales tax by category, but I'd rather not as it can be misused to target anything politician Joe Schmoe deems undesirable, leave that to tariffs.
*In China property is technically a 99 year lease, but no one has ever hit it yet as those rules aren't that old. No one really know what will happen. I'm not positive, but would wager a guess that it could be circumvated by just transferring ownership like selling to your kid or whomever you want to reset the timer.
In many ways yes, but then I see what happens in China where there is no property tax*. In large cities it's cheaper to rent than own in places now because the housing bubble is so big.
Investors appear to just be sitting on properties for the equity and renting them out at an otherwise loss.
It's not dissimilar to some of the issues in California, but at least the Chinese are building new housing crazy fast and don't give a crap if it blocks "muh scenic view".
I of course still hate property tax and at most it should only apply to investment or maybe second properties unless there are better ideas to prevent property bubbles.
If any tax, it should be purely sales tax, you can't have a fair society where only some contribute, everyone that can vote should have to feel the pain or benefit of their decision.
Theirs always the liberal argument "muh sales tax is regressive because poor people spend a higher percentage of income". As if wealthy people don't spend money on more frivolous things, then drive off in an expensive car, to eat expensive food. There also exist progressive sales tax by category, but I'd rather not as it can be misused to target anything politician Joe Schmoe deems undesirable, leave that to tariffs.
*In China property is technically a 99 year lease, but no one has ever hit it yet as those rules aren't that old. No one really know what will happen. I'm not positive, but would wager a guess that it could be circumvated by just transferring ownership like selling to your kid or whomever you want to reset the timer.