Not sure about the whole "billionaires colluding" part of this, but the essence of this post is true. In the last decade, housing has appreciated much faster than the cost of property tax. So much so that it has been better investment to hold onto property and keep it clean than it is to be stuck with bad renters. Combine this with the explosion of airbnb and the like, and suddenly the market demand for housing contains almost as many landlords as it does people looking for a home. Thus the high prices.
A 2008 market correction is in order, but the chances of that happening are iffy. My recommendation is to apply a special tax to vacant properties so that the cost of ownership is high enough to warrant actively finding tenants.
it depends on the state and county. for instance, in California, the property value is assessed when the property is bought. this means there are rich boomers sitting on houses they've owned for 30 plus years, paying taxes on the price they paid for it 30 years ago rather than the current market value.
conversely, in Nevada, the property is reassessed every year, but the amount paid in taxes can only go up by 8%, 3% if the house is owned by the person living in it. barring any sort of housing crash, this effectively means that taxes are increased for property owners by 3% or 8% every year.
Not sure about the whole "billionaires colluding" part of this, but the essence of this post is true. In the last decade, housing has appreciated much faster than the cost of property tax. So much so that it has been better investment to hold onto property and keep it clean than it is to be stuck with bad renters. Combine this with the explosion of airbnb and the like, and suddenly the market demand for housing contains almost as many landlords as it does people looking for a home. Thus the high prices.
A 2008 market correction is in order, but the chances of that happening are iffy. My recommendation is to apply a special tax to vacant properties so that the cost of ownership is high enough to warrant actively finding tenants.
People hoarding housing like Karen hoarding hand sanitizer during the pAnDeMiC
not true.
it depends on the state and county. for instance, in California, the property value is assessed when the property is bought. this means there are rich boomers sitting on houses they've owned for 30 plus years, paying taxes on the price they paid for it 30 years ago rather than the current market value.
conversely, in Nevada, the property is reassessed every year, but the amount paid in taxes can only go up by 8%, 3% if the house is owned by the person living in it. barring any sort of housing crash, this effectively means that taxes are increased for property owners by 3% or 8% every year.